PNC Financial Services Group Inc. raised its holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL – Free Report) by 11.6% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 28,962 shares of the transportation company’s stock after purchasing an additional 3,015 shares during the period. PNC Financial Services Group Inc.’s holdings in Old Dominion Freight Line were worth $5,659,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds also recently made changes to their positions in the business. Annis Gardner Whiting Capital Advisors LLC lifted its holdings in shares of Old Dominion Freight Line by 80.5% during the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 139 shares of the transportation company’s stock worth $27,000 after acquiring an additional 62 shares during the period. Reflection Asset Management bought a new stake in Old Dominion Freight Line in the fourth quarter valued at about $28,000. Evolution Wealth Management Inc. bought a new stake in Old Dominion Freight Line in the first quarter valued at about $29,000. DT Investment Partners LLC increased 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 acquiring an additional 180 shares during the period. Finally, Cassaday & Co Wealth Management LLC acquired a new position in Old Dominion Freight Line in the first quarter worth about $39,000. Institutional investors and hedge funds own 77.82% of the company’s stock.
Old Dominion Freight Line Price Performance
Shares of ODFL stock opened at $232.99 on Monday. The company has a market capitalization of $48.45 billion, a P/E ratio of 48.74, a P/E/G ratio of 4.21 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. The firm has a 50-day moving average price of $225.49 and a 200 day moving average price of $205.06.
Old Dominion Freight Line Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 16th. Stockholders of record on Wednesday, September 2nd will be issued a $0.29 dividend. This represents a $1.16 annualized dividend and a dividend yield of 0.5%. The ex-dividend date of this dividend is Wednesday, September 2nd. Old Dominion Freight Line’s payout ratio is presently 24.27%.
Wall Street Analysts Forecast Growth
A number of research analysts have commented on the stock. Wells Fargo & Company upgraded shares of Old Dominion Freight Line from an “underweight” rating to an “overweight” rating and raised their price target for the stock from $235.00 to $250.00 in a research note on Wednesday, July 8th. Raymond James Financial reiterated an “outperform” rating and issued a $241.00 price objective (up from $224.00) on shares of Old Dominion Freight Line in a research note on Monday, July 13th. Benchmark reissued a “hold” rating on shares of Old Dominion Freight Line in a report on Thursday, June 4th. Susquehanna increased their target price on Old Dominion Freight Line from $224.00 to $228.00 and gave the stock a “neutral” rating in a report on Tuesday, July 14th. Finally, Morgan Stanley restated an “equal weight” rating and set a $245.00 target price (up from $235.00) on shares of Old Dominion Freight Line in a research report on Monday, July 6th. Ten equities research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $223.04.
Check Out Our Latest Stock Report on Old Dominion Freight Line
Insider Activity at Old Dominion Freight Line
In related news, Director Greg C. Gantt sold 22,107 shares of the stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $191.52, for a total transaction of $4,233,932.64. Following the sale, the director directly owned 88,551 shares in the company, valued at $16,959,287.52. This represents a 19.98% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 10.00% of the stock is owned by 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.
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