Mitsubishi UFJ Asset Management Co. Ltd. Makes New Investment in Old Dominion Freight Line, Inc. $ODFL

Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 470,778 shares of the transportation company’s stock, valued at approximately $101,971,000.

Several other hedge funds have also made changes to their positions in the company. OneDigital Investment Advisors LLC purchased a new position in shares of Old Dominion Freight Line during the second quarter valued at $417,000. Bell Investment Advisors Inc bought a new stake in shares of Old Dominion Freight Line in the second quarter valued at about $25,000. HBK Sorce Advisory LLC purchased a new stake in Old Dominion Freight Line in the second quarter worth about $262,000. Flputnam Investment Management Co. purchased a new stake in Old Dominion Freight Line in the second quarter worth about $214,000. Finally, Global Retirement Partners LLC purchased a new stake in Old Dominion Freight Line in the second quarter worth about $1,819,000. 77.82% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have commented on ODFL shares. Wall Street Zen raised shares of Old Dominion Freight Line from a “hold” rating to a “buy” rating in a research report on Saturday, August 8th. BMO Capital Markets reaffirmed an “outperform” rating and issued a $230.00 price target on shares of Old Dominion Freight Line in a research report on Thursday, June 4th. Benchmark reissued a “hold” rating on shares of Old Dominion Freight Line in a report on Thursday, June 4th. Jefferies Financial Group reissued a “hold” rating and set a $227.00 price objective on shares of Old Dominion Freight Line in a report on Thursday, July 30th. Finally, Truist Financial boosted their price objective on shares of Old Dominion Freight Line from $225.00 to $250.00 and gave the stock a “buy” rating in a research note on Wednesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, thirteen have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, Old Dominion Freight Line presently has a consensus rating of “Hold” and an average target price of $226.55.

Old Dominion Freight Line Price Performance

ODFL opened at $208.00 on Wednesday. The firm has a market capitalization of $43.13 billion, a PE ratio of 40.08, a price-to-earnings-growth ratio of 3.67 and a beta of 1.18. The business’s 50-day moving average is $222.47 and its two-hundred day moving average is $210.03. Old Dominion Freight Line, Inc. has a 1 year low of $126.01 and a 1 year high of $252.03.

Old Dominion Freight Line (NASDAQ:ODFL) last released its quarterly earnings results on Wednesday, July 29th. The transportation company reported $1.68 EPS for the quarter, beating the consensus estimate of $1.54 by $0.14. Old Dominion Freight Line had a net margin of 19.44% and a return on equity of 24.87%. The business had revenue of $1.55 billion during the quarter, compared to analyst estimates of $1.54 billion. During the same period in the prior year, the firm posted $1.27 earnings per share. The company’s quarterly revenue was up 10.4% on a year-over-year basis. As a group, sell-side analysts expect that Old Dominion Freight Line, Inc. will post 5.78 EPS 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 paid a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a dividend yield of 0.6%. The ex-dividend date is Wednesday, September 2nd. Old Dominion Freight Line’s payout ratio is 22.35%.

Old Dominion Freight Line Company 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.