CIBC Asset Management Inc Has $13.85 Million Stock Holdings in Old Dominion Freight Line, Inc. $ODFL

CIBC Asset Management Inc boosted its position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 29.7% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 88,343 shares of the transportation company’s stock after purchasing an additional 20,217 shares during the quarter. CIBC Asset Management Inc’s holdings in Old Dominion Freight Line were worth $13,852,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in ODFL. Norges Bank acquired a new stake in shares of Old Dominion Freight Line during the fourth quarter worth $444,983,000. Boston Partners acquired a new position in Old Dominion Freight Line in the third quarter valued at about $292,599,000. Two Sigma Investments LP boosted its holdings in Old Dominion Freight Line by 637.5% during the third quarter. Two Sigma Investments LP now owns 1,576,470 shares of the transportation company’s stock worth $221,935,000 after buying an additional 1,362,697 shares during the last quarter. Life Cycle Investment Partners Ltd acquired a new position in shares of Old Dominion Freight Line during the 4th quarter worth about $188,651,000. Finally, CIBC Private Wealth Group LLC grew its position in shares of Old Dominion Freight Line by 21.6% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 4,366,843 shares of the transportation company’s stock worth $614,764,000 after buying an additional 776,004 shares during the period. 77.82% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on ODFL shares. Evercore set a $219.00 price target on shares of Old Dominion Freight Line in a research report on Thursday, April 30th. Deutsche Bank Aktiengesellschaft lowered shares of Old Dominion Freight Line from a “buy” rating to a “hold” rating and set a $205.00 target price on the stock. in a report on Thursday, February 5th. Stephens reissued an “overweight” rating and set a $240.00 price target (up from $232.00) on shares of Old Dominion Freight Line in a research report on Thursday, April 30th. Truist Financial set a $225.00 price target on shares of Old Dominion Freight Line in a report on Thursday, February 5th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Old Dominion Freight Line from $183.00 to $197.00 and gave the company a “neutral” rating in a research report on Thursday, April 30th. Eight research analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, Old Dominion Freight Line presently has a consensus rating of “Hold” and a consensus price target of $207.08.

Insiders Place Their Bets

In other Old Dominion Freight Line news, Director Greg C. Gantt sold 22,107 shares of the firm’s stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $191.52, for a total value of $4,233,932.64. Following the completion of the transaction, the director directly owned 88,551 shares in the company, valued at $16,959,287.52. This trade represents a 19.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 10.00% of the stock is currently owned by corporate insiders.

Old Dominion Freight Line Trading Up 4.0%

Old Dominion Freight Line stock opened at $245.52 on Friday. Old Dominion Freight Line, Inc. has a 1-year low of $126.01 and a 1-year high of $245.78. The company has a fifty day simple moving average of $208.81 and a 200 day simple moving average of $185.09. The company has a market cap of $51.06 billion, a P/E ratio of 51.36, a price-to-earnings-growth ratio of 4.81 and a beta of 1.17.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its quarterly earnings results on Wednesday, April 29th. The transportation company reported $1.14 EPS for the quarter, topping the consensus estimate of $1.05 by $0.09. The firm had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.31 billion. Old Dominion Freight Line had a net margin of 18.46% and a return on equity of 23.42%. The company’s revenue for the quarter was down 2.9% on a year-over-year basis. During the same period in the previous year, the firm posted $1.19 EPS. On average, equities research analysts forecast that Old Dominion Freight Line, Inc. will post 5.35 EPS for the current year.

Old Dominion Freight Line Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 17th. Investors of record on Wednesday, June 3rd will be given a dividend of $0.29 per share. The ex-dividend date of this dividend is Wednesday, June 3rd. This represents a $1.16 annualized dividend and a yield of 0.5%. Old Dominion Freight Line’s dividend payout ratio is 24.27%.

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.