Westpac Banking Corp Buys Shares of 10,134 Old Dominion Freight Line, Inc. $ODFL

Westpac Banking Corp bought a new stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 10,134 shares of the transportation company’s stock, valued at approximately $2,195,000.

Other large investors also recently modified their holdings of the company. BlackRock Inc. purchased a new position in Old Dominion Freight Line in the second quarter valued at approximately $3,416,007,000. Norges Bank purchased a new stake in Old Dominion Freight Line in the fourth quarter worth $444,983,000. Bank of New York Mellon Corp purchased a new stake in Old Dominion Freight Line in the second quarter worth $543,289,000. Boston Partners bought a new stake in shares of Old Dominion Freight Line in the third quarter valued at $292,599,000. Finally, Price T Rowe Associates Inc. MD raised its stake in shares of Old Dominion Freight Line by 14.1% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 14,223,960 shares of the transportation company’s stock valued at $2,230,318,000 after buying an additional 1,761,511 shares during the period. Hedge funds and other institutional investors own 77.82% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on ODFL. Robert W. Baird set a $229.00 price objective on Old Dominion Freight Line and gave the company a “neutral” rating in a research note on Tuesday, April 28th. Wells Fargo & Company upgraded shares of Old Dominion Freight Line from an “underweight” rating to an “overweight” rating and lifted their target price for the stock from $235.00 to $250.00 in a research note on Wednesday, July 8th. Raymond James Financial reissued an “outperform” rating and issued a $241.00 price target (up from $224.00) on shares of Old Dominion Freight Line in a research report on Monday, July 13th. Weiss Ratings upgraded shares of Old Dominion Freight Line from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, August 11th. Finally, The Goldman Sachs Group reaffirmed a “buy” rating and issued a $244.00 price objective on shares of Old Dominion Freight Line in a report on Wednesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, thirteen have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $226.55.

Old Dominion Freight Line Price Performance

Shares of ODFL opened at $206.47 on Friday. Old Dominion Freight Line, Inc. has a 1-year low of $126.01 and a 1-year high of $252.03. The company has a market capitalization of $42.81 billion, a P/E ratio of 39.78, a P/E/G ratio of 3.55 and a beta of 1.18. The firm’s 50 day simple moving average is $220.21 and its 200 day simple moving average is $210.45.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its quarterly earnings results on Wednesday, July 29th. The transportation company reported $1.68 EPS for the quarter, topping analysts’ consensus estimates of $1.54 by $0.14. The firm had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.54 billion. Old Dominion Freight Line had a net margin of 19.44% and a return on equity of 24.87%. The business’s revenue for the quarter was up 10.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.27 EPS. On average, equities analysts anticipate that Old Dominion Freight Line, Inc. will post 5.78 earnings per share for the current year.

Old Dominion Freight Line Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 16th. Investors of record on Wednesday, September 2nd will be issued a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date of this dividend is Wednesday, September 2nd. Old Dominion Freight Line’s dividend payout ratio (DPR) is currently 22.35%.

Old Dominion Freight Line Profile

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.