Capital World Investors Increases Stake in Old Dominion Freight Line, Inc. $ODFL

Capital World Investors raised its stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 0.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,375,101 shares of the transportation company’s stock after buying an additional 5,048 shares during the quarter. Capital World Investors’ holdings in Old Dominion Freight Line were worth $372,427,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. JPMorgan Chase & Co. boosted its position in shares of Old Dominion Freight Line by 21.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,544,588 shares of the transportation company’s stock valued at $499,007,000 after acquiring an additional 622,275 shares during the last quarter. Wilson Asset Management International PTY Ltd. bought a new position in shares of Old Dominion Freight Line during the 3rd quarter valued at approximately $4,307,000. Citigroup Inc. boosted its position in shares of Old Dominion Freight Line by 46.4% during the 3rd quarter. Citigroup Inc. now owns 1,040,681 shares of the transportation company’s stock valued at $146,507,000 after acquiring an additional 329,895 shares during the last quarter. Value Partners Investments Inc. boosted its position in shares of Old Dominion Freight Line by 38.7% during the 4th quarter. Value Partners Investments Inc. now owns 20,103 shares of the transportation company’s stock valued at $3,157,000 after acquiring an additional 5,610 shares during the last quarter. Finally, Quantum Capital Management LLC NJ boosted its position in shares of Old Dominion Freight Line by 26.2% during the 3rd quarter. Quantum Capital Management LLC NJ now owns 594,391 shares of the transportation company’s stock valued at $83,678,000 after acquiring an additional 123,271 shares during the last quarter. 77.82% of the stock is currently owned by institutional investors.

Insider Transactions at Old Dominion Freight Line

In related news, Director Greg C. Gantt sold 22,107 shares of the firm’s stock in a transaction on Monday, May 4th. The stock was sold at an average price of $191.52, for a total value of $4,233,932.64. Following the completion of the sale, the director directly owned 88,551 shares in the company, valued at $16,959,287.52. This trade represents a 19.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 10.00% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Wells Fargo & Company set a $235.00 target price on Old Dominion Freight Line and gave the company an “equal weight” rating in a research report on Friday. Susquehanna increased their target price on Old Dominion Freight Line from $205.00 to $224.00 and gave the company a “neutral” rating in a research report on Tuesday, June 2nd. Citigroup reiterated a “neutral” rating and set a $225.00 target price (up from $218.00) on shares of Old Dominion Freight Line in a research report on Thursday, April 30th. Evercore set a $219.00 target price on Old Dominion Freight Line in a research report on Thursday, April 30th. Finally, Raymond James Financial restated an “outperform” rating and issued a $224.00 price target on shares of Old Dominion Freight Line in a research report on Thursday, April 30th. Eight investment analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Old Dominion Freight Line has a consensus rating of “Hold” and an average target price of $209.88.

Old Dominion Freight Line Stock Up 1.8%

Shares of ODFL opened at $247.01 on Tuesday. The company has a market cap of $51.37 billion, a PE ratio of 51.68, a P/E/G ratio of 4.92 and a beta of 1.17. The business has a fifty day moving average of $211.06 and a 200 day moving average of $186.70. Old Dominion Freight Line, Inc. has a 52-week low of $126.01 and a 52-week high of $250.69.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its quarterly earnings results on Wednesday, April 29th. The transportation company reported $1.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.05 by $0.09. The company had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.31 billion. Old Dominion Freight Line had a return on equity of 23.42% and a net margin of 18.46%.Old Dominion Freight Line’s revenue was down 2.9% on a year-over-year basis. During the same period last year, the company earned $1.19 earnings per share. As a group, research analysts anticipate that Old Dominion Freight Line, Inc. will post 5.37 earnings per share for the current fiscal year.

Old Dominion Freight Line Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 17th. Investors of record on Wednesday, June 3rd will be given a $0.29 dividend. The ex-dividend date is Wednesday, June 3rd. This represents a $1.16 dividend on an annualized basis and a yield of 0.5%. Old Dominion Freight Line’s dividend payout ratio (DPR) is currently 24.27%.

About Old Dominion Freight Line

Old Dominion Freight Line is a U.S.-based less-than-truckload (LTL) transportation company that provides regional, inter-regional and national freight services. Founded in 1934 and headquartered in Thomasville, North Carolina, the company has grown from a regional carrier into a national freight network, operating a broad system of service centers and terminals to move shipments for shippers of varying sizes and industries.

The company’s core business is LTL trucking, offering scheduled pickup and delivery for palletized freight that does not require a full truckload.