Envestnet Asset Management Inc. reduced its holdings in shares of Old Dominion Freight Line (NASDAQ:ODFL) by 4.8% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 45,743 shares of the transportation company’s stock after selling 2,328 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.06% of Old Dominion Freight Line worth $6,605,000 as of its most recent filing with the SEC.
Several other large investors have also added to or reduced their stakes in ODFL. Oregon Public Employees Retirement Fund boosted its position in shares of Old Dominion Freight Line by 9,888.8% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 4,182,730 shares of the transportation company’s stock worth $34,000 after acquiring an additional 4,140,856 shares in the last quarter. Norges Bank purchased a new stake in shares of Old Dominion Freight Line in the 4th quarter valued at about $89,762,000. FMR LLC lifted its holdings in shares of Old Dominion Freight Line by 43.9% in the 4th quarter. FMR LLC now owns 592,740 shares of the transportation company’s stock valued at $73,198,000 after purchasing an additional 180,936 shares during the last quarter. Vanguard Group Inc lifted its holdings in shares of Old Dominion Freight Line by 2.4% in the 3rd quarter. Vanguard Group Inc now owns 6,456,920 shares of the transportation company’s stock valued at $1,041,243,000 after purchasing an additional 153,943 shares during the last quarter. Finally, Parnassus Investments CA purchased a new stake in shares of Old Dominion Freight Line in the 4th quarter valued at about $18,017,000. 70.56% of the stock is owned by institutional investors and hedge funds.
ODFL opened at $142.00 on Thursday. The company has a quick ratio of 2.19, a current ratio of 2.19 and a debt-to-equity ratio of 0.02. The company has a market cap of $11.02 billion, a price-to-earnings ratio of 19.24, a P/E/G ratio of 2.31 and a beta of 1.45. Old Dominion Freight Line has a 52 week low of $115.00 and a 52 week high of $170.22.
Old Dominion Freight Line (NASDAQ:ODFL) last posted its quarterly earnings data on Thursday, April 25th. The transportation company reported $1.64 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.58 by $0.06. The firm had revenue of $990.78 million during the quarter, compared to the consensus estimate of $1 billion. Old Dominion Freight Line had a return on equity of 23.87% and a net margin of 15.32%. The firm’s revenue was up 7.1% compared to the same quarter last year. During the same period in the prior year, the business earned $1.33 EPS. On average, equities research analysts expect that Old Dominion Freight Line will post 7.95 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 19th. Shareholders of record on Wednesday, June 5th will be paid a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 0.48%. The ex-dividend date of this dividend is Tuesday, June 4th. Old Dominion Freight Line’s dividend payout ratio is presently 9.21%.
Old Dominion Freight Line announced that its board has approved a stock buyback plan on Thursday, May 16th that authorizes the company to buyback $350.00 million in shares. This buyback authorization authorizes the transportation company to purchase up to 2.9% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its shares are undervalued.
Several analysts have recently weighed in on ODFL shares. Citigroup boosted their target price on Old Dominion Freight Line from $145.00 to $155.00 and gave the company a “neutral” rating in a report on Thursday, April 11th. Zacks Investment Research raised Old Dominion Freight Line from a “hold” rating to a “buy” rating and set a $158.00 target price for the company in a report on Monday, March 11th. Bank of America downgraded Old Dominion Freight Line from a “buy” rating to a “neutral” rating and boosted their target price for the company from $154.00 to $158.00 in a report on Tuesday, February 26th. ValuEngine downgraded Old Dominion Freight Line from a “buy” rating to a “hold” rating in a report on Monday, May 13th. Finally, BidaskClub downgraded Old Dominion Freight Line from a “hold” rating to a “sell” rating in a report on Wednesday, May 29th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have given a buy rating to the company’s stock. Old Dominion Freight Line has an average rating of “Hold” and a consensus target price of $147.80.
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Old Dominion Freight Line 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 expedited transportation. The company also offers various value-added services, such as container drayage, truckload brokerage, and supply chain consulting.
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