E Fund Management Co. Ltd. Buys 2,924 Shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

E Fund Management Co. Ltd. lifted its stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 98.5% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,893 shares of the transportation company’s stock after acquiring an additional 2,924 shares during the period. E Fund Management Co. Ltd.’s holdings in Old Dominion Freight Line were worth $975,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in ODFL. Vanguard Group Inc. increased its position in Old Dominion Freight Line by 1.9% during the 1st quarter. Vanguard Group Inc. now owns 22,666,405 shares of the transportation company’s stock valued at $3,750,157,000 after buying an additional 416,097 shares in the last quarter. Invesco Ltd. increased its position in Old Dominion Freight Line by 1.3% during the 1st quarter. Invesco Ltd. now owns 4,272,231 shares of the transportation company’s stock valued at $706,841,000 after buying an additional 53,079 shares in the last quarter. Capital World Investors increased its position in Old Dominion Freight Line by 1.1% during the 4th quarter. Capital World Investors now owns 2,510,101 shares of the transportation company’s stock valued at $442,784,000 after buying an additional 27,367 shares in the last quarter. JPMorgan Chase & Co. increased its position in Old Dominion Freight Line by 45.1% during the 1st quarter. JPMorgan Chase & Co. now owns 2,429,750 shares of the transportation company’s stock valued at $402,002,000 after buying an additional 754,796 shares in the last quarter. Finally, Northern Trust Corp increased its position in Old Dominion Freight Line by 15.2% during the 4th quarter. Northern Trust Corp now owns 1,983,857 shares of the transportation company’s stock valued at $349,952,000 after buying an additional 261,305 shares in the last quarter. 77.82% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on ODFL. Stifel Nicolaus reduced their target price on Old Dominion Freight Line from $183.00 to $168.00 and set a “buy” rating on the stock in a research report on Thursday, July 31st. Baird R W raised Old Dominion Freight Line to a “hold” rating in a research report on Tuesday, July 1st. Morgan Stanley reduced their target price on Old Dominion Freight Line from $170.00 to $165.00 and set an “equal weight” rating on the stock in a research report on Thursday, July 31st. Bank of America upped their target price on Old Dominion Freight Line from $167.00 to $183.00 and gave the company a “neutral” rating in a research report on Friday, May 16th. Finally, Wells Fargo & Company dropped their price target on Old Dominion Freight Line from $160.00 to $145.00 and set an “underweight” rating on the stock in a research note on Thursday, July 31st. One research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, Old Dominion Freight Line has an average rating of “Hold” and an average price target of $167.62.

Old Dominion Freight Line Stock Up 2.8%

Shares of ODFL opened at $153.46 on Thursday. Old Dominion Freight Line, Inc. has a 52 week low of $140.91 and a 52 week high of $233.26. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.04. The company has a market capitalization of $32.25 billion, a price-to-earnings ratio of 29.97, a PEG ratio of 3.44 and a beta of 1.24. The stock’s 50-day moving average price is $159.87 and its 200-day moving average price is $166.38.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its earnings results on Wednesday, July 30th. The transportation company reported $1.27 EPS for the quarter, missing analysts’ consensus estimates of $1.29 by ($0.02). Old Dominion Freight Line had a return on equity of 25.94% and a net margin of 19.42%. The company had revenue of $1.41 billion during the quarter, compared to analysts’ expectations of $1.43 billion. During the same quarter in the previous year, the company earned $1.48 EPS. The firm’s quarterly revenue was down 6.1% compared to the same quarter last year. On average, sell-side analysts predict that Old Dominion Freight Line, Inc. will post 5.68 EPS for the current year.

Old Dominion Freight Line Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 17th. Shareholders of record on Wednesday, September 3rd will be given a dividend of $0.28 per share. The ex-dividend date is Wednesday, September 3rd. This represents a $1.12 dividend on an annualized basis and a yield of 0.7%. Old Dominion Freight Line’s dividend payout ratio is currently 21.88%.

Old Dominion Freight Line Profile

Old Dominion Freight Line, Inc operates as a less-than-truckload motor carrier in the United States and North America. The company offers regional, inter-regional, and national less-than-truckload services, as well as expedited transportation. It also provides various value-added services, including container drayage, truckload brokerage, and supply chain consulting.