Park National Corp OH Takes $1.06 Million Position in Old Dominion Freight Line, Inc. $ODFL

Park National Corp OH purchased a new position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 5,403 shares of the transportation company’s stock, valued at approximately $1,056,000.

Other hedge funds have also recently made changes to their positions in the company. Brighton Jones LLC boosted its position in Old Dominion Freight Line by 5.3% during the fourth quarter. Brighton Jones LLC now owns 1,559 shares of the transportation company’s stock valued at $275,000 after purchasing an additional 79 shares in the last quarter. Empowered Funds LLC grew its stake in Old Dominion Freight Line by 134.9% in the first quarter. Empowered Funds LLC now owns 10,213 shares of the transportation company’s stock valued at $1,690,000 after purchasing an additional 5,866 shares during the last quarter. Marshall Wace LLP bought a new position in Old Dominion Freight Line in the second quarter worth about $7,478,000. Jump Financial LLC bought a new position in Old Dominion Freight Line in the second quarter worth about $2,891,000. Finally, AXA S.A. lifted its position in shares of Old Dominion Freight Line by 1.2% during the second quarter. AXA S.A. now owns 20,253 shares of the transportation company’s stock valued at $3,287,000 after buying an additional 238 shares during the last quarter. 77.82% of the stock is currently owned by hedge funds and other institutional investors.

Old Dominion Freight Line Stock Performance

Shares of NASDAQ ODFL opened at $221.04 on Monday. The company has a market cap of $45.97 billion, a PE ratio of 46.24, a P/E/G ratio of 4.44 and a beta of 1.17. The business has a 50-day simple moving average of $217.66 and a two-hundred day simple moving average of $193.10. Old Dominion Freight Line, Inc. has a fifty-two week low of $126.01 and a fifty-two week high of $252.03.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its quarterly earnings data on Wednesday, April 29th. The transportation company reported $1.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.05 by $0.09. Old Dominion Freight Line had a net margin of 18.46% and a return on equity of 23.42%. The firm had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.31 billion. During the same quarter in the prior year, the company posted $1.19 earnings per share. The company’s revenue for the quarter was down 2.9% compared to the same quarter last year. On average, sell-side analysts predict that Old Dominion Freight Line, Inc. will post 5.43 earnings per share for the current fiscal year.

Old Dominion Freight Line Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 17th. Shareholders of record on Wednesday, June 3rd were given a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend was Wednesday, June 3rd. Old Dominion Freight Line’s payout ratio is currently 24.27%.

Insiders Place Their Bets

In other Old Dominion Freight Line news, Director Greg C. Gantt sold 22,107 shares of the company’s stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $191.52, for a total transaction of $4,233,932.64. Following the transaction, the director owned 88,551 shares in the company, valued at approximately $16,959,287.52. This represents a 19.98% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 10.00% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. TD Cowen restated a “hold” rating on shares of Old Dominion Freight Line in a report on Wednesday, June 3rd. Raymond James Financial reiterated an “outperform” rating and set a $224.00 price objective on shares of Old Dominion Freight Line in a research note on Thursday, April 30th. Robert W. Baird set a $229.00 target price on shares of Old Dominion Freight Line and gave the company a “neutral” rating in a research report on Tuesday, April 28th. Weiss Ratings restated a “hold (c)” rating on shares of Old Dominion Freight Line in a research note on Tuesday, April 14th. Finally, Morgan Stanley set a $235.00 price target on shares of Old Dominion Freight Line and gave the stock an “overweight” rating in a report on Thursday, April 30th. Eight research analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $217.30.

Old Dominion Freight Line Company Profile

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.