Vanguard Group Inc. Increases Holdings in Old Dominion Freight Line, Inc. $ODFL

Vanguard Group Inc. raised its stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 2.2% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 23,252,921 shares of the transportation company’s stock after acquiring an additional 494,674 shares during the period. Vanguard Group Inc. owned approximately 11.06% of Old Dominion Freight Line worth $3,273,546,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of ODFL. Norges Bank bought a new stake in Old Dominion Freight Line during the 2nd quarter valued at about $371,961,000. JPMorgan Chase & Co. lifted its stake in shares of Old Dominion Freight Line by 21.3% in the third quarter. JPMorgan Chase & Co. now owns 3,544,588 shares of the transportation company’s stock worth $499,007,000 after buying an additional 622,275 shares in the last quarter. First Trust Advisors LP grew its holdings in shares of Old Dominion Freight Line by 63.8% during the second quarter. First Trust Advisors LP now owns 1,521,054 shares of the transportation company’s stock valued at $246,867,000 after buying an additional 592,605 shares during the last quarter. Fisher Funds Management LTD bought a new stake in shares of Old Dominion Freight Line during the third quarter valued at approximately $65,951,000. Finally, Citigroup Inc. raised its holdings in Old Dominion Freight Line by 149.5% in the 2nd quarter. Citigroup Inc. now owns 710,786 shares of the transportation company’s stock worth $115,360,000 after acquiring an additional 425,846 shares during the last quarter. 77.82% of the stock is currently owned by institutional investors.

Old Dominion Freight Line Stock Up 0.3%

Old Dominion Freight Line stock opened at $193.81 on Thursday. The business has a 50-day simple moving average of $173.61 and a two-hundred day simple moving average of $153.62. The company has a market cap of $40.53 billion, a P/E ratio of 40.13, a P/E/G ratio of 9.64 and a beta of 1.28. Old Dominion Freight Line, Inc. has a 52-week low of $126.01 and a 52-week high of $208.74.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its quarterly earnings data on Wednesday, February 4th. The transportation company reported $1.09 earnings per share for the quarter, topping the consensus estimate of $1.06 by $0.03. The firm had revenue of $1.31 billion for the quarter, compared to analysts’ expectations of $1.30 billion. Old Dominion Freight Line had a net margin of 18.62% and a return on equity of 24.03%. The business’s quarterly revenue was down 5.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.23 EPS. Research analysts anticipate that Old Dominion Freight Line, Inc. will post 5.68 EPS for the current fiscal year.

Old Dominion Freight Line Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 18th. Stockholders of record on Wednesday, March 4th will be paid a dividend of $0.29 per share. The ex-dividend date is Wednesday, March 4th. This represents a $1.16 annualized dividend and a dividend yield of 0.6%. This is a boost from Old Dominion Freight Line’s previous quarterly dividend of $0.28. Old Dominion Freight Line’s dividend payout ratio is 23.19%.

Analyst Ratings Changes

Several analysts have commented on the company. Argus upgraded Old Dominion Freight Line from a “hold” rating to a “buy” rating and set a $220.00 target price on the stock in a research note on Thursday, February 12th. Susquehanna reaffirmed a “neutral” rating and set a $205.00 price objective (up from $185.00) on shares of Old Dominion Freight Line in a research report on Wednesday, February 11th. Raymond James Financial lifted their price objective on Old Dominion Freight Line from $180.00 to $213.00 and gave the stock an “outperform” rating in a report on Friday, February 6th. Wall Street Zen upgraded shares of Old Dominion Freight Line from a “sell” rating to a “hold” rating in a research note on Sunday, January 25th. Finally, BMO Capital Markets upgraded shares of Old Dominion Freight Line from a “market perform” rating to an “outperform” rating and reduced their price target for the stock from $172.00 to $170.00 in a research note on Monday, December 1st. Nine analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and four have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $189.88.

About Old Dominion Freight Line

Old Dominion Freight Line is a U.S.-based less-than-truckload (LTL) transportation company that provides regional, inter-regional and national freight services. Founded in 1934 and headquartered in Thomasville, North Carolina, the company has grown from a regional carrier into a national freight network, operating a broad system of service centers and terminals to move shipments for shippers of varying sizes and industries.

The company’s core business is LTL trucking, offering scheduled pickup and delivery for palletized freight that does not require a full truckload.