K.J. Harrison & Partners Inc Boosts Stock Holdings in Old Dominion Freight Line, Inc. $ODFL

K.J. Harrison & Partners Inc lifted its stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 54.5% during the 1st quarter, Holdings Channel reports. The institutional investor owned 14,181 shares of the transportation company’s stock after buying an additional 5,000 shares during the period. K.J. Harrison & Partners Inc’s holdings in Old Dominion Freight Line were worth $2,771,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Evolution Wealth Management Inc. purchased a new stake in Old Dominion Freight Line during the 1st quarter valued at about $29,000. Reflection Asset Management purchased a new position in Old Dominion Freight Line in the 4th quarter worth approximately $28,000. DT Investment Partners LLC increased its stake in Old Dominion Freight Line by 600.0% in the 4th quarter. DT Investment Partners LLC now owns 210 shares of the transportation company’s stock worth $33,000 after purchasing an additional 180 shares during the period. DV Equities LLC bought a new stake in Old Dominion Freight Line in the fourth quarter valued at approximately $40,000. Finally, Torren Management LLC bought a new stake in Old Dominion Freight Line in the fourth quarter valued at approximately $41,000. Institutional investors own 77.82% of the company’s stock.

Old Dominion Freight Line Price Performance

Shares of ODFL opened at $217.65 on Friday. The company has a 50-day simple moving average of $218.55 and a two-hundred day simple moving average of $197.40. The firm has a market capitalization of $45.26 billion, a PE ratio of 45.53, a price-to-earnings-growth ratio of 4.36 and a beta of 1.18. Old Dominion Freight Line, Inc. has a one year low of $126.01 and a one year high of $252.03.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its earnings results on Wednesday, April 29th. The transportation company reported $1.14 earnings per share for the quarter, topping analysts’ consensus estimates of $1.05 by $0.09. Old Dominion Freight Line had a return on equity of 23.42% and a net margin of 18.46%.The firm had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.31 billion. During the same quarter in the prior year, the business earned $1.19 EPS. The business’s revenue for the quarter was down 2.9% on a year-over-year basis. Analysts expect that Old Dominion Freight Line, Inc. will post 5.44 EPS for the current fiscal year.

Old Dominion Freight Line Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Investors of record on Wednesday, June 3rd were paid a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend was Wednesday, June 3rd. Old Dominion Freight Line’s dividend payout ratio is presently 24.27%.

Analyst Upgrades and Downgrades

ODFL has been the subject of a number of analyst reports. Evercore raised Old Dominion Freight Line from an “in-line” rating to an “outperform” rating in a research note on Wednesday. Morgan Stanley set a $235.00 target price on shares of Old Dominion Freight Line and gave the stock an “overweight” rating in a research note on Thursday, April 30th. JPMorgan Chase & Co. increased their price target 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. Jefferies Financial Group raised their price target on shares of Old Dominion Freight Line from $230.00 to $250.00 and gave the stock a “hold” rating in a report on Tuesday, June 9th. Finally, Robert W. Baird set a $229.00 price objective on shares of Old Dominion Freight Line and gave the company a “neutral” rating in a research note on Tuesday, April 28th. Ten investment analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $218.57.

Insiders Place Their Bets

In other Old Dominion Freight Line news, Director Greg C. Gantt sold 22,107 shares of the stock in a transaction on Monday, May 4th. The stock was sold at an average price of $191.52, for a total value of $4,233,932.64. Following the completion of the transaction, the director owned 88,551 shares in the company, valued at approximately $16,959,287.52. This represents a 19.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 10.00% of the stock is currently owned by insiders.

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.