Westpac Banking Corp Purchases 13,200 Shares of Old Dominion Freight Line, Inc. $ODFL

Westpac Banking Corp lifted its position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 1,035.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 14,475 shares of the transportation company’s stock after buying an additional 13,200 shares during the quarter. Westpac Banking Corp’s holdings in Old Dominion Freight Line were worth $2,270,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Westside Investment Management Inc. grew its stake in shares of Old Dominion Freight Line by 100.0% in the third quarter. Westside Investment Management Inc. now owns 196 shares of the transportation company’s stock valued at $27,000 after buying an additional 98 shares in the last quarter. DT Investment Partners LLC lifted its holdings in Old Dominion Freight Line by 600.0% during the 4th quarter. DT Investment Partners LLC now owns 210 shares of the transportation company’s stock valued at $33,000 after purchasing an additional 180 shares during the last quarter. Raiffeisen Bank International AG acquired a new stake in shares of Old Dominion Freight Line during the third quarter worth $37,000. Torren Management LLC acquired a new stake in shares of Old Dominion Freight Line during the fourth quarter worth $41,000. Finally, Kohmann Bosshard Financial Services LLC acquired a new stake in shares of Old Dominion Freight Line during the fourth quarter worth $50,000. 77.82% of the stock is owned by institutional investors.

Old Dominion Freight Line Stock Up 3.0%

ODFL stock opened at $236.06 on Thursday. The company has a market cap of $49.09 billion, a PE ratio of 49.39, a price-to-earnings-growth ratio of 4.69 and a beta of 1.17. The business has a 50-day simple moving average of $207.60 and a 200 day simple moving average of $184.29. Old Dominion Freight Line, Inc. has a 52 week low of $126.01 and a 52 week high of $236.84.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its earnings results on Wednesday, April 29th. The transportation company reported $1.14 EPS for the quarter, topping the consensus estimate of $1.05 by $0.09. The firm had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.31 billion. Old Dominion Freight Line had a return on equity of 23.42% and a net margin of 18.46%.The business’s quarterly revenue was down 2.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.19 earnings per share. On average, analysts anticipate that Old Dominion Freight Line, Inc. will post 5.32 EPS for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 17th. Shareholders of record on Wednesday, June 3rd will be paid a dividend of $0.29 per share. The ex-dividend date of this dividend is Wednesday, June 3rd. This represents a $1.16 annualized dividend and a yield of 0.5%. Old Dominion Freight Line’s payout ratio is presently 24.27%.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Stephens reissued an “overweight” rating and set a $240.00 target price (up from $232.00) on shares of Old Dominion Freight Line in a report on Thursday, April 30th. Argus raised Old Dominion Freight Line from a “hold” rating to a “buy” rating and set a $220.00 price target for the company in a research note on Thursday, February 12th. Wolfe Research boosted their price target on Old Dominion Freight Line from $183.00 to $185.00 and gave the company an “underperform” rating in a research note on Tuesday, April 7th. Jefferies Financial Group boosted their price target on Old Dominion Freight Line from $210.00 to $230.00 and gave the company a “hold” rating in a research note on Wednesday, April 22nd. Finally, Benchmark reaffirmed a “hold” rating on shares of Old Dominion Freight Line in a research note on Wednesday, March 4th. Eight analysts have rated the stock with a Buy rating, sixteen have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $207.08.

Insider Buying and Selling

In other Old Dominion Freight Line news, Director Greg C. Gantt sold 22,107 shares of the business’s stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $191.52, for a total transaction of $4,233,932.64. Following the completion of the transaction, the director owned 88,551 shares of the company’s stock, valued at approximately $16,959,287.52. The trade was a 19.98% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 10.00% of the company’s stock.

About Old Dominion Freight Line

Old Dominion Freight Line is a U.S.-based less-than-truckload (LTL) transportation company that provides regional, inter-regional and national freight services. Founded in 1934 and headquartered in Thomasville, North Carolina, the company has grown from a regional carrier into a national freight network, operating a broad system of service centers and terminals to move shipments for shippers of varying sizes and industries.

The company’s core business is LTL trucking, offering scheduled pickup and delivery for palletized freight that does not require a full truckload.