OP Asset Management Ltd Makes New $6.51 Million Investment in Old Dominion Freight Line, Inc. $ODFL

OP Asset Management Ltd acquired a new stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) during the first quarter, Holdings Channel.com reports. The firm acquired 33,324 shares of the transportation company’s stock, valued at approximately $6,512,000.

Several other institutional investors and hedge funds also recently made changes to their positions in ODFL. Reflection Asset Management bought a new stake in Old Dominion Freight Line in the fourth quarter worth approximately $28,000. DT Investment Partners LLC lifted its stake in Old Dominion Freight Line by 600.0% in the fourth quarter. DT Investment Partners LLC now owns 210 shares of the transportation company’s stock valued at $33,000 after buying an additional 180 shares during the period. DV Equities LLC bought a new position in shares of Old Dominion Freight Line during the 4th quarter worth approximately $40,000. Torren Management LLC bought a new position in shares of Old Dominion Freight Line during the 4th quarter worth approximately $41,000. Finally, Kohmann Bosshard Financial Services LLC acquired a new stake in shares of Old Dominion Freight Line during the 4th quarter worth approximately $50,000. Institutional investors own 77.82% of the company’s stock.

Old Dominion Freight Line Stock Up 0.5%

NASDAQ ODFL opened at $220.12 on Friday. Old Dominion Freight Line, Inc. has a 52 week low of $126.01 and a 52 week high of $252.03. The business has a 50 day moving average price of $218.47 and a 200-day moving average price of $195.04. The company has a market cap of $45.78 billion, a price-to-earnings ratio of 46.05, a P/E/G ratio of 4.40 and a beta of 1.17.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its earnings results on Wednesday, April 29th. The transportation company reported $1.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.05 by $0.09. Old Dominion Freight Line had a return on equity of 23.42% and a net margin of 18.46%.The company had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.31 billion. During the same period last year, the business earned $1.19 EPS. Old Dominion Freight Line’s quarterly revenue was down 2.9% compared to the same quarter last year. On average, equities research analysts anticipate that Old Dominion Freight Line, Inc. will post 5.43 earnings per share for the current year.

Old Dominion Freight Line Dividend Announcement

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

Insiders Place Their Bets

In other Old Dominion Freight Line news, Director Greg C. Gantt sold 22,107 shares of the firm’s stock in a transaction on Monday, May 4th. The shares were sold at an average price of $191.52, for a total value of $4,233,932.64. Following the transaction, the director directly owned 88,551 shares of the company’s stock, valued at approximately $16,959,287.52. This trade represents a 19.98% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 10.00% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Argus lifted their price objective on shares of Old Dominion Freight Line from $220.00 to $260.00 and gave the company a “buy” rating in a research note on Thursday, June 18th. Morgan Stanley set a $235.00 target price on shares of Old Dominion Freight Line and gave the stock an “overweight” rating in a research note on Thursday, April 30th. Stephens restated an “overweight” rating and issued a $240.00 price target (up from $232.00) on shares of Old Dominion Freight Line in a report on Thursday, April 30th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Old Dominion Freight Line in a research note on Tuesday, April 14th. Finally, The Goldman Sachs Group reiterated a “buy” rating and set a $235.00 price objective (up from $209.00) on shares of Old Dominion Freight Line in a report on Tuesday. Nine research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat, Old Dominion Freight Line currently has a consensus rating of “Hold” and an average price target of $218.57.

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.