Mirae Asset Global Investments Co. Ltd. Grows Stake in Old Dominion Freight Line, Inc. $ODFL

Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 39.8% in the 4th quarter, HoldingsChannel.com reports. The firm owned 113,616 shares of the transportation company’s stock after acquiring an additional 32,345 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Old Dominion Freight Line were worth $17,815,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. JPMorgan Chase & Co. grew its position in shares of Old Dominion Freight Line by 21.3% during the third quarter. JPMorgan Chase & Co. now owns 3,544,588 shares of the transportation company’s stock worth $499,007,000 after purchasing an additional 622,275 shares in the last quarter. Truist Financial Corp grew its holdings in Old Dominion Freight Line by 12.9% during the 3rd quarter. Truist Financial Corp now owns 88,119 shares of the transportation company’s stock valued at $12,405,000 after buying an additional 10,046 shares in the last quarter. Wilson Asset Management International PTY Ltd. purchased a new position in Old Dominion Freight Line during the 3rd quarter valued at approximately $4,307,000. Atlantic Union Bankshares Corp purchased a new position in Old Dominion Freight Line during the 3rd quarter valued at approximately $1,999,000. Finally, Citigroup Inc. grew its holdings in Old Dominion Freight Line by 46.4% during the 3rd quarter. Citigroup Inc. now owns 1,040,681 shares of the transportation company’s stock valued at $146,507,000 after buying an additional 329,895 shares in the last quarter. Hedge funds and other institutional investors own 77.82% of the company’s stock.

Insider Transactions at Old Dominion Freight Line

In other news, insider Earl E. Congdon sold 25,000 shares of Old Dominion Freight Line stock in a transaction that occurred on Thursday, February 26th. The stock was sold at an average price of $196.13, for a total value of $4,903,250.00. Following the completion of the transaction, the insider owned 2,162,113 shares in the company, valued at approximately $424,055,222.69. The trade was a 1.14% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Bradley R. Gabosch sold 3,134 shares of Old Dominion Freight Line stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $194.27, for a total value of $608,842.18. Following the completion of the transaction, the director owned 11,278 shares of the company’s stock, valued at approximately $2,190,977.06. This trade represents a 21.75% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 80,134 shares of company stock worth $15,640,132. 10.00% of the stock is currently owned by company insiders.

Old Dominion Freight Line Stock Performance

Shares of Old Dominion Freight Line stock opened at $217.76 on Friday. The stock has a market cap of $45.39 billion, a price-to-earnings ratio of 45.08, a price-to-earnings-growth ratio of 4.50 and a beta of 1.20. The stock has a 50 day moving average price of $196.29 and a 200-day moving average price of $168.14. Old Dominion Freight Line, Inc. has a one year low of $126.01 and a one year high of $221.63.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its earnings results on Wednesday, February 4th. The transportation company reported $1.09 EPS for the quarter, topping analysts’ consensus estimates of $1.06 by $0.03. The firm had revenue of $1.31 billion during the quarter, compared to analysts’ expectations of $1.30 billion. Old Dominion Freight Line had a return on equity of 24.03% and a net margin of 18.62%.The company’s quarterly revenue was down 5.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.23 EPS. Sell-side analysts predict that Old Dominion Freight Line, Inc. will post 5.68 earnings per share for the current fiscal year.

Old Dominion Freight Line Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 18th. Stockholders of record on Wednesday, March 4th were issued a $0.29 dividend. This is a positive change from Old Dominion Freight Line’s previous quarterly dividend of $0.28. The ex-dividend date was Wednesday, March 4th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.5%. Old Dominion Freight Line’s dividend payout ratio (DPR) is presently 24.02%.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on ODFL. Susquehanna restated a “neutral” rating and set a $205.00 price target (up from $185.00) on shares of Old Dominion Freight Line in a report on Wednesday, February 11th. Citigroup raised their price target on Old Dominion Freight Line from $216.00 to $218.00 and gave the company a “neutral” rating in a report on Tuesday, April 7th. Weiss Ratings restated a “hold (c)” rating on shares of Old Dominion Freight Line in a report on Tuesday. Robert W. Baird cut Old Dominion Freight Line from a “neutral” rating to an “underperform” rating and raised their price target for the company from $166.00 to $204.00 in a report on Thursday, February 5th. Finally, BMO Capital Markets restated an “outperform” rating on shares of Old Dominion Freight Line in a report on Thursday, February 19th. Nine analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $195.50.

Old Dominion Freight Line 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.