1832 Asset Management L.P. Increases Position in Old Dominion Freight Line, Inc. $ODFL

1832 Asset Management L.P. lifted its position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 33.3% during the second quarter, Holdings Channel reports. The institutional investor owned 140,255 shares of the transportation company’s stock after purchasing an additional 35,034 shares during the period. 1832 Asset Management L.P.’s holdings in Old Dominion Freight Line were worth $22,763,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of ODFL. JT Stratford LLC purchased a new stake in Old Dominion Freight Line in the 2nd quarter worth $203,000. Arrowstreet Capital Limited Partnership boosted its stake in shares of Old Dominion Freight Line by 72.0% in the second quarter. Arrowstreet Capital Limited Partnership now owns 505,224 shares of the transportation company’s stock worth $81,998,000 after acquiring an additional 211,481 shares during the period. Westerkirk Capital Inc. bought a new stake in Old Dominion Freight Line during the 2nd quarter valued at approximately $568,000. Quantbot Technologies LP purchased a new position in Old Dominion Freight Line in the 2nd quarter worth approximately $9,280,000. Finally, Watchtower Advisors LP bought a new position in Old Dominion Freight Line in the 2nd quarter worth approximately $3,761,000. Institutional investors own 77.82% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on ODFL. Susquehanna lifted their price objective on shares of Old Dominion Freight Line from $155.00 to $156.00 and gave the company a “neutral” rating in a research report on Wednesday, September 10th. Benchmark reaffirmed a “hold” rating on shares of Old Dominion Freight Line in a research note on Wednesday. Rothschild Redb upgraded shares of Old Dominion Freight Line to a “strong sell” rating in a report on Wednesday, November 26th. BMO Capital Markets raised Old Dominion Freight Line from a “market perform” rating to an “outperform” rating and reduced their target price for the stock from $172.00 to $170.00 in a report on Monday. Finally, Barclays decreased their price objective on 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. Nine investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $156.43.

Old Dominion Freight Line Price Performance

ODFL stock opened at $153.51 on Friday. The stock has a market cap of $32.10 billion, a PE ratio of 30.89, a P/E/G ratio of 3.75 and a beta of 1.27. Old Dominion Freight Line, Inc. has a 12 month low of $126.01 and a 12 month high of $211.33. The company has a 50-day moving average price of $138.01 and a 200 day moving average price of $150.11. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 0.02.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its quarterly earnings data 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. Old Dominion Freight Line had a net margin of 18.97% and a return on equity of 24.92%. The business had revenue of $1.41 billion during the quarter, compared to the consensus estimate of $1.41 billion. During the same quarter last year, the firm earned $1.43 earnings per share. The firm’s quarterly revenue was down 4.3% compared to the same quarter last year. Equities research analysts anticipate that Old Dominion Freight Line, Inc. will post 5.68 earnings per share for the current year.

Old Dominion Freight Line Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 17th. Investors of record on Wednesday, December 3rd will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date of this dividend is Wednesday, December 3rd. Old Dominion Freight Line’s dividend payout ratio (DPR) is currently 22.54%.

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.