Clearbridge Investments LLC Increases Stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Clearbridge Investments LLC grew its stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 2.6% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 183,160 shares of the transportation company’s stock after buying an additional 4,720 shares during the quarter. Clearbridge Investments LLC’s holdings in Old Dominion Freight Line were worth $46,486,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in ODFL. Global Wealth Management Investment Advisory Inc. purchased a new position in shares of Old Dominion Freight Line in the 2nd quarter valued at about $28,000. Eudaimonia Partners LLC purchased a new position in shares of Old Dominion Freight Line in the 1st quarter valued at about $30,000. Cullen Frost Bankers Inc. purchased a new position in shares of Old Dominion Freight Line in the 2nd quarter valued at about $30,000. Emerald Advisers LLC purchased a new position in shares of Old Dominion Freight Line in the 2nd quarter valued at about $33,000. Finally, Sierra Capital LLC purchased a new position in shares of Old Dominion Freight Line in the 1st quarter valued at about $43,000. Institutional investors and hedge funds own 70.11% of the company’s stock.

ODFL has been the subject of several recent research reports. The Goldman Sachs Group cut Old Dominion Freight Line from a “buy” rating to a “neutral” rating and set a $281.00 price objective for the company. in a research note on Monday, August 2nd. Morgan Stanley boosted their target price on Old Dominion Freight Line from $292.00 to $315.00 and gave the stock an “overweight” rating in a research note on Monday, October 4th. Zacks Investment Research cut Old Dominion Freight Line from a “buy” rating to a “hold” rating and set a $268.00 target price for the company. in a research note on Wednesday, June 23rd. Evercore ISI restated a “buy” rating and set a $298.00 target price on shares of Old Dominion Freight Line in a research note on Friday, July 9th. Finally, Citigroup boosted their target price on Old Dominion Freight Line from $280.00 to $295.00 and gave the stock a “neutral” rating in a research note on Thursday, October 7th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $260.16.

ODFL opened at $284.77 on Thursday. The firm has a market cap of $32.98 billion, a price-to-earnings ratio of 38.85, a price-to-earnings-growth ratio of 1.52 and a beta of 0.99. Old Dominion Freight Line, Inc. has a 52 week low of $185.20 and a 52 week high of $304.22. The business’s 50 day moving average is $288.38 and its two-hundred day moving average is $267.67. The company has a quick ratio of 2.72, a current ratio of 2.72 and a debt-to-equity ratio of 0.03.

Old Dominion Freight Line (NASDAQ:ODFL) last released its quarterly earnings results on Wednesday, July 28th. The transportation company reported $2.31 EPS for the quarter, topping the consensus estimate of $2.17 by $0.14. The company had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.24 billion. Old Dominion Freight Line had a return on equity of 26.30% and a net margin of 18.80%. Equities analysts expect that Old Dominion Freight Line, Inc. will post 8.46 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 15th. Stockholders of record on Wednesday, September 1st were issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.28%. The ex-dividend date of this dividend was Tuesday, August 31st. Old Dominion Freight Line’s payout ratio is currently 14.08%.

Old Dominion Freight Line Profile

Old Dominion Freight Line, Inc engages in the provision of less-than-truckload services. The firm involves in the ground and air expedited transportation and consumer household pickup and delivery. Its services include container drayage, truckload brokerage, supply chain consulting and warehousing. The company was founded by Earl Congdon Sr.

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Institutional Ownership by Quarter for Old Dominion Freight Line (NASDAQ:ODFL)

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