Montag A & Associates Inc. Acquires Shares of 17,514 Old Dominion Freight Line, Inc. $ODFL

Montag A & Associates Inc. bought a new position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) during the first quarter, according to its most recent 13F filing with the SEC. The fund bought 17,514 shares of the transportation company’s stock, valued at approximately $3,422,000.

Several other hedge funds have also recently made changes to their positions in the business. Value Partners Investments Inc. raised its stake in shares of Old Dominion Freight Line by 38.7% in the fourth quarter. Value Partners Investments Inc. now owns 20,103 shares of the transportation company’s stock valued at $3,157,000 after acquiring an additional 5,610 shares during the period. Waterfront Wealth Inc. bought a new position in Old Dominion Freight Line during the 4th quarter valued at about $1,430,000. Baillie Gifford & Co. bought a new position in Old Dominion Freight Line during the 4th quarter valued at about $13,322,000. AustralianSuper Pty Ltd raised its position in Old Dominion Freight Line by 955.4% in the 4th quarter. AustralianSuper Pty Ltd now owns 75,005 shares of the transportation company’s stock worth $11,761,000 after purchasing an additional 67,898 shares during the period. Finally, Procyon Advisors LLC bought a new stake in Old Dominion Freight Line in the fourth quarter worth about $1,726,000. 77.82% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Greg C. Gantt sold 22,107 shares of Old Dominion Freight Line stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $191.52, for a total transaction of $4,233,932.64. Following the transaction, the director directly owned 88,551 shares of the company’s stock, valued at $16,959,287.52. This trade represents a 19.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 10.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the company. Argus raised their price target on Old Dominion Freight Line from $220.00 to $260.00 and gave the stock a “buy” rating in a research note on Thursday, June 18th. Raymond James Financial reissued an “outperform” rating and set a $224.00 target price on shares of Old Dominion Freight Line in a research note on Thursday, April 30th. Citigroup cut shares of Old Dominion Freight Line from a “neutral” rating to a “sell” rating and upped their price target for the stock from $225.00 to $228.00 in a report on Monday, June 15th. Stephens reaffirmed an “overweight” rating and issued a $240.00 price target (up from $232.00) on shares of Old Dominion Freight Line in a research note on Thursday, April 30th. Finally, Robert W. Baird set a $229.00 price objective on shares of Old Dominion Freight Line and gave the company a “neutral” rating in a research report on Tuesday, April 28th. Nine investment analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $219.35.

Old Dominion Freight Line Trading Down 0.4%

Shares of Old Dominion Freight Line stock opened at $215.51 on Wednesday. The stock’s fifty day moving average price is $218.33 and its 200-day moving average price is $198.52. The firm has a market cap of $44.82 billion, a P/E ratio of 45.09, a P/E/G ratio of 4.32 and a beta of 1.18. Old Dominion Freight Line, Inc. has a 12 month low of $126.01 and a 12 month high of $252.03.

Old Dominion Freight Line (NASDAQ:ODFL) last released its quarterly earnings data on Wednesday, April 29th. The transportation company reported $1.14 earnings per share for the quarter, topping analysts’ consensus estimates of $1.05 by $0.09. The company had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.31 billion. Old Dominion Freight Line had a net margin of 18.46% and a return on equity of 23.42%. The firm’s revenue for the quarter was down 2.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.19 earnings per share. Analysts forecast that Old Dominion Freight Line, Inc. will post 5.46 earnings per share for the current year.

Old Dominion Freight Line Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 17th. Stockholders of record on Wednesday, June 3rd were paid a dividend of $0.29 per share. The ex-dividend date was Wednesday, June 3rd. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.5%. Old Dominion Freight Line’s dividend payout ratio (DPR) is currently 24.27%.

About Old Dominion Freight Line

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.