North Growth Management Ltd. Purchases 4,000 Shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

North Growth Management Ltd. lifted its position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 13.3% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 34,000 shares of the transportation company’s stock after purchasing an additional 4,000 shares during the quarter. North Growth Management Ltd.’s holdings in Old Dominion Freight Line were worth $6,064,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. abrdn plc raised its holdings in Old Dominion Freight Line by 74.7% during the 4th quarter. abrdn plc now owns 41,119 shares of the transportation company’s stock worth $16,667,000 after buying an additional 17,577 shares during the period. Duality Advisers LP acquired a new stake in shares of Old Dominion Freight Line during the fourth quarter worth $421,000. New York State Common Retirement Fund lifted its position in Old Dominion Freight Line by 4.7% in the 4th quarter. New York State Common Retirement Fund now owns 185,526 shares of the transportation company’s stock valued at $75,199,000 after acquiring an additional 8,294 shares in the last quarter. Larson Financial Group LLC boosted its stake in Old Dominion Freight Line by 18.2% in the 4th quarter. Larson Financial Group LLC now owns 746 shares of the transportation company’s stock worth $302,000 after purchasing an additional 115 shares during the period. Finally, Linden Thomas Advisory Services LLC boosted its stake in Old Dominion Freight Line by 10.6% in the 4th quarter. Linden Thomas Advisory Services LLC now owns 2,309 shares of the transportation company’s stock worth $936,000 after purchasing an additional 222 shares during the period. Institutional investors and hedge funds own 77.82% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on ODFL shares. Vertical Research upgraded Old Dominion Freight Line from a “sell” rating to a “hold” rating and set a $175.00 price target on the stock in a report on Monday, April 29th. Bank of America boosted their target price on Old Dominion Freight Line from $192.00 to $203.00 and gave the company a “neutral” rating in a research note on Monday, July 22nd. Robert W. Baird upped their price target on Old Dominion Freight Line from $205.00 to $215.00 and gave the stock an “outperform” rating in a research report on Thursday, July 25th. Wells Fargo & Company initiated coverage on shares of Old Dominion Freight Line in a report on Friday, June 7th. They issued an “underweight” rating and a $175.00 price objective on the stock. Finally, Raymond James increased their target price on shares of Old Dominion Freight Line from $190.00 to $209.00 and gave the stock an “outperform” rating in a report on Thursday, July 25th. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $200.88.

Old Dominion Freight Line Stock Performance

Shares of NASDAQ ODFL traded up $2.87 during midday trading on Friday, hitting $203.77. 589,017 shares of the company’s stock were exchanged, compared to its average volume of 1,603,634. Old Dominion Freight Line, Inc. has a 12 month low of $165.49 and a 12 month high of $227.80. The company’s 50 day moving average price is $190.54 and its 200 day moving average price is $199.08. The company has a quick ratio of 1.46, a current ratio of 1.46 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $44.28 billion, a PE ratio of 35.88, a price-to-earnings-growth ratio of 3.75 and a beta of 1.00.

Old Dominion Freight Line (NASDAQ:ODFL) last released its quarterly earnings data on Wednesday, July 24th. The transportation company reported $1.48 EPS for the quarter, beating the consensus estimate of $1.45 by $0.03. The firm had revenue of $1.50 billion for the quarter, compared to the consensus estimate of $1.50 billion. Old Dominion Freight Line had a net margin of 21.38% and a return on equity of 30.33%. The company’s quarterly revenue was up 6.1% on a year-over-year basis. During the same period in the previous year, the company earned $1.33 earnings per share. As a group, analysts predict that Old Dominion Freight Line, Inc. will post 5.7 earnings per share for the current fiscal year.

Old Dominion Freight Line Announces Dividend

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

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.