North Growth Management Ltd. Buys 4,000 Shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

North Growth Management Ltd. grew its stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 13.3% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 34,000 shares of the transportation company’s stock after purchasing an additional 4,000 shares during the quarter. North Growth Management Ltd.’s holdings in Old Dominion Freight Line were worth $6,064,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Atlantic Union Bankshares Corp grew its position in Old Dominion Freight Line by 31.4% in the 2nd quarter. Atlantic Union Bankshares Corp now owns 15,389 shares of the transportation company’s stock worth $2,718,000 after purchasing an additional 3,675 shares in the last quarter. LRI Investments LLC boosted its stake in shares of Old Dominion Freight Line by 73.1% in the 2nd quarter. LRI Investments LLC now owns 187 shares of the transportation company’s stock worth $33,000 after buying an additional 79 shares during the last quarter. TrueWealth Advisors LLC bought a new position in shares of Old Dominion Freight Line in the second quarter valued at approximately $254,000. Herold Advisors Inc. increased its position in shares of Old Dominion Freight Line by 18.1% during the second quarter. Herold Advisors Inc. now owns 5,033 shares of the transportation company’s stock valued at $889,000 after acquiring an additional 773 shares during the last quarter. Finally, &PARTNERS bought a new stake in Old Dominion Freight Line during the second quarter worth $373,000. Hedge funds and other institutional investors own 77.82% of the company’s stock.

Old Dominion Freight Line Price Performance

Shares of Old Dominion Freight Line stock traded up $2.87 on Friday, reaching $203.77. The stock had a trading volume of 589,017 shares, compared to its average volume of 1,603,634. The business’s 50 day moving average is $190.54 and its two-hundred day moving average is $199.08. The company has a market cap of $44.28 billion, a P/E ratio of 35.88, a price-to-earnings-growth ratio of 3.75 and a beta of 1.00. 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 current ratio of 1.46, a quick ratio of 1.46 and a debt-to-equity ratio of 0.01.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its earnings results on Wednesday, July 24th. The transportation company reported $1.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.45 by $0.03. Old Dominion Freight Line had a net margin of 21.38% and a return on equity of 30.33%. The business had revenue of $1.50 billion for the quarter, compared to analysts’ expectations of $1.50 billion. During the same period in the prior year, the company posted $1.33 EPS. The business’s revenue for the quarter was up 6.1% compared to the same quarter last year. As a group, research analysts anticipate that Old Dominion Freight Line, Inc. will post 5.7 EPS for the current year.

Old Dominion Freight Line Dividend Announcement

The firm also recently disclosed 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. This represents a $1.04 annualized dividend and a yield of 0.51%. The ex-dividend date is Wednesday, September 4th. Old Dominion Freight Line’s dividend payout ratio is 18.31%.

Analyst Upgrades and Downgrades

ODFL has been the subject of a number of recent analyst reports. Robert W. Baird raised their target price on Old Dominion Freight Line from $205.00 to $215.00 and gave the company an “outperform” rating in a research report on Thursday, July 25th. Morgan Stanley lowered their price objective 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 report on Monday, July 8th. Susquehanna reduced their target price on shares of Old Dominion Freight Line from $245.00 to $210.00 and set a “positive” rating for the company in a research report on Wednesday, June 12th. TD Cowen lifted their price target on shares of Old Dominion Freight Line from $206.00 to $214.00 and gave the stock a “hold” rating in a report on Thursday, July 25th. Finally, JPMorgan Chase & Co. upped their price objective on Old Dominion Freight Line from $176.00 to $193.00 and gave the company a “neutral” rating in a research note on Thursday, July 25th. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Old Dominion Freight Line currently has an average rating of “Hold” and an average target price of $200.88.

Old Dominion Freight Line 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.