Clearbridge Investments LLC Raises Stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Clearbridge Investments LLC grew its stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 2.6% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 183,160 shares of the transportation company’s stock after purchasing an additional 4,720 shares during the quarter. Clearbridge Investments LLC owned approximately 0.16% of Old Dominion Freight Line worth $46,486,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of the company. BlackRock Inc. lifted its stake in Old Dominion Freight Line by 9.8% in the second quarter. BlackRock Inc. now owns 9,673,939 shares of the transportation company’s stock worth $2,455,248,000 after acquiring an additional 865,667 shares during the period. JPMorgan Chase & Co. lifted its stake in Old Dominion Freight Line by 31.0% in the second quarter. JPMorgan Chase & Co. now owns 2,389,432 shares of the transportation company’s stock worth $606,437,000 after acquiring an additional 565,063 shares during the period. Geode Capital Management LLC lifted its stake in Old Dominion Freight Line by 6.8% in the second quarter. Geode Capital Management LLC now owns 1,849,264 shares of the transportation company’s stock worth $468,155,000 after acquiring an additional 117,844 shares during the period. WCM Investment Management LLC lifted its stake in Old Dominion Freight Line by 48.0% in the second quarter. WCM Investment Management LLC now owns 1,699,544 shares of the transportation company’s stock worth $431,344,000 after acquiring an additional 551,348 shares during the period. Finally, London Co. of Virginia lifted its stake in Old Dominion Freight Line by 12.7% in the first quarter. London Co. of Virginia now owns 1,174,763 shares of the transportation company’s stock worth $282,424,000 after acquiring an additional 132,698 shares during the period. 70.11% of the stock is owned by hedge funds and other institutional investors.

Shares of NASDAQ:ODFL opened at $284.77 on Thursday. Old Dominion Freight Line, Inc. has a twelve month low of $185.20 and a twelve month high of $304.22. The company’s 50 day moving average is $288.38 and its 200 day moving average is $267.67. The company has a current ratio of 2.72, a quick ratio of 2.72 and a debt-to-equity ratio of 0.03. The company has a market cap of $32.98 billion, a PE ratio of 38.85, a price-to-earnings-growth ratio of 1.52 and a beta of 0.99.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its quarterly earnings results on Wednesday, July 28th. The transportation company reported $2.31 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.17 by $0.14. Old Dominion Freight Line had a net margin of 18.80% and a return on equity of 26.30%. The company had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.24 billion. Equities research analysts predict that Old Dominion Freight Line, Inc. will post 8.46 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 15th. Shareholders of record on Wednesday, September 1st were given a $0.20 dividend. The ex-dividend date was Tuesday, August 31st. This represents a $0.80 annualized dividend and a yield of 0.28%. Old Dominion Freight Line’s dividend payout ratio is presently 14.08%.

ODFL has been the subject of a number of research reports. Wells Fargo & Company upped their price objective on shares of Old Dominion Freight Line from $263.00 to $264.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 29th. The Goldman Sachs Group downgraded shares of Old Dominion Freight Line from a “buy” rating to a “neutral” rating and set a $281.00 target price for the company. in a report on Monday, August 2nd. Robert W. Baird reiterated a “hold” rating and issued a $264.00 target price on shares of Old Dominion Freight Line in a report on Sunday, August 1st. Cowen reiterated a “hold” rating on shares of Old Dominion Freight Line in a report on Friday, August 13th. Finally, KeyCorp boosted their target price on shares of Old Dominion Freight Line from $300.00 to $310.00 and gave the stock an “overweight” rating in a report on Thursday, September 2nd. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $260.16.

About Old Dominion Freight Line

Old Dominion Freight Line, Inc engages in the provision of less-than-truckload services. The firm involves in the ground and air expedited transportation and consumer household pickup and delivery. Its services include container drayage, truckload brokerage, supply chain consulting and warehousing. The company was founded by Earl Congdon Sr.

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Institutional Ownership by Quarter for Old Dominion Freight Line (NASDAQ:ODFL)

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