Rakuten Investment Management Inc. boosted its stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL – Free Report) by 11.3% in the 3rd quarter, Holdings Channel.com reports. The firm owned 51,520 shares of the transportation company’s stock after acquiring an additional 5,233 shares during the quarter. Rakuten Investment Management Inc.’s holdings in Old Dominion Freight Line were worth $9,143,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently added to or reduced their stakes in the stock. Third View Private Wealth LLC increased its holdings in shares of Old Dominion Freight Line by 5.6% during the third quarter. Third View Private Wealth LLC now owns 11,596 shares of the transportation company’s stock worth $2,016,000 after buying an additional 612 shares in the last quarter. Provenance Wealth Advisors LLC lifted its stake in shares of Old Dominion Freight Line by 39,625.0% in the 3rd quarter. Provenance Wealth Advisors LLC now owns 3,178 shares of the transportation company’s stock valued at $552,000 after acquiring an additional 3,170 shares during the last quarter. Associated Banc Corp acquired a new stake in shares of Old Dominion Freight Line during the 3rd quarter valued at $35,406,000. Oregon Public Employees Retirement Fund boosted its holdings in shares of Old Dominion Freight Line by 1.9% during the 3rd quarter. Oregon Public Employees Retirement Fund now owns 22,920 shares of the transportation company’s stock valued at $3,984,000 after acquiring an additional 428 shares in the last quarter. Finally, First Nebraska Trust Co acquired a new stake in shares of Old Dominion Freight Line during the 3rd quarter valued at $337,000. Institutional investors and hedge funds own 77.82% of the company’s stock.
Insider Transactions at Old Dominion Freight Line
In other Old Dominion Freight Line news, SVP Cecil Overbey, Jr. sold 19,952 shares of Old Dominion Freight Line stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $198.39, for a total transaction of $3,958,277.28. Following the transaction, the senior vice president directly 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 8.20% of the stock is currently owned by corporate insiders.
Old Dominion Freight Line Stock Performance
ODFL stock opened at $170.56 on Friday. The company has a fifty day moving average price of $181.52 and a 200-day moving average price of $201.49. The company has a market capitalization of $35.37 billion, a P/E ratio of 30.68, a PEG ratio of 2.93 and a beta of 1.14. Old Dominion Freight Line, Inc. has a 52-week low of $126.01 and a 52-week high of $252.03.
Old Dominion Freight Line (NASDAQ:ODFL – Get Free Report) last issued its quarterly earnings results on Wednesday, October 28th. The transportation company reported $1.65 EPS for the quarter, topping analysts’ consensus estimates of $1.61 by $0.04. Old Dominion Freight Line had a net margin of 20.08% and a return on equity of 25.92%. The company had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.57 billion. During the same quarter in the previous year, the business earned $1.28 earnings per share. Old Dominion Freight Line’s revenue was up 13.1% compared to the same quarter last year. As a group, sell-side analysts forecast that Old Dominion Freight Line, Inc. will post 5.93 earnings per share for the current fiscal year.
Old Dominion Freight Line Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 16th. Investors of record on Wednesday, December 2nd will be given a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a yield of 0.7%. The ex-dividend date of this dividend is Wednesday, December 2nd. Old Dominion Freight Line’s dividend payout ratio (DPR) is currently 20.86%.
Wall Street Analyst Weigh In
ODFL has been the topic of a number of research reports. Wells Fargo & Company reduced their price objective on Old Dominion Freight Line from $250.00 to $220.00 and set an “overweight” rating on the stock in a research report on Thursday, October 29th. Susquehanna dropped their target price on Old Dominion Freight Line from $232.00 to $202.00 and set a “neutral” rating for the company in a research report on Friday, October 2nd. Bank of America cut their price target on Old Dominion Freight Line from $240.00 to $205.00 in a research note on Friday, September 4th. UBS Group cut their price target on Old Dominion Freight Line from $228.00 to $194.00 and set a “neutral” rating on the stock in a research note on Thursday, October 29th. Finally, TD Cowen reduced their price target on Old Dominion Freight Line from $233.00 to $226.00 and set a “hold” rating on the stock in a report on Thursday, October 29th. Ten research analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $217.30.
Check Out Our Latest Analysis on ODFL
Old Dominion Freight Line Profile
Old Dominion Freight Line, Inc is a transportation company specializing in less-than-truckload (LTL) freight services. It transports shipments that do not require a full truck, serving business customers across a range of industries with regional, interregional and national freight transportation.
The company’s services include pickup and delivery, expedited transportation, container drayage and supply-chain solutions. Old Dominion also provides shipment tracking and other technology-enabled tools designed to support freight visibility and customer logistics management.
Founded in 1934 by Earl Congdon, Old Dominion Freight Line is headquartered in Thomasville, North Carolina.
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