Advisors Asset Management Inc. Raises Stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Advisors Asset Management Inc. increased its stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 105.1% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 16,418 shares of the transportation company’s stock after purchasing an additional 8,412 shares during the quarter. Advisors Asset Management Inc.’s holdings in Old Dominion Freight Line were worth $3,601,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in ODFL. Chevy Chase Trust Holdings LLC boosted its position in Old Dominion Freight Line by 98.3% during the first quarter. Chevy Chase Trust Holdings LLC now owns 100,892 shares of the transportation company’s stock worth $22,127,000 after purchasing an additional 50,019 shares in the last quarter. Forsta AP Fonden raised its stake in shares of Old Dominion Freight Line by 65.0% during the 1st quarter. Forsta AP Fonden now owns 39,600 shares of the transportation company’s stock worth $8,685,000 after buying an additional 15,600 shares during the last quarter. Sei Investments Co. boosted its position in shares of Old Dominion Freight Line by 98.6% in the 1st quarter. Sei Investments Co. now owns 43,188 shares of the transportation company’s stock worth $9,471,000 after buying an additional 21,438 shares in the last quarter. Diversified Trust Co grew its stake in Old Dominion Freight Line by 162.9% in the 1st quarter. Diversified Trust Co now owns 7,350 shares of the transportation company’s stock valued at $1,612,000 after acquiring an additional 4,554 shares during the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp increased its holdings in Old Dominion Freight Line by 85.7% during the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 214,954 shares of the transportation company’s stock valued at $47,041,000 after acquiring an additional 99,228 shares in the last quarter. Institutional investors and hedge funds own 77.82% of the company’s stock.

Analysts Set New Price Targets

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

Old Dominion Freight Line Stock Down 1.3 %

NASDAQ:ODFL traded down $2.77 during mid-day trading on Friday, hitting $202.93. The company had a trading volume of 2,483,986 shares, compared to its average volume of 1,628,115. Old Dominion Freight Line, Inc. has a 1 year low of $165.49 and a 1 year high of $227.80. The business has a fifty day simple moving average of $179.87 and a 200-day simple moving average of $198.72. The company has a current ratio of 1.46, a quick ratio of 2.29 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $44.09 billion, a price-to-earnings ratio of 36.21, a PEG ratio of 2.58 and a beta of 1.00.

Old Dominion Freight Line (NASDAQ:ODFL) last released its quarterly 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. The firm had revenue of $1.50 billion during the quarter, compared to analysts’ expectations of $1.50 billion. Old Dominion Freight Line had a return on equity of 30.33% and a net margin of 21.38%. Old Dominion Freight Line’s quarterly revenue was up 6.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.33 EPS. Equities analysts forecast that Old Dominion Freight Line, Inc. will post 5.85 earnings per share for the current fiscal year.

Old Dominion Freight Line Announces Dividend

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

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.