E Fund Management Co. Ltd. Takes $1.73 Million Position in Old Dominion Freight Line, Inc. $ODFL

E Fund Management Co. Ltd. purchased a new stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 7,999 shares of the transportation company’s stock, valued at approximately $1,733,000.

A number of other large investors have also made changes to their positions in ODFL. AustralianSuper Pty Ltd grew its stake in shares of Old Dominion Freight Line by 955.4% in the fourth quarter. AustralianSuper Pty Ltd now owns 75,005 shares of the transportation company’s stock valued at $11,761,000 after buying an additional 67,898 shares in the last quarter. Summitry LLC boosted its stake in Old Dominion Freight Line by 5.4% during the 4th quarter. Summitry LLC now owns 218,175 shares of the transportation company’s stock valued at $34,210,000 after acquiring an additional 11,223 shares during the last quarter. Partners Group Holding AG grew its stake in Old Dominion Freight Line by 37.0% in the fourth quarter. Partners Group Holding AG now owns 194,631 shares of the transportation company’s stock worth $30,518,000 after purchasing an additional 52,514 shares in the last quarter. M&T Bank Corp grew its position in shares of Old Dominion Freight Line by 76.3% in the 4th quarter. M&T Bank Corp now owns 15,204 shares of the transportation company’s stock worth $2,384,000 after acquiring an additional 6,582 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its stake in Old Dominion Freight Line by 15,188.0% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 407,885 shares of the transportation company’s stock valued at $63,956,000 after purchasing an additional 405,217 shares during the last quarter. Institutional investors and hedge funds own 77.82% of the company’s stock.

Old Dominion Freight Line Stock Down 1.4%

Shares of NASDAQ ODFL opened at $205.08 on Thursday. The business’s 50 day moving average is $221.86 and its two-hundred day moving average is $210.26. The company has a market cap of $42.53 billion, a P/E ratio of 39.51, a P/E/G ratio of 3.61 and a beta of 1.18. Old Dominion Freight Line, Inc. has a 12 month low of $126.01 and a 12 month high of $252.03.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its quarterly earnings data on Wednesday, July 29th. The transportation company reported $1.68 EPS for the quarter, beating analysts’ consensus estimates of $1.54 by $0.14. Old Dominion Freight Line had a net margin of 19.44% and a return on equity of 24.87%. The business had revenue of $1.55 billion during the quarter, compared to analyst estimates of $1.54 billion. During the same quarter in the prior year, the business earned $1.27 earnings per share. The firm’s revenue for the quarter was up 10.4% on a year-over-year basis. Sell-side analysts expect that Old Dominion Freight Line, Inc. will post 5.78 earnings per share for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 16th. Shareholders of record on Wednesday, September 2nd will be given a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date is Wednesday, September 2nd. Old Dominion Freight Line’s dividend payout ratio is 22.35%.

Analysts Set New Price Targets

ODFL has been the topic of a number of recent research reports. Stifel Nicolaus set a $263.00 target price on Old Dominion Freight Line and gave the company a “buy” rating in a research note on Thursday, July 30th. Truist Financial lifted their price target on Old Dominion Freight Line from $225.00 to $250.00 and gave the company a “buy” rating in a research report on Wednesday, July 15th. Raymond James Financial reiterated an “outperform” rating and issued a $241.00 target price (up from $224.00) on shares of Old Dominion Freight Line in a report on Monday, July 13th. Robert W. Baird set a $229.00 price objective on shares of Old Dominion Freight Line and gave the company a “neutral” rating in a research note on Tuesday, April 28th. Finally, Wall Street Zen raised Old Dominion Freight Line from a “hold” rating to a “buy” rating in a research report on Saturday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, thirteen have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, Old Dominion Freight Line currently has an average rating of “Hold” and an average target price of $226.55.

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.