Bayforest Capital Ltd Takes Position in Old Dominion Freight Line, Inc. $ODFL

Bayforest Capital Ltd acquired 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 & Exchange Commission. The institutional investor acquired 3,838 shares of the transportation company’s stock, valued at approximately $623,000.

A number of other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in Old Dominion Freight Line by 1.9% during the first quarter. Vanguard Group Inc. now owns 22,666,405 shares of the transportation company’s stock valued at $3,750,157,000 after buying an additional 416,097 shares in the last quarter. Invesco Ltd. lifted its stake in Old Dominion Freight Line by 1.3% during the first quarter. Invesco Ltd. now owns 4,272,231 shares of the transportation company’s stock valued at $706,841,000 after buying an additional 53,079 shares in the last quarter. T. Rowe Price Investment Management Inc. lifted its stake in Old Dominion Freight Line by 79.5% during the first quarter. T. Rowe Price Investment Management Inc. now owns 2,599,005 shares of the transportation company’s stock valued at $430,006,000 after buying an additional 1,151,221 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in Old Dominion Freight Line by 45.1% during the first quarter. JPMorgan Chase & Co. now owns 2,429,750 shares of the transportation company’s stock valued at $402,002,000 after buying an additional 754,796 shares in the last quarter. Finally, Ameriprise Financial Inc. lifted its stake in Old Dominion Freight Line by 11.4% during the first quarter. Ameriprise Financial Inc. now owns 1,412,698 shares of the transportation company’s stock valued at $232,955,000 after buying an additional 145,058 shares in the last quarter. 77.82% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have commented on ODFL. Wolfe Research upped their price objective on shares of Old Dominion Freight Line from $129.00 to $140.00 in a research note on Tuesday, October 7th. Wells Fargo & Company reduced their price target on shares of Old Dominion Freight Line from $160.00 to $145.00 and set an “underweight” rating for the company in a research report on Thursday, July 31st. Morgan Stanley reduced their price target on shares of Old Dominion Freight Line from $170.00 to $165.00 and set an “equal weight” rating for the company in a research report on Thursday, July 31st. Truist Financial increased their price target on shares of Old Dominion Freight Line from $175.00 to $180.00 and gave the stock a “buy” rating in a research report on Monday, June 30th. Finally, Barclays reduced their price target on shares of Old Dominion Freight Line from $155.00 to $150.00 and set an “equal weight” rating for the company in a research report on Wednesday, October 1st. Eight investment analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $163.86.

Old Dominion Freight Line Trading Down 0.6%

NASDAQ:ODFL opened at $135.43 on Wednesday. The stock’s 50 day moving average price is $145.99 and its 200 day moving average price is $155.28. Old Dominion Freight Line, Inc. has a 52 week low of $133.69 and a 52 week high of $233.26. The company has a market capitalization of $28.46 billion, a P/E ratio of 26.45, a P/E/G ratio of 3.19 and a beta of 1.19. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.38 and a current ratio of 1.38.

Old Dominion Freight Line (NASDAQ:ODFL) last released its quarterly earnings data on Wednesday, July 30th. The transportation company reported $1.27 EPS for the quarter, missing analysts’ consensus estimates of $1.29 by ($0.02). Old Dominion Freight Line had a return on equity of 25.94% and a net margin of 19.42%.The firm had revenue of $1.41 billion during the quarter, compared to analyst estimates of $1.43 billion. During the same quarter in the prior year, the company posted $1.48 EPS. The company’s quarterly revenue was down 6.1% on a year-over-year basis. On average, research analysts forecast that Old Dominion Freight Line, Inc. will post 5.68 EPS for the current fiscal year.

Old Dominion Freight Line Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 17th. Investors of record on Wednesday, September 3rd were issued a $0.28 dividend. The ex-dividend date was Wednesday, September 3rd. This represents a $1.12 dividend on an annualized basis and a yield of 0.8%. Old Dominion Freight Line’s dividend payout ratio is currently 21.88%.

Old Dominion Freight Line Profile

Old Dominion Freight Line, Inc operates as a less-than-truckload motor carrier in the United States and North America. The company offers regional, inter-regional, and national less-than-truckload services, as well as expedited transportation. It also provides various value-added services, including container drayage, truckload brokerage, and supply chain consulting.