Edgestream Partners L.P. Buys New Shares in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Edgestream Partners L.P. bought a new position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 39,641 shares of the transportation company’s stock, valued at approximately $7,874,000.

A number of other hedge funds have also recently added to or reduced their stakes in the business. International Assets Investment Management LLC increased its holdings in shares of Old Dominion Freight Line by 19,764.0% during the 3rd quarter. International Assets Investment Management LLC now owns 685,308 shares of the transportation company’s stock worth $136,130,000 after buying an additional 681,858 shares during the last quarter. Bristol Gate Capital Partners Inc. purchased a new stake in Old Dominion Freight Line during the second quarter valued at about $92,697,000. Renaissance Technologies LLC acquired a new stake in Old Dominion Freight Line during the second quarter worth about $82,398,000. Bridges Investment Management Inc. raised its holdings in shares of Old Dominion Freight Line by 136.0% in the 2nd quarter. Bridges Investment Management Inc. now owns 615,272 shares of the transportation company’s stock worth $108,657,000 after purchasing an additional 354,588 shares during the period. Finally, Bank of New York Mellon Corp raised its holdings in shares of Old Dominion Freight Line by 4.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 6,210,923 shares of the transportation company’s stock worth $1,096,849,000 after purchasing an additional 270,538 shares during the period. 77.82% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Old Dominion Freight Line

In related news, Director Greg C. Gantt sold 7,000 shares of the firm’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $200.07, for a total transaction of $1,400,490.00. Following the transaction, the director now directly owns 97,890 shares in the company, valued at $19,584,852.30. This trade represents a 6.67 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Leo H. Suggs sold 3,000 shares of the business’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $225.44, for a total transaction of $676,320.00. Following the sale, the director now owns 7,383 shares of the company’s stock, valued at approximately $1,664,423.52. The trade was a 28.89 % decrease in their position. The disclosure for this sale can be found here. Insiders own 9.90% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on ODFL. TD Cowen decreased their target price on Old Dominion Freight Line from $203.00 to $196.00 and set a “hold” rating for the company in a report on Thursday, October 24th. JPMorgan Chase & Co. decreased their price objective on shares of Old Dominion Freight Line from $193.00 to $189.00 and set a “neutral” rating for the company in a research note on Friday, September 6th. The Goldman Sachs Group cut their target price on shares of Old Dominion Freight Line from $228.00 to $216.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 9th. Argus cut shares of Old Dominion Freight Line from a “buy” rating to a “hold” rating in a research report on Tuesday, November 12th. Finally, Stifel Nicolaus downgraded Old Dominion Freight Line from a “buy” rating to a “hold” rating and lowered their price target for the company from $209.00 to $197.00 in a report on Monday, October 21st. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $200.41.

Old Dominion Freight Line Stock Up 0.5 %

ODFL stock opened at $225.14 on Friday. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.01. The firm has a 50 day simple moving average of $206.07 and a 200-day simple moving average of $193.53. The company has a market capitalization of $48.07 billion, a P/E ratio of 39.36, a PEG ratio of 4.69 and a beta of 0.99. Old Dominion Freight Line, Inc. has a twelve month low of $165.49 and a twelve month high of $233.26.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its earnings results on Wednesday, October 23rd. The transportation company reported $1.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.42 by $0.01. The business had revenue of $1.47 billion for the quarter, compared to analyst estimates of $1.49 billion. Old Dominion Freight Line had a net margin of 21.03% and a return on equity of 29.40%. The company’s revenue for the quarter was down 3.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.54 EPS. On average, equities research analysts predict that Old Dominion Freight Line, Inc. will post 5.43 earnings per share for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Wednesday, December 4th will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 0.46%. The ex-dividend date is Wednesday, December 4th. Old Dominion Freight Line’s dividend payout ratio is presently 18.18%.

About Old Dominion Freight Line

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.