T. Rowe Price Investment Management Inc. Boosts Stake in Old Dominion Freight Line, Inc. $ODFL

T. Rowe Price Investment Management Inc. grew its holdings in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 11.0% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,680,719 shares of the transportation company’s stock after acquiring an additional 365,424 shares during the period. T. Rowe Price Investment Management Inc.’s holdings in Old Dominion Freight Line were worth $577,137,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of ODFL. DT Investment Partners LLC boosted its holdings in Old Dominion Freight Line by 600.0% in the fourth quarter. DT Investment Partners LLC now owns 210 shares of the transportation company’s stock valued at $33,000 after purchasing an additional 180 shares during the last quarter. DV Equities LLC purchased a new stake in Old Dominion Freight Line during the 4th quarter worth approximately $40,000. Torren Management LLC purchased a new stake in Old Dominion Freight Line during the 4th quarter worth approximately $41,000. Raiffeisen Bank International AG purchased a new position in shares of Old Dominion Freight Line during the 3rd quarter valued at approximately $37,000. Finally, Kohmann Bosshard Financial Services LLC purchased a new position in shares of Old Dominion Freight Line during the 4th quarter valued at approximately $50,000. 77.82% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

ODFL has been the subject of a number of research analyst reports. Barclays set a $210.00 price target on shares of Old Dominion Freight Line and gave the stock an “equal weight” rating in a research note on Thursday, April 30th. Citigroup lowered shares of Old Dominion Freight Line from a “neutral” rating to a “sell” rating and raised their price objective for the stock from $225.00 to $228.00 in a report on Monday. Susquehanna upped their target price on shares of Old Dominion Freight Line from $205.00 to $224.00 and gave the company a “neutral” rating in a research note on Tuesday, June 2nd. Stifel Nicolaus lifted their price target on Old Dominion Freight Line from $228.00 to $232.00 in a research note on Thursday, April 30th. Finally, Wolfe Research upped their price objective on Old Dominion Freight Line from $183.00 to $185.00 and gave the company an “underperform” rating in a research note on Tuesday, April 7th. Eight equities research analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $217.30.

Old Dominion Freight Line Stock Performance

Old Dominion Freight Line stock opened at $221.04 on Friday. Old Dominion Freight Line, Inc. has a 1 year low of $126.01 and a 1 year high of $252.03. The firm’s 50-day moving average is $217.39 and its 200-day moving average is $192.53. The company has a market cap of $45.97 billion, a P/E ratio of 46.24, a PEG ratio of 4.42 and a beta of 1.17.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its quarterly earnings data on Wednesday, April 29th. The transportation company reported $1.14 earnings per share for the quarter, beating analysts’ consensus estimates of $1.05 by $0.09. The business had revenue of $1.33 billion during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.19 EPS. As a group, sell-side analysts predict that Old Dominion Freight Line, Inc. will post 5.38 earnings per share for the current year.

Old Dominion Freight Line Dividend Announcement

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

Insider Activity at Old Dominion Freight Line

In other news, Director Greg C. Gantt sold 22,107 shares of the stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $191.52, for a total transaction of $4,233,932.64. Following the sale, the director directly owned 88,551 shares in the company, valued at approximately $16,959,287.52. This represents a 19.98% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 10.00% of the company’s stock.

Old Dominion Freight Line Company Profile

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.