Empower Advisory Group LLC Purchases New Stake in Old Dominion Freight Line, Inc. $ODFL

Empower Advisory Group LLC acquired a new position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 1,927 shares of the transportation company’s stock, valued at approximately $313,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. T. Rowe Price Investment Management Inc. boosted its position in shares of Old Dominion Freight Line by 79.5% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 2,599,005 shares of the transportation company’s stock valued at $430,006,000 after acquiring an additional 1,151,221 shares during the last quarter. Nuveen LLC purchased a new position in Old Dominion Freight Line during the first quarter worth about $151,107,000. JPMorgan Chase & Co. boosted its holdings in Old Dominion Freight Line by 45.1% in the 1st quarter. JPMorgan Chase & Co. now owns 2,429,750 shares of the transportation company’s stock valued at $402,002,000 after purchasing an additional 754,796 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Old Dominion Freight Line by 1.9% in the 1st quarter. Vanguard Group Inc. now owns 22,666,405 shares of the transportation company’s stock valued at $3,750,157,000 after purchasing an additional 416,097 shares during the last quarter. Finally, Assenagon Asset Management S.A. grew its stake in shares of Old Dominion Freight Line by 2,744.5% in the 2nd quarter. Assenagon Asset Management S.A. now owns 193,199 shares of the transportation company’s stock valued at $31,356,000 after buying an additional 186,407 shares during the period. 77.82% of the stock is owned by institutional investors and hedge funds.

Old Dominion Freight Line Stock Performance

Shares of Old Dominion Freight Line stock opened at $129.89 on Tuesday. The stock has a market capitalization of $27.16 billion, a price-to-earnings ratio of 26.13, a price-to-earnings-growth ratio of 3.22 and a beta of 1.22. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.20 and a quick ratio of 1.38. The business has a 50-day moving average of $139.81 and a 200 day moving average of $152.40. Old Dominion Freight Line, Inc. has a 12 month low of $129.37 and a 12 month high of $228.72.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its quarterly earnings results on Wednesday, October 29th. The transportation company reported $1.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.22 by $0.06. The business had revenue of $1.41 billion for the quarter, compared to analysts’ expectations of $1.41 billion. Old Dominion Freight Line had a net margin of 18.97% and a return on equity of 24.92%. The business’s quarterly revenue was down 4.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.43 earnings per share. As a group, sell-side analysts forecast that Old Dominion Freight Line, Inc. will post 5.68 earnings per share for the current year.

Old Dominion Freight Line Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 17th. Shareholders of record on Wednesday, December 3rd will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend is Wednesday, December 3rd. Old Dominion Freight Line’s dividend payout ratio (DPR) is currently 22.54%.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Wolfe Research lifted their price target on shares of Old Dominion Freight Line from $129.00 to $140.00 in a research report on Tuesday, October 7th. Morgan Stanley reduced their target price on Old Dominion Freight Line from $170.00 to $165.00 and set an “equal weight” rating on the stock in a research report on Thursday, July 31st. UBS Group upped their price target on Old Dominion Freight Line from $155.00 to $164.00 and gave the company a “neutral” rating in a research note on Friday, October 3rd. Stephens cut their price objective on Old Dominion Freight Line from $162.00 to $156.00 and set an “overweight” rating for the company in a research report on Thursday, October 30th. Finally, Barclays reduced their price objective on shares of Old Dominion Freight Line from $155.00 to $150.00 and set an “equal weight” rating on the stock in a report on Wednesday, October 1st. Eight analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $159.33.

Old Dominion Freight Line Company Profile

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.