Oppenheimer Asset Management Inc. boosted its position in Old Dominion Freight Line (NASDAQ:ODFL) by 9.2% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 13,267 shares of the transportation company’s stock after purchasing an additional 1,121 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Old Dominion Freight Line were worth $1,916,000 at the end of the most recent quarter.
Several other hedge funds also recently added to or reduced their stakes in ODFL. Vanguard Group Inc lifted its stake in Old Dominion Freight Line by 2.4% in the third quarter. Vanguard Group Inc now owns 6,456,920 shares of the transportation company’s stock valued at $1,041,243,000 after acquiring an additional 153,943 shares during the last quarter. Oregon Public Employees Retirement Fund lifted its stake in shares of Old Dominion Freight Line by 9,888.8% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 4,182,730 shares of the transportation company’s stock worth $34,000 after buying an additional 4,140,856 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Old Dominion Freight Line by 9.7% in the third quarter. Bank of New York Mellon Corp now owns 807,134 shares of the transportation company’s stock worth $130,159,000 after buying an additional 71,408 shares during the last quarter. London Co. of Virginia lifted its stake in shares of Old Dominion Freight Line by 7.5% in the fourth quarter. London Co. of Virginia now owns 769,561 shares of the transportation company’s stock worth $95,033,000 after buying an additional 53,679 shares during the last quarter. Finally, Norges Bank acquired a new stake in shares of Old Dominion Freight Line in the fourth quarter worth $89,762,000. Institutional investors own 71.92% of the company’s stock.
Several equities analysts recently commented on the stock. Zacks Investment Research lowered shares of Old Dominion Freight Line from a “hold” rating to a “sell” rating in a report on Tuesday, February 5th. KeyCorp boosted their price target on shares of Old Dominion Freight Line from $150.00 to $160.00 and gave the company an “overweight” rating in a report on Friday, February 8th. Citigroup boosted their price target on shares of Old Dominion Freight Line from $145.00 to $155.00 and gave the company a “neutral” rating in a report on Thursday, April 11th. Cowen boosted their price target on shares of Old Dominion Freight Line from $133.00 to $142.00 and gave the company a “market perform” rating in a report on Thursday, February 7th. Finally, Bank of America lowered shares of Old Dominion Freight Line from a “buy” rating to a “neutral” rating and upped their target price for the stock from $154.00 to $158.00 in a report on Tuesday, February 26th. Nine research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $149.20.
In related news, SVP David J. Bates sold 1,951 shares of the stock in a transaction that occurred on Thursday, February 21st. The shares were sold at an average price of $151.84, for a total value of $296,239.84. Following the sale, the senior vice president now directly owns 6,027 shares in the company, valued at approximately $915,139.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 11.90% of the company’s stock.
NASDAQ:ODFL traded down $2.16 during mid-day trading on Wednesday, reaching $143.73. 550,744 shares of the company were exchanged, compared to its average volume of 505,941. The company has a quick ratio of 2.19, a current ratio of 2.19 and a debt-to-equity ratio of 0.02. Old Dominion Freight Line has a 12 month low of $115.00 and a 12 month high of $170.22. The firm has a market cap of $11.81 billion, a P/E ratio of 19.48, a P/E/G ratio of 2.14 and a beta of 1.43.
Old Dominion Freight Line (NASDAQ:ODFL) last released its earnings results on Thursday, April 25th. The transportation company reported $1.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.58 by $0.06. Old Dominion Freight Line had a net margin of 15.32% and a return on equity of 23.87%. The company had revenue of $990.78 million for the quarter, compared to the consensus estimate of $1 billion. During the same period in the prior year, the company posted $1.33 EPS. The company’s revenue was up 7.1% compared to the same quarter last year. As a group, equities analysts predict that Old Dominion Freight Line will post 7.97 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 19th. Investors of record on Wednesday, June 5th will be given a $0.17 dividend. The ex-dividend date of this dividend is Tuesday, June 4th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 0.47%. Old Dominion Freight Line’s dividend payout ratio is 9.21%.
Old Dominion Freight Line declared that its Board of Directors has authorized a stock repurchase program on Thursday, May 16th that allows the company to buyback $350.00 million in shares. This buyback authorization allows the transportation company to purchase up to 2.9% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s leadership believes its shares are undervalued.
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About Old Dominion Freight Line
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.
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