Hsbc Holdings PLC Buys Shares of 398,981 Old Dominion Freight Line, Inc. $ODFL

Hsbc Holdings PLC purchased a new stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 398,981 shares of the transportation company’s stock, valued at approximately $86,248,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ODFL. Brighton Jones LLC lifted its holdings in Old Dominion Freight Line by 5.3% during the 4th quarter. Brighton Jones LLC now owns 1,559 shares of the transportation company’s stock worth $275,000 after purchasing an additional 79 shares in the last quarter. Empowered Funds LLC grew its holdings in Old Dominion Freight Line by 134.9% during the 1st quarter. Empowered Funds LLC now owns 10,213 shares of the transportation company’s stock valued at $1,690,000 after buying an additional 5,866 shares in the last quarter. Marshall Wace LLP purchased a new position in Old Dominion Freight Line during the 2nd quarter valued at about $7,478,000. Jump Financial LLC bought a new stake in shares of Old Dominion Freight Line during the second quarter valued at about $2,891,000. Finally, AXA S.A. increased 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 period. 77.82% of the stock is currently owned by institutional investors.

Insider Activity at Old Dominion Freight Line

In other news, SVP Cecil E. Jr. Overbey sold 19,952 shares of the stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $198.39, for a total value of $3,958,277.28. Following the transaction, the senior vice president owned 22,746 shares of the company’s stock, valued at $4,512,578.94. This represents a 46.73% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 8.20% of the stock is owned by insiders.

Wall Street Analyst Weigh In

ODFL has been the subject of a number of analyst reports. Raymond James Financial restated an “outperform” rating and issued a $241.00 price objective (up from $224.00) on shares of Old Dominion Freight Line in a research report on Monday, July 13th. Zacks Research raised shares of Old Dominion Freight Line from a “hold” rating to a “strong-buy” rating in a report on Friday, July 31st. TD Cowen reiterated a “hold” rating on shares of Old Dominion Freight Line in a research note on Wednesday, June 3rd. Weiss Ratings raised shares of Old Dominion Freight Line from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, August 11th. Finally, Truist Financial boosted their price target on shares of Old Dominion Freight Line from $225.00 to $250.00 and gave the company a “buy” rating in a research report on Wednesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, thirteen have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, Old Dominion Freight Line presently has an average rating of “Hold” and a consensus price target of $226.55.

Old Dominion Freight Line Trading Up 0.5%

Shares of ODFL opened at $199.43 on Thursday. Old Dominion Freight Line, Inc. has a 12-month low of $126.01 and a 12-month high of $252.03. The company has a market cap of $41.35 billion, a PE ratio of 38.43, a price-to-earnings-growth ratio of 3.45 and a beta of 1.18. The stock has a 50-day moving average price of $218.44 and a 200-day moving average price of $210.62.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its quarterly earnings data on Wednesday, July 29th. The transportation company reported $1.68 earnings per share for the quarter, topping the consensus estimate of $1.54 by $0.14. The company had revenue of $1.55 billion for the quarter, compared to analysts’ expectations of $1.54 billion. Old Dominion Freight Line had a net margin of 19.44% and a return on equity of 24.87%. Old Dominion Freight Line’s revenue for the quarter was up 10.4% compared to the same quarter last year. During the same period in the prior year, the business earned $1.27 earnings per share. As a group, analysts predict that Old Dominion Freight Line, Inc. will post 5.78 earnings per share for the current year.

Old Dominion Freight Line Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 16th. Shareholders of record on Wednesday, September 2nd will be paid a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date of this dividend is Wednesday, September 2nd. Old Dominion Freight Line’s payout ratio is currently 22.35%.

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.