The Manufacturers Life Insurance Company Makes New $28.53 Million Investment in Old Dominion Freight Line, Inc. $ODFL

The Manufacturers Life Insurance Company purchased a new position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) during the second quarter, HoldingsChannel.com reports. The fund purchased 131,700 shares of the transportation company’s stock, valued at approximately $28,527,000.

A number of other large investors have also made changes to their positions in ODFL. Bell Investment Advisors Inc acquired a new stake in shares of Old Dominion Freight Line in the 2nd quarter worth $25,000. Solstein Capital LLC acquired a new position in Old Dominion Freight Line during the 2nd quarter valued at about $26,000. Annis Gardner Whiting Capital Advisors LLC raised its stake in Old Dominion Freight Line by 80.5% in the first quarter. Annis Gardner Whiting Capital Advisors LLC now owns 139 shares of the transportation company’s stock valued at $27,000 after buying an additional 62 shares during the last quarter. Evolution Wealth Management Inc. purchased a new stake in Old Dominion Freight Line in the first quarter valued at about $29,000. Finally, Reflection Asset Management acquired a new stake in Old Dominion Freight Line in the fourth quarter worth about $28,000. 77.82% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

ODFL has been the subject of several research analyst reports. JPMorgan Chase & Co. increased their price objective on shares of Old Dominion Freight Line from $197.00 to $234.00 and gave the company a “neutral” rating in a research report on Monday, June 8th. Evercore reissued an “outperform” rating and set a $243.00 target price on shares of Old Dominion Freight Line in a research report on Thursday, July 30th. Barclays upped their target price on Old Dominion Freight Line from $210.00 to $220.00 and gave the company an “equal weight” rating in a research report on Thursday, June 25th. Susquehanna increased their price objective on shares of Old Dominion Freight Line from $224.00 to $228.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 14th. Finally, Citigroup reiterated a “neutral” rating and set a $231.00 price target (up from $228.00) on shares of Old Dominion Freight Line in a research report on Thursday, July 30th. One 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 issued a Sell rating to the company. According to data from MarketBeat.com, Old Dominion Freight Line currently has an average rating of “Hold” and an average price target of $226.55.

Old Dominion Freight Line Price Performance

Shares of NASDAQ:ODFL opened at $200.06 on Friday. Old Dominion Freight Line, Inc. has a 1 year low of $126.01 and a 1 year high of $252.03. The firm has a market capitalization of $41.48 billion, a PE ratio of 38.55, a P/E/G ratio of 3.46 and a beta of 1.18. The business’s 50 day moving average price is $218.02 and its 200-day moving average price is $210.60.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its quarterly earnings data on Wednesday, July 29th. The transportation company reported $1.68 EPS for the quarter, beating the consensus estimate of $1.54 by $0.14. The firm had revenue of $1.55 billion during the quarter, compared to the consensus estimate of $1.54 billion. Old Dominion Freight Line had a return on equity of 24.87% and a net margin of 19.44%.The firm’s revenue was up 10.4% compared to the same quarter last year. During the same period in the prior year, the company earned $1.27 EPS. As a group, analysts expect that Old Dominion Freight Line, Inc. will post 5.78 earnings per share for the current year.

Old Dominion Freight Line Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 16th. Stockholders of record on Wednesday, September 2nd will be given a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date is Wednesday, September 2nd. Old Dominion Freight Line’s dividend payout ratio is 22.35%.

Insider Activity at Old Dominion Freight Line

In other news, SVP Cecil E. Jr. Overbey sold 19,952 shares of the firm’s stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $198.39, for a total value of $3,958,277.28. Following the transaction, the senior vice president directly owned 22,746 shares of the company’s stock, valued at approximately $4,512,578.94. This trade represents a 46.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 8.20% of the stock is owned by company insiders.

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.