Old Dominion Freight Line, Inc. $ODFL Shares Acquired by Rakuten Investment Management Inc.

Rakuten Investment Management Inc. boosted its holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 11.3% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 51,520 shares of the transportation company’s stock after purchasing an additional 5,233 shares during the quarter. Rakuten Investment Management Inc.’s holdings in Old Dominion Freight Line were worth $9,143,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Third View Private Wealth LLC raised its position in shares of Old Dominion Freight Line by 5.6% in the third quarter. Third View Private Wealth LLC now owns 11,596 shares of the transportation company’s stock valued at $2,016,000 after buying an additional 612 shares in the last quarter. Provenance Wealth Advisors LLC boosted its stake in shares of Old Dominion Freight Line by 39,625.0% in the third quarter. Provenance Wealth Advisors LLC now owns 3,178 shares of the transportation company’s stock valued at $552,000 after buying an additional 3,170 shares during the period. Associated Banc Corp bought a new stake in shares of Old Dominion Freight Line in the third quarter valued at approximately $35,406,000. Oregon Public Employees Retirement Fund grew its position in Old Dominion Freight Line by 1.9% during the third quarter. Oregon Public Employees Retirement Fund now owns 22,920 shares of the transportation company’s stock worth $3,984,000 after buying an additional 428 shares in the last quarter. Finally, First Nebraska Trust Co acquired a new stake in Old Dominion Freight Line during the third quarter worth approximately $337,000. Institutional investors and hedge funds own 77.82% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on ODFL shares. Wolfe Research upgraded Old Dominion Freight Line from an “underperform” rating to a “peer perform” rating in a research note on Wednesday, October 7th. BMO Capital Markets set a $235.00 target price on Old Dominion Freight Line in a research report on Wednesday, October 7th. Raymond James Financial reissued an “outperform” rating and set a $210.00 target price on shares of Old Dominion Freight Line in a report on Thursday, October 29th. UBS Group decreased their price target on Old Dominion Freight Line from $228.00 to $194.00 and set a “neutral” rating on the stock in a research report on Thursday, October 29th. Finally, Stifel Nicolaus dropped their price target on Old Dominion Freight Line from $230.00 to $224.00 and set a “buy” rating for the company in a research note on Thursday, October 29th. Ten investment analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $217.30.

Old Dominion Freight Line Price Performance

Shares of NASDAQ:ODFL opened at $170.56 on Friday. Old Dominion Freight Line, Inc. has a 1 year low of $126.01 and a 1 year high of $252.03. The stock has a market capitalization of $35.37 billion, a price-to-earnings ratio of 30.68, a price-to-earnings-growth ratio of 2.93 and a beta of 1.14. The company’s 50 day simple moving average is $181.52 and its 200 day simple moving average is $201.49.

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

Old Dominion Freight Line Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 16th. Investors of record on Wednesday, December 2nd will be given 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 is Wednesday, December 2nd. Old Dominion Freight Line’s dividend payout ratio is currently 20.86%.

Insider Buying and Selling at Old Dominion Freight Line

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 sale, the senior vice president directly owned 22,746 shares of the company’s stock, 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 filing with the SEC, which is available through this link. 8.20% of the stock is currently owned by corporate insiders.

Old Dominion Freight Line Company Profile

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.