Rakuten Investment Management Inc. bought a new position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL – Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 46,287 shares of the transportation company’s stock, valued at approximately $10,169,000.
A number of other institutional investors have also recently bought and sold shares of ODFL. Bogart Wealth LLC raised its stake in shares of Old Dominion Freight Line by 9.9% in the 1st quarter. Bogart Wealth LLC now owns 511 shares of the transportation company’s stock valued at $100,000 after buying an additional 46 shares in the last quarter. Private Advisor Group LLC boosted its position in shares of Old Dominion Freight Line by 1.3% during the 1st quarter. Private Advisor Group LLC now owns 4,164 shares of the transportation company’s stock valued at $814,000 after acquiring an additional 55 shares in the last quarter. Keybank National Association OH boosted its position in shares of Old Dominion Freight Line by 2.3% during the 1st quarter. Keybank National Association OH now owns 2,450 shares of the transportation company’s stock valued at $479,000 after acquiring an additional 56 shares in the last quarter. Deseret Mutual Benefit Administrators increased its stake in Old Dominion Freight Line by 9.7% in the fourth quarter. Deseret Mutual Benefit Administrators now owns 645 shares of the transportation company’s stock valued at $101,000 after acquiring an additional 57 shares during the period. Finally, Annis Gardner Whiting Capital Advisors LLC increased its stake in Old Dominion Freight Line by 80.5% in the first quarter. Annis Gardner Whiting Capital Advisors LLC now owns 139 shares of the transportation company’s stock valued at $27,000 after acquiring an additional 62 shares during the period. Institutional investors and hedge funds own 77.82% of the company’s stock.
Analyst Upgrades and Downgrades
ODFL has been the subject of a number of analyst reports. 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. Stifel Nicolaus set a $263.00 price objective on Old Dominion Freight Line and gave the company a “buy” rating in a research note on Thursday, July 30th. Truist Financial upped their price objective on Old Dominion Freight Line from $225.00 to $250.00 and gave the company a “buy” rating in a research note on Wednesday, July 15th. Raymond James Financial reissued an “outperform” rating and issued a $241.00 target price (up from $224.00) on shares of Old Dominion Freight Line in a report on Monday, July 13th. 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. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, thirteen have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $226.55.
Old Dominion Freight Line Trading Down 0.7%
Shares of Old Dominion Freight Line stock opened at $198.63 on Friday. The stock has a market capitalization of $41.19 billion, a price-to-earnings ratio of 38.27, a P/E/G ratio of 3.45 and a beta of 1.18. The firm’s 50-day moving average price is $217.58 and its two-hundred day moving average price is $210.52. Old Dominion Freight Line, Inc. has a 1-year low of $126.01 and a 1-year high of $252.03.
Old Dominion Freight Line (NASDAQ:ODFL – Get Free Report) last posted its earnings results on Wednesday, July 29th. The transportation company reported $1.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.54 by $0.14. Old Dominion Freight Line had a net margin of 19.44% and a return on equity of 24.87%. The company had revenue of $1.55 billion during the quarter, compared to analysts’ expectations of $1.54 billion. During the same quarter in the previous year, the company posted $1.27 earnings per share. Old Dominion Freight Line’s quarterly revenue was up 10.4% compared to the same quarter last year. 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 firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 16th. Investors of record on Wednesday, September 2nd will be issued a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date of this dividend is Wednesday, September 2nd. Old Dominion Freight Line’s dividend payout ratio (DPR) is currently 22.35%.
Insider Transactions at Old Dominion Freight Line
In other Old Dominion Freight Line news, SVP Cecil E. Jr. Overbey sold 19,952 shares of the business’s stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $198.39, for a total value of $3,958,277.28. Following the transaction, the senior vice president owned 22,746 shares of the company’s stock, valued at approximately $4,512,578.94. The trade was a 46.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 8.20% of the company’s stock.
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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