OP Asset Management Ltd Invests $6.51 Million in Old Dominion Freight Line, Inc. $ODFL

OP Asset Management Ltd purchased a new position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 33,324 shares of the transportation company’s stock, valued at approximately $6,512,000.

Several other hedge funds also recently modified their holdings of ODFL. Reflection Asset Management bought a new position in Old Dominion Freight Line in the fourth quarter valued at approximately $28,000. DT Investment Partners LLC increased its holdings in shares of Old Dominion Freight Line by 600.0% in the fourth quarter. DT Investment Partners LLC now owns 210 shares of the transportation company’s stock valued at $33,000 after purchasing an additional 180 shares during the last quarter. DV Equities LLC acquired a new position in Old Dominion Freight Line in the 4th quarter valued at about $40,000. Torren Management LLC bought a new position in shares of Old Dominion Freight Line during the fourth quarter worth approximately $41,000. Finally, Kohmann Bosshard Financial Services LLC bought a new position in Old Dominion Freight Line during the 4th quarter worth $50,000. Institutional investors own 77.82% of the company’s stock.

Insider Buying and Selling

In other Old Dominion Freight Line news, Director Greg C. Gantt sold 22,107 shares of the 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 completion of the sale, the director owned 88,551 shares of the company’s stock, valued at approximately $16,959,287.52. This represents a 19.98% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 10.00% of the stock is owned by insiders.

Old Dominion Freight Line Stock Up 0.5%

Shares of NASDAQ:ODFL opened at $220.12 on Friday. The firm has a market cap of $45.78 billion, a P/E ratio of 46.05, a P/E/G ratio of 4.40 and a beta of 1.17. Old Dominion Freight Line, Inc. has a 12-month low of $126.01 and a 12-month high of $252.03. The business has a fifty day simple moving average of $218.47 and a 200 day simple moving average of $195.04.

Old Dominion Freight Line (NASDAQ:ODFL) last released its quarterly earnings results on Wednesday, April 29th. The transportation company reported $1.14 EPS for the quarter, beating analysts’ consensus estimates of $1.05 by $0.09. Old Dominion Freight Line had a return on equity of 23.42% and a net margin of 18.46%.The firm had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.31 billion. During the same quarter in the previous year, the company posted $1.19 EPS. The business’s revenue was down 2.9% on a year-over-year basis. As a group, equities research analysts expect that Old Dominion Freight Line, Inc. will post 5.43 EPS for the current year.

Old Dominion Freight Line Dividend Announcement

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

Analysts Set New Price Targets

Several brokerages have recently commented on ODFL. Wolfe Research raised their target price on shares of Old Dominion Freight Line from $183.00 to $185.00 and gave the stock an “underperform” rating in a report on Tuesday, April 7th. Benchmark reiterated a “hold” rating on shares of Old Dominion Freight Line in a research report on Thursday, June 4th. Rothschild & Co Redburn lowered their target price on Old Dominion Freight Line from $176.00 to $172.00 and set a “sell” rating for the company in a report on Tuesday, May 12th. Weiss Ratings restated a “hold (c)” rating on shares of Old Dominion Freight Line in a report on Tuesday, April 14th. Finally, Wells Fargo & Company set a $235.00 price objective on Old Dominion Freight Line and gave the company an “equal weight” rating in a research note on Friday, June 5th. Nine analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $218.57.

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.