Resona Asset Management Co. Ltd. Grows Holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Resona Asset Management Co. Ltd. raised its holdings in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 3.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 66,882 shares of the transportation company’s stock after purchasing an additional 2,344 shares during the quarter. Resona Asset Management Co. Ltd.’s holdings in Old Dominion Freight Line were worth $11,060,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in ODFL. Public Sector Pension Investment Board increased its stake in Old Dominion Freight Line by 9.4% in the 1st quarter. Public Sector Pension Investment Board now owns 24,998 shares of the transportation company’s stock worth $4,136,000 after buying an additional 2,140 shares during the period. Motley Fool Asset Management LLC boosted its position in Old Dominion Freight Line by 4.6% in the 1st quarter. Motley Fool Asset Management LLC now owns 11,760 shares of the transportation company’s stock valued at $1,946,000 after buying an additional 512 shares during the period. Nuveen LLC bought a new position in Old Dominion Freight Line in the 1st quarter worth about $151,107,000. Invesco Ltd. increased its position in shares of Old Dominion Freight Line by 1.3% during the first quarter. Invesco Ltd. now owns 4,272,231 shares of the transportation company’s stock worth $706,841,000 after acquiring an additional 53,079 shares during the period. Finally, Fiduciary Family Office LLC purchased a new position in shares of Old Dominion Freight Line during the first quarter worth approximately $224,000. 77.82% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages recently issued reports on ODFL. Evercore ISI lowered their price target on Old Dominion Freight Line from $164.00 to $156.00 and set an “in-line” rating for the company in a report on Thursday, April 24th. Susquehanna lowered their target price on Old Dominion Freight Line from $168.00 to $160.00 and set a “neutral” rating for the company in a report on Wednesday, June 18th. Raymond James Financial dropped their price target on Old Dominion Freight Line from $180.00 to $165.00 and set an “outperform” rating on the stock in a research report on Thursday, July 31st. UBS Group decreased their price objective on Old Dominion Freight Line from $158.00 to $155.00 and set a “neutral” rating for the company in a report on Thursday, July 31st. Finally, Stifel Nicolaus lowered their price objective on shares of Old Dominion Freight Line from $183.00 to $168.00 and set a “buy” rating for the company in a research note on Thursday, July 31st. One investment analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $167.62.

Old Dominion Freight Line Stock Performance

Shares of ODFL stock opened at $153.46 on Thursday. Old Dominion Freight Line, Inc. has a 12-month low of $140.91 and a 12-month high of $233.26. The business’s fifty day simple moving average is $159.87 and its 200-day simple moving average is $166.38. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.04. The company has a market cap of $32.25 billion, a PE ratio of 29.97, a PEG ratio of 3.44 and a beta of 1.24.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its earnings results on Wednesday, July 30th. The transportation company reported $1.27 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.29 by ($0.02). Old Dominion Freight Line had a net margin of 19.42% and a return on equity of 25.94%. The business had revenue of $1.41 billion for the quarter, compared to analyst estimates of $1.43 billion. During the same period in the prior year, the company earned $1.48 earnings per share. The company’s quarterly revenue was down 6.1% on a year-over-year basis. Analysts expect that Old Dominion Freight Line, Inc. will post 5.68 earnings per share for the current fiscal year.

Old Dominion Freight Line Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 17th. Stockholders of record on Wednesday, September 3rd will be issued a dividend of $0.28 per share. The ex-dividend date is Wednesday, September 3rd. This represents a $1.12 annualized dividend and a dividend yield of 0.7%. Old Dominion Freight Line’s dividend payout ratio is 21.88%.

Old Dominion Freight Line Company Profile

Old Dominion Freight Line, Inc operates as a less-than-truckload motor carrier in the United States and North America. The company offers regional, inter-regional, and national less-than-truckload services, as well as expedited transportation. It also provides various value-added services, including container drayage, truckload brokerage, and supply chain consulting.