NEOS Investment Management LLC Acquires 17,933 Shares of Old Dominion Freight Line, Inc. $ODFL

NEOS Investment Management LLC raised its holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 13.2% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 154,082 shares of the transportation company’s stock after purchasing an additional 17,933 shares during the period. NEOS Investment Management LLC’s holdings in Old Dominion Freight Line were worth $33,374,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the business. BlackRock Inc. acquired a new stake in shares of Old Dominion Freight Line in the second quarter valued at approximately $3,416,007,000. Price T Rowe Associates Inc. MD raised its holdings in Old Dominion Freight Line by 14.1% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 14,223,960 shares of the transportation company’s stock valued at $2,230,318,000 after acquiring an additional 1,761,511 shares in the last quarter. State Street Corp raised its stake in Old Dominion Freight Line by 0.9% in the fourth quarter. State Street Corp now owns 7,746,286 shares of the transportation company’s stock valued at $1,214,618,000 after purchasing an additional 70,736 shares in the last quarter. Boston Partners raised its position in shares of Old Dominion Freight Line by 98.4% in the 4th quarter. Boston Partners now owns 4,122,696 shares of the transportation company’s stock valued at $648,186,000 after buying an additional 2,044,434 shares in the last quarter. Finally, T. Rowe Price Investment Management Inc. raised its position in Old Dominion Freight Line by 11.0% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 3,680,719 shares of the transportation company’s stock valued at $577,137,000 after purchasing an additional 365,424 shares in the last quarter. Institutional investors and hedge funds own 77.82% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on ODFL shares. Wall Street Zen lowered Old Dominion Freight Line from a “buy” rating to a “hold” rating in a research note on Saturday, August 29th. Susquehanna upped their price objective on Old Dominion Freight Line from $224.00 to $228.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 14th. Citigroup reiterated a “neutral” rating and issued a $231.00 target price (up from $228.00) on shares of Old Dominion Freight Line in a research report on Thursday, July 30th. Evercore reissued an “outperform” rating and set a $243.00 target price on shares of Old Dominion Freight Line in a research note on Thursday, July 30th. Finally, Zacks Research raised shares of Old Dominion Freight Line from a “hold” rating to a “strong-buy” rating in a report on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, thirteen have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, Old Dominion Freight Line presently has an average rating of “Hold” and a consensus target price of $226.55.

Old Dominion Freight Line Price Performance

ODFL opened at $185.75 on Friday. Old Dominion Freight Line, Inc. has a fifty-two week low of $126.01 and a fifty-two week high of $252.03. The firm has a market capitalization of $38.52 billion, a price-to-earnings ratio of 35.79, a PEG ratio of 3.23 and a beta of 1.16. The company’s 50 day moving average price is $215.26 and its two-hundred day moving average price is $210.57.

Old Dominion Freight Line (NASDAQ:ODFL) last released its quarterly earnings results on Wednesday, July 29th. The transportation company reported $1.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.54 by $0.14. The firm had revenue of $1.55 billion during the quarter, compared to the consensus estimate of $1.54 billion. Old Dominion Freight Line had a net margin of 19.44% and a return on equity of 24.87%. The company’s revenue for the quarter was up 10.4% on a year-over-year basis. During the same quarter last year, the firm earned $1.27 earnings per share. As a group, equities research analysts predict that Old Dominion Freight Line, Inc. will post 5.78 EPS for the current year.

Old Dominion Freight Line Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 16th. Investors of record on Wednesday, September 2nd will be issued 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 presently 22.35%.

Insider Transactions at Old Dominion Freight Line

In related news, SVP Cecil Overbey, Jr. sold 19,952 shares of the firm’s stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $198.39, for a total transaction of $3,958,277.28. Following the completion of the transaction, the senior vice president directly owned 22,746 shares of the company’s stock, valued at $4,512,578.94. This trade represents a 46.73% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 8.20% of the stock is currently owned by corporate insiders.

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.