American International Group Inc. Buys 36,161 Shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

American International Group Inc. increased its stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 97.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 73,426 shares of the transportation company’s stock after purchasing an additional 36,161 shares during the quarter. American International Group Inc.’s holdings in Old Dominion Freight Line were worth $16,103,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Fortitude Family Office LLC bought a new stake in Old Dominion Freight Line during the 4th quarter valued at $27,000. Trust Co. of Vermont bought a new stake in Old Dominion Freight Line during the 4th quarter valued at $27,000. Farmers & Merchants Investments Inc. raised its holdings in Old Dominion Freight Line by 100.0% during the 1st quarter. Farmers & Merchants Investments Inc. now owns 124 shares of the transportation company’s stock valued at $27,000 after acquiring an additional 62 shares during the period. Raleigh Capital Management Inc. bought a new stake in Old Dominion Freight Line during the 4th quarter valued at $29,000. Finally, Washington Trust Advisors Inc. raised its holdings in Old Dominion Freight Line by 138.3% during the 1st quarter. Washington Trust Advisors Inc. now owns 143 shares of the transportation company’s stock valued at $31,000 after acquiring an additional 83 shares during the period. Institutional investors own 77.82% of the company’s stock.

Old Dominion Freight Line Price Performance

NASDAQ:ODFL traded up $0.77 during midday trading on Wednesday, hitting $194.62. The company had a trading volume of 3,328,712 shares, compared to its average volume of 1,611,222. Old Dominion Freight Line, Inc. has a 52-week low of $165.49 and a 52-week high of $227.80. The stock’s fifty day moving average price is $179.40 and its 200-day moving average price is $198.68. The company has a market capitalization of $42.29 billion, a PE ratio of 34.26, a P/E/G ratio of 2.57 and a beta of 1.00. The company has a quick ratio of 2.29, a current ratio of 2.29 and a debt-to-equity ratio of 0.01.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its earnings results on Wednesday, April 24th. The transportation company reported $1.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.33 by $0.01. Old Dominion Freight Line had a net margin of 21.19% and a return on equity of 30.12%. The company had revenue of $1.46 billion during the quarter, compared to analyst estimates of $1.47 billion. As a group, research analysts expect that Old Dominion Freight Line, Inc. will post 5.9 earnings per share for the current year.

Old Dominion Freight Line Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 18th. Shareholders of record on Wednesday, September 4th will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 0.53%. The ex-dividend date is Wednesday, September 4th. Old Dominion Freight Line’s dividend payout ratio is presently 18.31%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Barclays lowered their target price on shares of Old Dominion Freight Line from $205.00 to $195.00 and set an “equal weight” rating on the stock in a report on Wednesday, June 12th. Baird R W raised shares of Old Dominion Freight Line from a “hold” rating to a “strong-buy” rating in a report on Wednesday, May 8th. Morgan Stanley reduced their price target on shares of Old Dominion Freight Line from $174.00 to $168.00 and set an “equal weight” rating for the company in a research report on Monday, July 8th. UBS Group boosted their price target on shares of Old Dominion Freight Line from $202.00 to $205.00 and gave the company a “neutral” rating in a research report on Thursday, April 25th. Finally, Vertical Research upgraded shares of Old Dominion Freight Line from a “sell” rating to a “hold” rating and set a $175.00 price target for the company in a research report on Monday, April 29th. One analyst has rated the stock with a sell rating, twelve have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Old Dominion Freight Line presently has a consensus rating of “Hold” and an average price target of $201.13.

Old Dominion Freight Line Company Profile

Old Dominion Freight Line, Inc operates as a less-than-truckload motor carrier in the United States and North America. The company offers regional, inter-regional, and national less-than-truckload services, as well as expedited transportation. It also provides various value-added services, including container drayage, truckload brokerage, and supply chain consulting.