Bridges Investment Management Inc. increased its holdings in shares of Old Dominion Freight Line (NASDAQ:ODFL) by 28.9% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 27,056 shares of the transportation company’s stock after purchasing an additional 6,059 shares during the quarter. Bridges Investment Management Inc.’s holdings in Old Dominion Freight Line were worth $4,030,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Financial Architects Inc bought a new position in shares of Old Dominion Freight Line during the 2nd quarter worth approximately $120,000. Signaturefd LLC grew its stake in shares of Old Dominion Freight Line by 2,308.6% during the 2nd quarter. Signaturefd LLC now owns 843 shares of the transportation company’s stock worth $126,000 after acquiring an additional 808 shares in the last quarter. Captrust Financial Advisors grew its stake in shares of Old Dominion Freight Line by 4,831.8% during the 2nd quarter. Captrust Financial Advisors now owns 1,085 shares of the transportation company’s stock worth $162,000 after acquiring an additional 1,063 shares in the last quarter. Coldstream Capital Management Inc. bought a new position in shares of Old Dominion Freight Line during the 1st quarter worth approximately $204,000. Finally, Claraphi Advisory Network LLC bought a new position in shares of Old Dominion Freight Line during the 1st quarter worth approximately $213,000. 72.37% of the stock is owned by institutional investors and hedge funds.
ODFL has been the subject of several research reports. Argus initiated coverage on shares of Old Dominion Freight Line in a research note on Wednesday, May 23rd. They set a “buy” rating and a $175.00 price target for the company. Zacks Investment Research raised shares of Old Dominion Freight Line from a “hold” rating to a “buy” rating and set a $166.00 price target for the company in a research note on Thursday, May 24th. BidaskClub cut shares of Old Dominion Freight Line from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, June 26th. KeyCorp raised their price target on shares of Old Dominion Freight Line from $165.00 to $170.00 and gave the stock an “overweight” rating in a research note on Monday, July 2nd. Finally, Cowen raised their price target on shares of Old Dominion Freight Line from $145.00 to $156.00 and gave the stock a “market perform” rating in a research note on Friday, July 27th. Two research analysts have rated the stock with a sell rating, six have given a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $147.38.
NASDAQ ODFL opened at $166.38 on Friday. The company has a market capitalization of $13.78 billion, a PE ratio of 38.16, a P/E/G ratio of 0.96 and a beta of 1.19. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.77 and a quick ratio of 1.77. Old Dominion Freight Line has a 12 month low of $99.50 and a 12 month high of $170.22.
Old Dominion Freight Line (NASDAQ:ODFL) last released its quarterly earnings data on Thursday, July 26th. The transportation company reported $1.99 EPS for the quarter, beating the consensus estimate of $1.82 by $0.17. The company had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $1.03 billion. Old Dominion Freight Line had a return on equity of 20.31% and a net margin of 15.37%. The firm’s revenue for the quarter was up 23.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.19 EPS. sell-side analysts forecast that Old Dominion Freight Line will post 6.92 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 20th. Stockholders of record on Thursday, September 6th will be issued a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 0.31%. The ex-dividend date of this dividend is Wednesday, September 5th. Old Dominion Freight Line’s payout ratio is presently 11.93%.
Old Dominion Freight Line announced that its board has approved a stock repurchase plan on Thursday, May 17th that authorizes the company to repurchase $250.00 million in shares. This repurchase authorization authorizes the transportation company to reacquire up to 2.1% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its stock is undervalued.
Old Dominion Freight Line Company Profile
Old Dominion Freight Line, Inc operates as a less-than-truckload (LTL) motor carrier in the United States and North America. It provides regional, inter-regional, and national LTL services, including ground and air expedited transportation, and consumer household pickup and delivery. The company also offers various value-added services comprising container drayage, truckload brokerage, supply chain consulting, and warehousing.
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