SIR Capital Management L.P. acquired a new stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL – Free Report) during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 12,400 shares of the transportation company’s stock, valued at approximately $1,944,000.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in Old Dominion Freight Line by 2.2% in the 3rd quarter. Vanguard Group Inc. now owns 23,252,921 shares of the transportation company’s stock valued at $3,273,546,000 after buying an additional 494,674 shares in the last quarter. CIBC Private Wealth Group LLC grew its holdings in Old Dominion Freight Line by 21.6% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 4,366,843 shares of the transportation company’s stock valued at $614,764,000 after buying an additional 776,004 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in Old Dominion Freight Line by 21.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,544,588 shares of the transportation company’s stock valued at $499,007,000 after buying an additional 622,275 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in Old Dominion Freight Line by 23.9% in the 4th quarter. Goldman Sachs Group Inc. now owns 3,314,157 shares of the transportation company’s stock valued at $519,660,000 after buying an additional 639,769 shares in the last quarter. Finally, Norges Bank acquired a new position in Old Dominion Freight Line in the 4th quarter valued at $444,983,000. 77.82% of the stock is owned by institutional investors and hedge funds.
Old Dominion Freight Line Stock Performance
NASDAQ:ODFL opened at $245.75 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 company has a market cap of $51.11 billion, a price-to-earnings ratio of 51.41, a PEG ratio of 5.02 and a beta of 1.17. The stock has a fifty day moving average price of $215.16 and a 200-day moving average price of $189.53.
Old Dominion Freight Line Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 17th. Investors of record on Wednesday, June 3rd will be given a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a dividend yield of 0.5%. The ex-dividend date is Wednesday, June 3rd. Old Dominion Freight Line’s dividend payout ratio is currently 24.27%.
Insider Buying and Selling at Old Dominion Freight Line
In related news, Director Greg C. Gantt sold 22,107 shares of the company’s stock in a transaction 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 completion of 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 10.00% of the stock is currently owned by corporate insiders.
Wall Street Analysts Forecast Growth
A number of brokerages have commented on ODFL. Rothschild & Co Redburn decreased their price objective on Old Dominion Freight Line from $176.00 to $172.00 and set a “sell” rating on the stock in a report on Tuesday, May 12th. Barclays set a $210.00 price objective on Old Dominion Freight Line and gave the company an “equal weight” rating in a report on Thursday, April 30th. Wells Fargo & Company set a $235.00 target price on Old Dominion Freight Line and gave the company an “equal weight” rating in a research report on Friday, June 5th. Morgan Stanley set a $235.00 target price on Old Dominion Freight Line and gave the company an “overweight” rating in a research report on Thursday, April 30th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Old Dominion Freight Line in a research report on Tuesday, April 14th. Eight research analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $215.43.
Read Our Latest Stock Report on ODFL
Old Dominion Freight Line Company 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.
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