Quantitative Investment Management LLC Takes $1.45 Million Position in Old Dominion Freight Line, Inc. $ODFL

Quantitative Investment Management LLC acquired a new stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 8,791 shares of the transportation company’s stock, valued at approximately $1,454,000.

Several other hedge funds and other institutional investors have also made changes to their positions in ODFL. Vanguard Group Inc. raised its holdings in Old Dominion Freight Line by 1.9% in the first quarter. Vanguard Group Inc. now owns 22,666,405 shares of the transportation company’s stock valued at $3,750,157,000 after acquiring an additional 416,097 shares in the last quarter. Invesco Ltd. raised its holdings in Old Dominion Freight Line by 1.3% in the first quarter. Invesco Ltd. now owns 4,272,231 shares of the transportation company’s stock valued at $706,841,000 after acquiring an additional 53,079 shares in the last quarter. T. Rowe Price Investment Management Inc. raised its holdings in Old Dominion Freight Line by 79.5% in the first quarter. T. Rowe Price Investment Management Inc. now owns 2,599,005 shares of the transportation company’s stock valued at $430,006,000 after acquiring an additional 1,151,221 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in Old Dominion Freight Line by 45.1% in the first quarter. JPMorgan Chase & Co. now owns 2,429,750 shares of the transportation company’s stock valued at $402,002,000 after acquiring an additional 754,796 shares in the last quarter. Finally, Northern Trust Corp raised its holdings in Old Dominion Freight Line by 15.2% in the fourth quarter. Northern Trust Corp now owns 1,983,857 shares of the transportation company’s stock valued at $349,952,000 after acquiring an additional 261,305 shares in the last quarter. Hedge funds and other institutional investors own 77.82% of the company’s stock.

Analyst Ratings Changes

A number of research firms have weighed in on ODFL. TD Cowen cut their price objective on shares of Old Dominion Freight Line from $166.00 to $159.00 and set a “hold” rating on the stock in a report on Thursday, July 31st. Stephens cut their price objective on shares of Old Dominion Freight Line from $186.00 to $174.00 and set an “overweight” rating on the stock in a report on Thursday, July 31st. Benchmark reissued a “hold” rating and set a $102.00 price objective on shares of Old Dominion Freight Line in a report on Thursday, June 12th. Morgan Stanley cut their price objective on shares of Old Dominion Freight Line from $170.00 to $165.00 and set an “equal weight” rating on the stock in a report on Thursday, July 31st. Finally, Wall Street Zen upgraded shares of Old Dominion Freight Line from a “sell” rating to a “hold” rating in a research report on Friday, May 30th. Eight analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Old Dominion Freight Line has a consensus rating of “Hold” and a consensus price target of $167.62.

Old Dominion Freight Line Stock Performance

NASDAQ:ODFL opened at $159.13 on Monday. The firm’s fifty day moving average price is $158.50 and its 200 day moving average price is $164.29. Old Dominion Freight Line, Inc. has a 1-year low of $140.91 and a 1-year high of $233.26. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.38 and a quick ratio of 1.38. The firm has a market cap of $33.44 billion, a price-to-earnings ratio of 31.08, a price-to-earnings-growth ratio of 3.69 and a beta of 1.24.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its quarterly earnings data on Wednesday, July 30th. The transportation company reported $1.27 earnings per share for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $1.41 billion during the quarter, compared to analysts’ expectations of $1.43 billion. During the same quarter last year, the business earned $1.48 earnings per share. The business’s quarterly revenue was down 6.1% on a year-over-year basis. On average, sell-side analysts expect that Old Dominion Freight Line, Inc. will post 5.68 EPS for the current year.

Old Dominion Freight Line Announces Dividend

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

About Old Dominion Freight Line

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.