1832 Asset Management L.P. Boosts Holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

1832 Asset Management L.P. increased its holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 85.2% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 58,132 shares of the transportation company’s stock after purchasing an additional 26,749 shares during the period. 1832 Asset Management L.P.’s holdings in Old Dominion Freight Line were worth $12,749,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in ODFL. Trust Co. of Vermont purchased a new position in Old Dominion Freight Line in the 4th quarter worth approximately $27,000. Farmers & Merchants Investments Inc. raised its holdings in shares of Old Dominion Freight Line by 100.0% during the 1st quarter. Farmers & Merchants Investments Inc. now owns 124 shares of the transportation company’s stock worth $27,000 after acquiring an additional 62 shares in the last quarter. Raleigh Capital Management Inc. purchased a new stake in shares of Old Dominion Freight Line during the 4th quarter worth approximately $29,000. Fortitude Family Office LLC raised its holdings in shares of Old Dominion Freight Line by 103.0% during the 1st quarter. Fortitude Family Office LLC now owns 134 shares of the transportation company’s stock worth $29,000 after acquiring an additional 68 shares in the last quarter. Finally, Washington Trust Advisors Inc. raised its holdings in shares of Old Dominion Freight Line by 138.3% during the 1st quarter. Washington Trust Advisors Inc. now owns 143 shares of the transportation company’s stock worth $31,000 after acquiring an additional 83 shares in the last quarter. 77.82% of the stock is owned by hedge funds and other institutional investors.

Old Dominion Freight Line Stock Down 1.3 %

Shares of ODFL stock traded down $2.77 during mid-day trading on Friday, hitting $202.93. The stock had a trading volume of 2,484,038 shares, compared to its average volume of 1,801,150. Old Dominion Freight Line, Inc. has a 12-month low of $165.49 and a 12-month high of $227.80. The firm has a market capitalization of $44.09 billion, a P/E ratio of 35.73, a price-to-earnings-growth ratio of 3.89 and a beta of 1.00. The firm’s 50-day moving average is $180.27 and its two-hundred day moving average is $198.79. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.46 and a quick ratio of 2.29.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its quarterly earnings data on Wednesday, July 24th. The transportation company reported $1.48 earnings per share for the quarter, topping analysts’ consensus estimates of $1.45 by $0.03. The firm had revenue of $1.50 billion during the quarter, compared to analysts’ expectations of $1.50 billion. Old Dominion Freight Line had a return on equity of 30.33% and a net margin of 21.38%. The firm’s quarterly revenue was up 6.1% on a year-over-year basis. During the same period in the prior year, the business posted $1.33 EPS. On average, analysts predict that Old Dominion Freight Line, Inc. will post 5.73 earnings per share for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 18th. Investors of record on Wednesday, September 4th will be paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.51%. The ex-dividend date is Wednesday, September 4th. Old Dominion Freight Line’s dividend payout ratio (DPR) is currently 18.31%.

Analyst Ratings Changes

Several analysts have recently issued reports on the company. Bank of America upped their price objective on Old Dominion Freight Line from $192.00 to $203.00 and gave the stock a “neutral” rating in a report on Monday, July 22nd. Baird R W raised Old Dominion Freight Line from a “hold” rating to a “strong-buy” rating in a report on Wednesday, May 8th. Robert W. Baird upped their price objective on Old Dominion Freight Line from $205.00 to $215.00 and gave the stock an “outperform” rating in a report on Thursday. Morgan Stanley decreased their price objective on Old Dominion Freight Line from $174.00 to $168.00 and set an “equal weight” rating on the stock in a report on Monday, July 8th. Finally, Vertical Research raised Old Dominion Freight Line from a “sell” rating to a “hold” rating and set a $175.00 price objective on the stock in a report on Monday, April 29th. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Old Dominion Freight Line currently has a consensus rating of “Hold” and an average price target of $202.78.

About Old Dominion Freight Line

Old Dominion Freight Line, Inc operates as a less-than-truckload motor carrier in the United States and North America. The company offers regional, inter-regional, and national less-than-truckload services, as well as expedited transportation. It also provides various value-added services, including container drayage, truckload brokerage, and supply chain consulting.