Pitcairn Co. Increases Stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Pitcairn Co. raised its holdings in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 97.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,495 shares of the transportation company’s stock after buying an additional 1,727 shares during the period. Pitcairn Co.’s holdings in Old Dominion Freight Line were worth $766,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. grew its stake in Old Dominion Freight Line by 100.9% during the first quarter. Vanguard Group Inc. now owns 21,795,649 shares of the transportation company’s stock valued at $4,780,004,000 after acquiring an additional 10,944,520 shares in the last quarter. Bank of New York Mellon Corp lifted its position in Old Dominion Freight Line by 94.6% during the first quarter. Bank of New York Mellon Corp now owns 5,940,385 shares of the transportation company’s stock valued at $1,302,786,000 after purchasing an additional 2,888,205 shares during the last quarter. Norges Bank bought a new stake in shares of Old Dominion Freight Line in the 4th quarter worth about $495,387,000. WCM Investment Management LLC lifted its holdings in shares of Old Dominion Freight Line by 95.9% in the 1st quarter. WCM Investment Management LLC now owns 1,986,197 shares of the transportation company’s stock worth $435,593,000 after acquiring an additional 972,531 shares during the last quarter. Finally, International Assets Investment Management LLC lifted its holdings in shares of Old Dominion Freight Line by 39,016.7% in the 4th quarter. International Assets Investment Management LLC now owns 705,274 shares of the transportation company’s stock worth $285,869,000 after acquiring an additional 703,471 shares during the last quarter. 77.82% of the stock is owned by hedge funds and other institutional investors.

Old Dominion Freight Line Price Performance

Shares of Old Dominion Freight Line stock traded up $11.08 during trading hours on Thursday, reaching $205.70. 3,122,478 shares of the company’s stock were exchanged, compared to its average volume of 1,621,865. The business has a fifty day moving average of $179.40 and a two-hundred day moving average of $198.68. The company has a quick ratio of 2.29, a current ratio of 2.29 and a debt-to-equity ratio of 0.01. Old Dominion Freight Line, Inc. has a 1 year low of $165.49 and a 1 year high of $227.80. The company has a market capitalization of $44.70 billion, a P/E ratio of 36.30, a price-to-earnings-growth ratio of 2.55 and a beta of 1.00.

Old Dominion Freight Line (NASDAQ:ODFL) last released its earnings results on Wednesday, July 24th. The transportation company reported $1.48 earnings per share for the quarter, topping analysts’ consensus estimates of $1.45 by $0.03. Old Dominion Freight Line had a net margin of 21.19% and a return on equity of 30.12%. The firm had revenue of $1.50 billion for the quarter, compared to analyst estimates of $1.50 billion. During the same period in the prior year, the firm earned $1.33 earnings per share. The business’s quarterly revenue was up 6.1% compared to the same quarter last year. As a group, research analysts predict that Old Dominion Freight Line, Inc. will post 5.9 earnings per share for the current fiscal year.

Old Dominion Freight Line Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 18th. Investors of record on Wednesday, September 4th will be paid a dividend of $0.26 per share. The ex-dividend date of this dividend is Wednesday, September 4th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.51%. Old Dominion Freight Line’s payout ratio is 18.31%.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. BMO Capital Markets raised their price target on shares of Old Dominion Freight Line from $210.00 to $215.00 and gave the stock an “outperform” rating in a research note on Thursday. Bank of America lifted their price objective on shares of Old Dominion Freight Line from $192.00 to $203.00 and gave the stock a “neutral” rating in a research report on Monday. UBS Group lifted their price objective on shares of Old Dominion Freight Line from $202.00 to $205.00 and gave the stock a “neutral” rating in a research report on Thursday, April 25th. Evercore ISI reiterated an “in-line” rating and issued a $196.00 target price (down from $225.00) on shares of Old Dominion Freight Line in a research note on Tuesday, June 25th. Finally, Morgan Stanley decreased their price objective on shares of Old Dominion Freight Line from $174.00 to $168.00 and set an “equal weight” rating for the company in a research note on Monday, July 8th. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $201.97.

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.