Mirae Asset Global Investments Co. Ltd. Makes New Investment in Old Dominion Freight Line, Inc. $ODFL

Mirae Asset Global Investments Co. Ltd. bought a new stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 144,408 shares of the transportation company’s stock, valued at approximately $25,104,000.

Several other large investors have also made changes to their positions in ODFL. BlackRock Inc. acquired a new stake in shares of Old Dominion Freight Line during the 2nd quarter worth about $3,416,007,000. Bank of New York Mellon Corp acquired a new position in Old Dominion Freight Line in the second quarter valued at about $543,289,000. Legal & General Group Plc acquired a new position in Old Dominion Freight Line in the second quarter valued at about $253,155,000. Caisse de depot et placement du Quebec bought a new stake in Old Dominion Freight Line during the second quarter worth about $190,557,000. Finally, Bank of America Corp DE bought a new stake in Old Dominion Freight Line during the second quarter worth about $160,147,000. Institutional investors own 77.82% of the company’s stock.

Old Dominion Freight Line Price Performance

Shares of Old Dominion Freight Line stock opened at $176.23 on Tuesday. The firm has a 50 day simple moving average of $182.95 and a 200 day simple moving average of $201.49. Old Dominion Freight Line, Inc. has a fifty-two week low of $126.01 and a fifty-two week high of $252.03. The firm has a market cap of $36.54 billion, a P/E ratio of 31.70, a P/E/G ratio of 2.87 and a beta of 1.20.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its quarterly earnings data on Wednesday, October 28th. The transportation company reported $1.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.61 by $0.04. The firm had revenue of $1.59 billion for the quarter, compared to the consensus estimate of $1.57 billion. Old Dominion Freight Line had a return on equity of 25.92% and a net margin of 20.08%. The business’s revenue for the quarter was up 13.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.28 EPS. On average, sell-side analysts expect that Old Dominion Freight Line, Inc. will post 5.93 EPS for the current year.

Old Dominion Freight Line Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 16th. Stockholders of record on Wednesday, December 2nd will be paid a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a dividend yield of 0.7%. The ex-dividend date of this dividend is Wednesday, December 2nd. Old Dominion Freight Line’s dividend payout ratio is 20.86%.

Insider Activity

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

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Raymond James Financial reaffirmed an “outperform” rating and set a $210.00 price objective on shares of Old Dominion Freight Line in a report on Thursday. JPMorgan Chase & Co. dropped their price target on Old Dominion Freight Line from $232.00 to $216.00 and set a “neutral” rating for the company in a report on Friday. UBS Group cut their price objective on Old Dominion Freight Line from $228.00 to $194.00 and set a “neutral” rating for the company in a research report on Thursday, October 29th. Evercore reiterated an “outperform” rating and issued a $243.00 price objective (up from $237.00) on shares of Old Dominion Freight Line in a research report on Thursday, July 30th. Finally, The Goldman Sachs Group reissued a “buy” rating and issued a $244.00 price objective (up from $235.00) on shares of Old Dominion Freight Line in a research note on Wednesday, July 29th. Ten equities research analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Old Dominion Freight Line has a consensus rating of “Hold” and a consensus price target of $217.30.

About Old Dominion Freight Line

Old Dominion Freight Line, Inc is a transportation company specializing in less-than-truckload (LTL) freight services. It transports shipments that do not require a full truck, serving business customers across a range of industries with regional, interregional and national freight transportation.

The company’s services include pickup and delivery, expedited transportation, container drayage and supply-chain solutions. Old Dominion also provides shipment tracking and other technology-enabled tools designed to support freight visibility and customer logistics management.

Founded in 1934 by Earl Congdon, Old Dominion Freight Line is headquartered in Thomasville, North Carolina.