Old Dominion Freight Line (NASDAQ:ODFL) Sees Large Growth in Short Interest
Old Dominion Freight Line (NASDAQ:ODFL) was the recipient of a significant increase in short interest in August. As of August 31st, there was short interest totalling 4,481,700 shares, an increase of 23.2% from the July 31st total of 3,638,700 shares. Currently, 6.3% of the shares of the stock are sold short. Based on an average daily trading volume, of 547,500 shares, the short-interest ratio is currently 8.2 days.
A number of research analysts recently weighed in on ODFL shares. Credit Suisse Group lifted their price objective on shares of Old Dominion Freight Line from $152.00 to $160.00 and gave the company a “neutral” rating in a report on Friday, July 26th. KeyCorp upped their target price on shares of Old Dominion Freight Line from $165.00 to $175.00 and gave the company an “overweight” rating in a report on Friday, July 26th. Mizuho reiterated a “hold” rating and issued a $151.00 price target on shares of Old Dominion Freight Line in a research report on Tuesday, July 2nd. BidaskClub upgraded shares of Old Dominion Freight Line from a “hold” rating to a “buy” rating in a research report on Friday, August 2nd. Finally, ValuEngine upgraded shares of Old Dominion Freight Line from a “hold” rating to a “buy” rating in a research report on Tuesday. Nine analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $152.08.
NASDAQ ODFL traded up $0.21 during mid-day trading on Friday, hitting $173.92. The company’s stock had a trading volume of 161,278 shares, compared to its average volume of 519,562. Old Dominion Freight Line has a 52-week low of $115.00 and a 52-week high of $176.22. The stock’s fifty day simple moving average is $164.53 and its two-hundred day simple moving average is $151.34. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.92 and a quick ratio of 1.92. The firm has a market capitalization of $13.88 billion, a P/E ratio of 23.57, a price-to-earnings-growth ratio of 2.48 and a beta of 1.50.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 18th. Stockholders of record on Wednesday, September 4th will be paid a dividend of $0.17 per share. The ex-dividend date of this dividend is Tuesday, September 3rd. This represents a $0.68 dividend on an annualized basis and a dividend yield of 0.39%. Old Dominion Freight Line’s dividend payout ratio is currently 9.21%.
Old Dominion Freight Line announced that its board has initiated a share repurchase plan on Thursday, May 16th that permits the company to buyback $350.00 million in outstanding shares. This buyback authorization permits the transportation company to reacquire up to 2.9% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.
In other news, SVP Gregory B. Plemmons sold 1,249 shares of the business’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $163.39, for a total value of $204,074.11. Following the sale, the senior vice president now directly owns 5,714 shares of the company’s stock, valued at approximately $933,610.46. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider David S. Congdon sold 30,150 shares of the business’s stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $165.51, for a total transaction of $4,990,126.50. Following the completion of the sale, the insider now directly owns 13,385 shares in the company, valued at $2,215,351.35. The disclosure for this sale can be found here. Over the last three months, insiders sold 87,799 shares of company stock worth $14,586,493. Insiders own 11.90% of the company’s stock.
Several institutional investors and hedge funds have recently bought and sold shares of ODFL. Quantamental Technologies LLC grew its position in shares of Old Dominion Freight Line by 155.2% during the second quarter. Quantamental Technologies LLC now owns 171 shares of the transportation company’s stock worth $26,000 after buying an additional 104 shares in the last quarter. Cordasco Financial Network grew its position in shares of Old Dominion Freight Line by 77.2% during the second quarter. Cordasco Financial Network now owns 179 shares of the transportation company’s stock worth $27,000 after buying an additional 78 shares in the last quarter. CSat Investment Advisory L.P. acquired a new stake in shares of Old Dominion Freight Line during the second quarter worth approximately $28,000. Kavar Capital Partners LLC acquired a new stake in shares of Old Dominion Freight Line during the second quarter worth approximately $45,000. Finally, SRS Capital Advisors Inc. acquired a new stake in shares of Old Dominion Freight Line during the second quarter worth approximately $59,000. Institutional investors own 71.58% of the company’s stock.
Old Dominion Freight Line Company 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.
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