Machina Capital S.A.S. Makes New $1.02 Million Investment in Old Dominion Freight Line, Inc. $ODFL

Machina Capital S.A.S. purchased a new position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 5,889 shares of the transportation company’s stock, valued at approximately $1,024,000.

Several other large investors have also added to or reduced their stakes in the company. BlackRock Inc. acquired a new position in shares of Old Dominion Freight Line in the second quarter valued at about $3,416,007,000. Bank of New York Mellon Corp acquired a new stake in shares of Old Dominion Freight Line during the second quarter worth about $543,289,000. Legal & General Group Plc acquired a new stake in shares of Old Dominion Freight Line during the second quarter worth about $253,155,000. Caisse de depot et placement du Quebec acquired a new stake in shares of Old Dominion Freight Line during the second quarter worth about $190,557,000. Finally, Bank of America Corp DE purchased a new stake in shares of Old Dominion Freight Line in the 2nd quarter valued at $160,147,000. Hedge funds and other institutional investors own 77.82% of the company’s stock.

Old Dominion Freight Line Price Performance

ODFL opened at $171.66 on Friday. The firm has a fifty day moving average price of $178.97 and a 200 day moving average price of $201.34. Old Dominion Freight Line, Inc. has a 1 year low of $126.01 and a 1 year high of $252.03. The stock has a market cap of $35.37 billion, a P/E ratio of 30.87, a P/E/G ratio of 2.79 and a beta of 1.14.

Old Dominion Freight Line (NASDAQ:ODFL) last released its quarterly earnings results on Wednesday, October 28th. The transportation company reported $1.65 EPS for the quarter, beating the consensus estimate of $1.61 by $0.04. The company had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.57 billion. Old Dominion Freight Line had a net margin of 20.08% and a return on equity of 25.92%. The firm’s revenue was up 13.1% on a year-over-year basis. During the same quarter last year, the business earned $1.28 earnings per share. Equities analysts expect that Old Dominion Freight Line, Inc. will post 5.93 EPS for the current year.

Old Dominion Freight Line Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 16th. Shareholders of record on Wednesday, December 2nd will be given a dividend of $0.29 per share. The ex-dividend date is Wednesday, December 2nd. This represents a $1.16 dividend on an annualized basis and a yield of 0.7%. Old Dominion Freight Line’s dividend payout ratio is currently 20.86%.

Analysts Set New Price Targets

ODFL has been the subject of a number of research reports. Wells Fargo & Company decreased their target price on shares of Old Dominion Freight Line from $250.00 to $220.00 and set an “overweight” rating for the company in a research report on Thursday, October 29th. Zacks Research lowered Old Dominion Freight Line from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 28th. UBS Group lowered their target price on Old Dominion Freight Line from $228.00 to $194.00 and set a “neutral” rating on the stock in a research note on Thursday, October 29th. Jefferies Financial Group reaffirmed a “hold” rating and set a $190.00 target price on shares of Old Dominion Freight Line in a report on Thursday, October 29th. Finally, TD Cowen reduced their price target on Old Dominion Freight Line from $233.00 to $226.00 and set a “hold” rating for the company in a research report on Thursday, October 29th. Ten equities research analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $217.22.

Insider Buying and Selling

In other Old Dominion Freight Line news, SVP Cecil Overbey, Jr. sold 19,952 shares of the firm’s stock in a transaction that occurred 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 directly owned 22,746 shares of the company’s stock, valued at approximately $4,512,578.94. This trade represents a 46.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 8.20% of the company’s stock.

Old Dominion Freight Line Profile

Old Dominion Freight Line is a transportation and logistics company specializing in less-than-truckload (LTL) shipping. It combines freight from multiple customers in its network to transport shipments that do not require an entire truck, and provides pickup and delivery services for businesses. Founded in 1934 by Earl and Lillian Congdon, the company began with a single truck serving routes between Virginia and North Carolina. It has since expanded its service-center network across the United States, offering regional and national freight transportation.