Wasatch Advisors Inc. boosted its stake in Old Dominion Freight Line (NASDAQ:ODFL) by 2.6% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 612,881 shares of the transportation company’s stock after buying an additional 15,597 shares during the quarter. Wasatch Advisors Inc.’s holdings in Old Dominion Freight Line were worth $88,494,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently modified their holdings of ODFL. Legal & General Group Plc raised its stake in Old Dominion Freight Line by 4.1% during the 3rd quarter. Legal & General Group Plc now owns 337,204 shares of the transportation company’s stock worth $54,378,000 after buying an additional 13,251 shares during the period. Vanguard Group Inc raised its stake in Old Dominion Freight Line by 2.4% during the 3rd quarter. Vanguard Group Inc now owns 6,456,920 shares of the transportation company’s stock worth $1,041,243,000 after buying an additional 153,943 shares during the period. Virtu Financial LLC acquired a new position in Old Dominion Freight Line during the 4th quarter worth approximately $329,000. Meeder Asset Management Inc. raised its stake in Old Dominion Freight Line by 184.6% during the 4th quarter. Meeder Asset Management Inc. now owns 3,634 shares of the transportation company’s stock worth $448,000 after buying an additional 2,357 shares during the period. Finally, Gillespie Robinson & Grimm Inc. raised its stake in Old Dominion Freight Line by 14.8% during the 4th quarter. Gillespie Robinson & Grimm Inc. now owns 189,695 shares of the transportation company’s stock worth $23,425,000 after buying an additional 24,455 shares during the period. Institutional investors and hedge funds own 71.92% of the company’s stock.
A number of research analysts recently weighed in on ODFL shares. Zacks Investment Research downgraded Old Dominion Freight Line from a “hold” rating to a “sell” rating in a research note on Tuesday, February 5th. Cowen upped their price target on Old Dominion Freight Line from $133.00 to $142.00 and gave the stock a “market perform” rating in a research note on Thursday, February 7th. KeyCorp upped their price target on Old Dominion Freight Line from $150.00 to $160.00 and gave the stock an “overweight” rating in a research note on Friday, February 8th. Bank of America downgraded Old Dominion Freight Line from a “buy” rating to a “neutral” rating and upped their price target for the stock from $154.00 to $158.00 in a research note on Tuesday, February 26th. Finally, Seaport Global Securities reaffirmed a “buy” rating on shares of Old Dominion Freight Line in a research note on Friday, April 5th. Nine analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Old Dominion Freight Line presently has an average rating of “Hold” and a consensus target price of $149.20.
ODFL traded down $3.19 during midday trading on Wednesday, reaching $142.70. 7,350 shares of the company were exchanged, compared to its average volume of 504,848. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.19 and a current ratio of 2.19. The firm has a market capitalization of $11.81 billion, a P/E ratio of 19.36, a P/E/G ratio of 2.14 and a beta of 1.43. Old Dominion Freight Line has a one year low of $115.00 and a one year high of $170.22.
Old Dominion Freight Line (NASDAQ:ODFL) last issued its quarterly earnings data on Thursday, April 25th. The transportation company reported $1.64 EPS for the quarter, topping analysts’ consensus estimates of $1.58 by $0.06. The firm had revenue of $990.78 million during the quarter, compared to analyst estimates of $1 billion. Old Dominion Freight Line had a return on equity of 23.87% and a net margin of 15.32%. The company’s revenue for the quarter was up 7.1% on a year-over-year basis. During the same period in the previous year, the company posted $1.33 EPS. On average, equities analysts forecast that Old Dominion Freight Line will post 7.97 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 19th. Shareholders of record on Wednesday, June 5th will be issued a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 0.48%. The ex-dividend date is Tuesday, June 4th. Old Dominion Freight Line’s dividend payout ratio is currently 9.21%.
Old Dominion Freight Line declared that its board has initiated a stock repurchase plan on Thursday, May 16th that allows the company to repurchase $350.00 million in shares. This repurchase authorization allows the transportation company to repurchase up to 2.9% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.
In other Old Dominion Freight Line news, SVP David J. Bates sold 1,951 shares of the business’s stock in a transaction that occurred on Thursday, February 21st. The stock was sold at an average price of $151.84, for a total transaction of $296,239.84. Following the completion of the sale, the senior vice president now directly owns 6,027 shares of the company’s stock, valued at approximately $915,139.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 11.90% of the company’s stock.
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Old Dominion Freight Line Profile
Old Dominion Freight Line, Inc operates as a less-than-truckload (LTL) motor carrier in the United States and North America. It provides regional, inter-regional, and national LTL services, including expedited transportation. The company also offers various value-added services, such as container drayage, truckload brokerage, and supply chain consulting.
Further Reading: Trading Strategy
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