Grimes & Company Inc. Increases Stock Holdings in Old Dominion Freight Line, Inc. $ODFL

Grimes & Company Inc. grew its position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 6.5% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,451 shares of the transportation company’s stock after buying an additional 88 shares during the quarter. Grimes & Company Inc.’s holdings in Old Dominion Freight Line were worth $236,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Larson Financial Group LLC increased its position in shares of Old Dominion Freight Line by 234.8% in the first quarter. Larson Financial Group LLC now owns 154 shares of the transportation company’s stock valued at $25,000 after buying an additional 108 shares in the last quarter. Wayfinding Financial LLC purchased a new position in shares of Old Dominion Freight Line in the first quarter valued at $39,000. Zions Bancorporation National Association UT purchased a new position in shares of Old Dominion Freight Line in the first quarter valued at $39,000. Olde Wealth Management LLC purchased a new position in shares of Old Dominion Freight Line in the first quarter valued at $43,000. Finally, WPG Advisers LLC purchased a new position in shares of Old Dominion Freight Line in the first quarter valued at $51,000. Hedge funds and other institutional investors own 77.82% of the company’s stock.

Old Dominion Freight Line Stock Down 1.0%

ODFL opened at $141.36 on Wednesday. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.38 and a quick ratio of 1.38. The stock has a market capitalization of $29.71 billion, a price-to-earnings ratio of 27.61, a price-to-earnings-growth ratio of 3.35 and a beta of 1.19. The business has a 50-day moving average of $146.74 and a two-hundred day moving average of $156.31. Old Dominion Freight Line, Inc. has a 12 month low of $133.69 and a 12 month high of $233.26.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its quarterly earnings results on Wednesday, July 30th. The transportation company reported $1.27 EPS for the quarter, missing the consensus estimate of $1.29 by ($0.02). The business had revenue of $1.41 billion during the quarter, compared to analysts’ expectations of $1.43 billion. Old Dominion Freight Line had a net margin of 19.42% and a return on equity of 25.94%. The firm’s quarterly revenue was down 6.1% compared to the same quarter last year. During the same quarter last year, the firm earned $1.48 EPS. On average, research analysts expect that Old Dominion Freight Line, Inc. will post 5.68 earnings per share for the current year.

Old Dominion Freight Line Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 17th. Shareholders of record on Wednesday, September 3rd were issued a $0.28 dividend. The ex-dividend date was Wednesday, September 3rd. This represents a $1.12 annualized dividend and a yield of 0.8%. Old Dominion Freight Line’s payout ratio is 21.88%.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. Robert W. Baird set a $148.00 price target on Old Dominion Freight Line and gave the company a “neutral” rating in a research report on Monday, August 4th. Baird R W upgraded Old Dominion Freight Line to a “hold” rating in a research report on Tuesday, July 1st. Morgan Stanley dropped their price objective on Old Dominion Freight Line from $170.00 to $165.00 and set an “equal weight” rating for the company in a research report on Thursday, July 31st. Raymond James Financial dropped their price objective on Old Dominion Freight Line from $180.00 to $165.00 and set an “outperform” rating for the company in a research report on Thursday, July 31st. Finally, Wells Fargo & Company dropped their price objective on Old Dominion Freight Line from $160.00 to $145.00 and set an “underweight” rating for the company in a research report on Thursday, July 31st. Eight research analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Old Dominion Freight Line currently has a consensus rating of “Hold” and an average target price of $166.52.

About Old Dominion Freight Line

Old Dominion Freight Line, Inc operates as a less-than-truckload motor carrier in the United States and North America. The company offers regional, inter-regional, and national less-than-truckload services, as well as expedited transportation. It also provides various value-added services, including container drayage, truckload brokerage, and supply chain consulting.