AXQ Capital LP Buys Shares of 6,251 Old Dominion Freight Line, Inc. $ODFL

AXQ Capital LP purchased a new position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) during the 3rd quarter, Holdings Channel.com reports. The institutional investor purchased 6,251 shares of the transportation company’s stock, valued at approximately $880,000.

A number of other institutional investors have also modified their holdings of ODFL. Financial Gravity Companies Inc. purchased a new position in shares of Old Dominion Freight Line during the second quarter valued at approximately $26,000. Rossby Financial LCC acquired a new position in Old Dominion Freight Line in the 2nd quarter valued at $28,000. E Fund Management Hong Kong Co. Ltd. raised its holdings in Old Dominion Freight Line by 175.7% in the 3rd quarter. E Fund Management Hong Kong Co. Ltd. now owns 193 shares of the transportation company’s stock valued at $27,000 after acquiring an additional 123 shares during the last quarter. Westside Investment Management Inc. lifted its stake in shares of Old Dominion Freight Line by 100.0% during the 3rd quarter. Westside Investment Management Inc. now owns 196 shares of the transportation company’s stock worth $27,000 after purchasing an additional 98 shares during the period. Finally, Raiffeisen Bank International AG acquired a new stake in shares of Old Dominion Freight Line during the third quarter worth $37,000. Institutional investors and hedge funds own 77.82% of the company’s stock.

Old Dominion Freight Line Price Performance

NASDAQ:ODFL opened at $193.88 on Tuesday. The business’s 50-day moving average is $175.90 and its two-hundred day moving average is $154.73. The firm has a market capitalization of $40.54 billion, a PE ratio of 40.14, a price-to-earnings-growth ratio of 10.05 and a beta of 1.28. Old Dominion Freight Line, Inc. has a 12 month low of $126.01 and a 12 month high of $208.74.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its earnings results on Wednesday, February 4th. The transportation company reported $1.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.06 by $0.03. The business had revenue of $1.31 billion during the quarter, compared to analyst estimates of $1.30 billion. Old Dominion Freight Line had a return on equity of 24.03% and a net margin of 18.62%.The company’s revenue for the quarter was down 5.7% compared to the same quarter last year. During the same quarter last year, the firm earned $1.23 earnings per share. Equities analysts anticipate that Old Dominion Freight Line, Inc. will post 5.68 EPS for the current year.

Old Dominion Freight Line Increases Dividend

The company also recently disclosed 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. This is an increase from Old Dominion Freight Line’s previous quarterly dividend of $0.28. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date is Wednesday, March 4th. Old Dominion Freight Line’s payout ratio is 23.19%.

Insiders Place Their Bets

In related news, Director Bradley R. Gabosch sold 3,134 shares of Old Dominion Freight Line stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $194.27, for a total transaction of $608,842.18. Following the sale, the director owned 11,278 shares of the company’s stock, valued at $2,190,977.06. The trade was a 21.75% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Chairman David S. Congdon sold 52,000 shares of the business’s stock in a transaction on Thursday, February 19th. The stock was sold at an average price of $194.77, for a total transaction of $10,128,040.00. Following the completion of the transaction, the chairman owned 712,800 shares in the company, valued at $138,832,056. This represents a 6.80% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 10.00% of the company’s stock.

Analyst Ratings Changes

ODFL has been the subject of several analyst reports. Deutsche Bank Aktiengesellschaft lowered Old Dominion Freight Line from a “buy” rating to a “hold” rating and set a $205.00 target price for the company. in a research note on Thursday, February 5th. The Goldman Sachs Group reaffirmed a “buy” rating and set a $195.00 price objective on shares of Old Dominion Freight Line in a research note on Wednesday, February 4th. Jefferies Financial Group raised their target price on shares of Old Dominion Freight Line from $160.00 to $195.00 and gave the stock a “hold” rating in a research report on Thursday, February 5th. Stephens reaffirmed an “overweight” rating and set a $232.00 price target on shares of Old Dominion Freight Line in a research report on Thursday, February 5th. Finally, Morgan Stanley reaffirmed an “overweight” rating and set a $209.00 price target (up previously from $190.00) on shares of Old Dominion Freight Line in a research note on Wednesday, February 4th. Nine investment analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and four have issued a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price 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.