Old Dominion Freight Line, Inc. (NASDAQ:ODFL) Stake Increased by Ascent Group LLC

Ascent Group LLC raised its stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 23.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,280 shares of the transportation company’s stock after acquiring an additional 436 shares during the quarter. Ascent Group LLC’s holdings in Old Dominion Freight Line were worth $500,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its stake in Old Dominion Freight Line by 100.9% in the first quarter. Vanguard Group Inc. now owns 21,795,649 shares of the transportation company’s stock worth $4,780,004,000 after purchasing an additional 10,944,520 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in Old Dominion Freight Line by 117.0% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 13,726,847 shares of the transportation company’s stock worth $3,010,435,000 after buying an additional 7,401,526 shares during the last quarter. Bank of New York Mellon Corp grew its position in shares of Old Dominion Freight Line by 94.6% in the 1st quarter. Bank of New York Mellon Corp now owns 5,940,385 shares of the transportation company’s stock worth $1,302,786,000 after acquiring an additional 2,888,205 shares in the last quarter. Capital Research Global Investors increased its holdings in shares of Old Dominion Freight Line by 59.0% in the 1st quarter. Capital Research Global Investors now owns 6,592,594 shares of the transportation company’s stock valued at $1,445,822,000 after acquiring an additional 2,447,121 shares during the last quarter. Finally, Capital World Investors raised its position in shares of Old Dominion Freight Line by 101.0% during the 1st quarter. Capital World Investors now owns 2,443,770 shares of the transportation company’s stock valued at $535,943,000 after acquiring an additional 1,228,116 shares in the last quarter. 77.82% of the stock is owned by institutional investors and hedge funds.

Old Dominion Freight Line Stock Performance

Shares of ODFL traded up $3.80 during mid-day trading on Tuesday, reaching $205.30. 265,384 shares of the company’s stock traded hands, compared to its average volume of 1,616,250. The business’s 50-day moving average price is $180.72 and its 200-day moving average price is $198.87. The stock has a market capitalization of $44.61 billion, a P/E ratio of 35.90, a price-to-earnings-growth ratio of 3.92 and a beta of 1.00. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.29 and a current ratio of 1.46. Old Dominion Freight Line, Inc. has a 12 month low of $165.49 and a 12 month high of $227.80.

Old Dominion Freight Line (NASDAQ:ODFL) last released its quarterly earnings results on Wednesday, July 24th. The transportation company reported $1.48 earnings per share for the quarter, beating analysts’ consensus estimates of $1.45 by $0.03. Old Dominion Freight Line had a return on equity of 30.33% and a net margin of 21.38%. The company had revenue of $1.50 billion for the quarter, compared to analysts’ expectations of $1.50 billion. During the same quarter in the previous year, the company posted $1.33 earnings per share. The business’s revenue for the quarter was up 6.1% compared to the same quarter last year. Equities analysts predict that Old Dominion Freight Line, Inc. will post 5.73 earnings per share for the current year.

Old Dominion Freight Line Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 18th. Investors of record on Wednesday, September 4th will be paid a dividend of $0.26 per share. The ex-dividend date is Wednesday, September 4th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.51%. Old Dominion Freight Line’s dividend payout ratio is presently 18.31%.

Wall Street Analyst Weigh In

A number of research firms have commented on ODFL. Robert W. Baird lifted their price objective on shares of Old Dominion Freight Line from $205.00 to $215.00 and gave the stock an “outperform” rating in a report on Thursday, July 25th. Susquehanna reduced their price target on shares of Old Dominion Freight Line from $245.00 to $210.00 and set a “positive” rating on the stock in a research report on Wednesday, June 12th. Raymond James raised their price target on shares of Old Dominion Freight Line from $190.00 to $209.00 and gave the stock an “outperform” rating in a research report on Thursday, July 25th. UBS Group raised their price target on shares of Old Dominion Freight Line from $202.00 to $205.00 and gave the stock a “neutral” rating in a research report on Thursday, April 25th. Finally, Wells Fargo & Company began coverage on shares of Old Dominion Freight Line in a research report on Friday, June 7th. They issued an “underweight” rating and a $175.00 price target on the stock. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Old Dominion Freight Line has an average rating of “Hold” and an average target price of $202.78.

Old Dominion Freight Line 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.