Old Dominion Freight Line, Inc. $ODFL Shares Acquired by O Shaughnessy Asset Management LLC

O Shaughnessy Asset Management LLC increased its stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 4.2% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 61,759 shares of the transportation company’s stock after acquiring an additional 2,509 shares during the period. O Shaughnessy Asset Management LLC’s holdings in Old Dominion Freight Line were worth $9,684,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. Norges Bank acquired a new position in Old Dominion Freight Line during the fourth quarter valued at approximately $444,983,000. Boston Partners acquired a new position in Old Dominion Freight Line during the third quarter valued at approximately $292,599,000. Two Sigma Investments LP lifted its position in Old Dominion Freight Line by 637.5% during the third quarter. Two Sigma Investments LP now owns 1,576,470 shares of the transportation company’s stock valued at $221,935,000 after buying an additional 1,362,697 shares in the last quarter. Life Cycle Investment Partners Ltd acquired a new position in Old Dominion Freight Line during the fourth quarter valued at approximately $188,651,000. Finally, CIBC Private Wealth Group LLC lifted its position in Old Dominion Freight Line by 21.6% during the third quarter. CIBC Private Wealth Group LLC now owns 4,366,843 shares of the transportation company’s stock valued at $614,764,000 after buying an additional 776,004 shares in the last quarter. 77.82% of the stock is owned by institutional investors and hedge funds.

Old Dominion Freight Line News Roundup

Here are the key news stories impacting Old Dominion Freight Line this week:

• Positive Sentiment: Jefferies raised its price target on Old Dominion Freight Line to $250 from $230, signaling continued confidence in the stock’s long-term value even while keeping a hold rating. Jefferies adjusts PT on Old Dominion Freight Line
• Positive Sentiment: Old Dominion was highlighted on CNBC’s “Final Trades,” which can support investor attention and trading interest in the shares. CNBC Final Trades mention
• Neutral Sentiment: Analysts and commentary suggest the stock has been outperforming parts of the industrials group, but recent coverage also points to a premium valuation after a strong run. Outperforming the industrials sector
• Negative Sentiment: News that Amazon is expanding its less-than-truckload shipping business is pressuring Old Dominion and other freight carriers, raising competition concerns in the LTL market. Amazon expands LTL shipping business
• Negative Sentiment: Another article focused on a fund exit and valuation/risk concerns, reinforcing worries that the stock may be expensive relative to near-term fundamentals. Fund exit puts valuation and risks in focus

Analyst Ratings Changes

A number of research analysts have weighed in on ODFL shares. BMO Capital Markets reaffirmed an “outperform” rating and set a $230.00 price target on shares of Old Dominion Freight Line in a research report on Thursday, June 4th. Citigroup reaffirmed a “neutral” rating and issued a $225.00 price target (up from $218.00) on shares of Old Dominion Freight Line in a report on Thursday, April 30th. Argus raised shares of Old Dominion Freight Line from a “hold” rating to a “buy” rating and set a $220.00 price target on the stock in a report on Thursday, February 12th. Morgan Stanley set a $235.00 target price on shares of Old Dominion Freight Line and gave the company an “overweight” rating in a research note on Thursday, April 30th. Finally, Stifel Nicolaus boosted their target price on shares of Old Dominion Freight Line from $228.00 to $232.00 in a research note on Thursday, April 30th. Eight investment analysts have rated the stock with a Buy rating, sixteen have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, Old Dominion Freight Line currently has a consensus rating of “Hold” and an average price target of $210.71.

Old Dominion Freight Line Stock Performance

Old Dominion Freight Line stock opened at $235.95 on Thursday. The company has a 50-day simple moving average of $213.19 and a 200-day simple moving average of $188.33. The firm has a market capitalization of $49.07 billion, a P/E ratio of 49.36, a P/E/G ratio of 5.04 and a beta of 1.17. Old Dominion Freight Line, Inc. has a one year low of $126.01 and a one year high of $252.03.

Old Dominion Freight Line (NASDAQ:ODFL) last released its quarterly 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 business had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.31 billion. Old Dominion Freight Line had a net margin of 18.46% and a return on equity of 23.42%. The company’s quarterly revenue was down 2.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.19 earnings per share. As a group, sell-side analysts forecast that Old Dominion Freight Line, Inc. will post 5.38 earnings per share for the current year.

Old Dominion Freight Line Announces Dividend

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

Insider Activity at Old Dominion Freight Line

In other news, Director Greg C. Gantt sold 22,107 shares of the company’s stock in a transaction dated Monday, May 4th. The shares were 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 in the company, valued at approximately $16,959,287.52. This represents a 19.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 10.00% of the company’s stock.

Old Dominion Freight Line Company Profile

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.