Hsbc Holdings PLC Buys New Position in Old Dominion Freight Line, Inc. $ODFL

Hsbc Holdings PLC purchased a new position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 398,981 shares of the transportation company’s stock, valued at approximately $86,248,000. Hsbc Holdings PLC owned approximately 0.19% of Old Dominion Freight Line at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Bell Investment Advisors Inc bought a new stake in Old Dominion Freight Line in the 2nd quarter worth about $25,000. Solstein Capital LLC bought a new position in shares of Old Dominion Freight Line during the 2nd quarter worth approximately $26,000. EFG International AG bought a new position in shares of Old Dominion Freight Line during the 2nd quarter worth approximately $29,000. Annis Gardner Whiting Capital Advisors LLC boosted its stake in shares of Old Dominion Freight Line by 80.5% in the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 139 shares of the transportation company’s stock worth $27,000 after buying an additional 62 shares during the last quarter. Finally, Evolution Wealth Management Inc. purchased a new position in shares of Old Dominion Freight Line in the 1st quarter worth approximately $29,000. 77.82% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on ODFL. Stephens reaffirmed 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. UBS Group reissued a “neutral” rating and issued a $228.00 price objective (up from $224.00) on shares of Old Dominion Freight Line in a research report on Thursday, July 30th. The Goldman Sachs Group restated a “buy” rating and issued a $244.00 price objective on shares of Old Dominion Freight Line in a research note on Wednesday, July 29th. Jefferies Financial Group reiterated a “hold” rating and set a $227.00 target price on shares of Old Dominion Freight Line in a research note on Thursday, July 30th. Finally, Morgan Stanley reissued an “equal weight” rating and issued a $245.00 price target (up from $235.00) on shares of Old Dominion Freight Line in a report on Monday, July 6th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, thirteen have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $226.55.

Insider Buying and Selling at Old Dominion Freight Line

In other news, SVP Cecil E. Jr. Overbey sold 19,952 shares of the stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $198.39, for a total transaction of $3,958,277.28. Following the completion of the transaction, the senior vice president owned 22,746 shares in the company, valued at approximately $4,512,578.94. This represents a 46.73% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 8.20% of the company’s stock.

Old Dominion Freight Line Trading Up 0.5%

NASDAQ:ODFL opened at $199.43 on Thursday. Old Dominion Freight Line, Inc. has a 12 month low of $126.01 and a 12 month high of $252.03. The firm’s 50 day moving average is $218.44 and its 200 day moving average is $210.62. The stock has a market capitalization of $41.35 billion, a PE ratio of 38.43, a price-to-earnings-growth ratio of 3.45 and a beta of 1.18.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its quarterly earnings data on Wednesday, July 29th. The transportation company reported $1.68 earnings per share for the quarter, beating the consensus estimate of $1.54 by $0.14. Old Dominion Freight Line had a return on equity of 24.87% and a net margin of 19.44%.The business had revenue of $1.55 billion during the quarter, compared to analyst estimates of $1.54 billion. During the same period in the prior year, the company earned $1.27 earnings per share. Old Dominion Freight Line’s revenue was up 10.4% compared to the same quarter last year. Research analysts predict that Old Dominion Freight Line, Inc. will post 5.78 earnings per share for the current year.

Old Dominion Freight Line Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 16th. Stockholders of record on Wednesday, September 2nd will be paid a dividend of $0.29 per share. The ex-dividend date is Wednesday, September 2nd. This represents a $1.16 annualized dividend and a dividend yield of 0.6%. Old Dominion Freight Line’s dividend payout ratio is presently 22.35%.

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.