47,776 Shares in Old Dominion Freight Line, Inc. $ODFL Purchased by Empowered Funds LLC

Empowered Funds LLC bought a new stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 47,776 shares of the transportation company’s stock, valued at approximately $10,348,000.

Other large investors also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in Old Dominion Freight Line during the 2nd quarter valued at approximately $3,416,007,000. Price T Rowe Associates Inc. MD raised its position in shares of Old Dominion Freight Line by 14.1% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 14,223,960 shares of the transportation company’s stock valued at $2,230,318,000 after buying an additional 1,761,511 shares during the last quarter. State Street Corp lifted its holdings in shares of Old Dominion Freight Line by 0.9% in the fourth quarter. State Street Corp now owns 7,746,286 shares of the transportation company’s stock worth $1,214,618,000 after buying an additional 70,736 shares in the last quarter. Boston Partners grew its stake in Old Dominion Freight Line by 98.4% during the fourth quarter. Boston Partners now owns 4,122,696 shares of the transportation company’s stock valued at $648,186,000 after acquiring an additional 2,044,434 shares in the last quarter. Finally, T. Rowe Price Investment Management Inc. grew its stake in Old Dominion Freight Line by 11.0% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 3,680,719 shares of the transportation company’s stock valued at $577,137,000 after acquiring an additional 365,424 shares in the last quarter. 77.82% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

ODFL has been the topic of several research analyst reports. Wells Fargo & Company upgraded shares of Old Dominion Freight Line from an “underweight” rating to an “overweight” rating and boosted their price target for the stock from $235.00 to $250.00 in a research note on Wednesday, July 8th. BMO Capital Markets reaffirmed an “outperform” rating and issued a $230.00 target price on shares of Old Dominion Freight Line in a report on Thursday, June 4th. Argus boosted their target price on Old Dominion Freight Line from $220.00 to $260.00 and gave the stock a “buy” rating in a research report on Thursday, June 18th. Raymond James Financial reissued an “outperform” rating and set a $241.00 price target (up from $224.00) on shares of Old Dominion Freight Line in a research note on Monday, July 13th. Finally, Morgan Stanley restated an “equal weight” rating and set a $245.00 price target (up from $235.00) on shares of Old Dominion Freight Line in a report on Monday, July 6th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, thirteen have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, Old Dominion Freight Line currently has an average rating of “Hold” and a consensus target price of $226.55.

Old Dominion Freight Line Trading Down 0.7%

Old Dominion Freight Line stock opened at $198.63 on Friday. The firm has a 50-day moving average price of $217.58 and a 200-day moving average price of $210.52. The firm has a market capitalization of $41.19 billion, a PE ratio of 38.27, a price-to-earnings-growth ratio of 3.45 and a beta of 1.18. Old Dominion Freight Line, Inc. has a 12-month low of $126.01 and a 12-month high of $252.03.

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

Old Dominion Freight Line Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 16th. Investors of record on Wednesday, September 2nd will be issued a dividend of $0.29 per share. The ex-dividend date is Wednesday, September 2nd. This represents a $1.16 dividend on an annualized basis and a yield of 0.6%. Old Dominion Freight Line’s payout ratio is presently 22.35%.

Insider Buying and Selling

In other Old Dominion Freight Line news, SVP Cecil E. Jr. Overbey sold 19,952 shares of the stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $198.39, for a total value of $3,958,277.28. Following the sale, the senior vice president owned 22,746 shares in the company, valued at $4,512,578.94. This trade represents a 46.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 8.20% of the stock is owned by company insiders.

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.