Commerce Bank Makes New Investment in Old Dominion Freight Line, Inc. $ODFL

Commerce Bank bought a new stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund bought 3,702 shares of the transportation company’s stock, valued at approximately $802,000.

A number of other institutional investors and hedge funds also recently modified their holdings of ODFL. BlackRock Inc. bought a new position in Old Dominion Freight Line in the second quarter worth about $3,416,007,000. Norges Bank bought a new position in shares of Old Dominion Freight Line during the fourth quarter valued at approximately $444,983,000. Bank of New York Mellon Corp bought a new position in shares of Old Dominion Freight Line during the second quarter valued at approximately $543,289,000. Boston Partners bought a new position in shares of Old Dominion Freight Line during the third quarter valued at approximately $292,599,000. Finally, Price T Rowe Associates Inc. MD raised its position in shares of Old Dominion Freight Line by 14.1% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 14,223,960 shares of the transportation company’s stock worth $2,230,318,000 after purchasing an additional 1,761,511 shares during the period. 77.82% of the stock is owned by institutional investors and hedge funds.

Old Dominion Freight Line Stock Up 0.5%

ODFL stock opened at $199.43 on Thursday. The company has a 50-day simple moving average of $218.44 and a 200 day simple moving average of $210.62. The company has a market capitalization of $41.35 billion, a P/E ratio of 38.43, a PEG ratio of 3.45 and a beta of 1.18. Old Dominion Freight Line, Inc. has a fifty-two week low of $126.01 and a fifty-two week high of $252.03.

Old Dominion Freight Line (NASDAQ:ODFL) last released its earnings results on Wednesday, July 29th. The transportation company reported $1.68 EPS for the quarter, beating the consensus estimate of $1.54 by $0.14. Old Dominion Freight Line had a net margin of 19.44% and a return on equity of 24.87%. The firm had revenue of $1.55 billion for the quarter, compared to analysts’ expectations of $1.54 billion. During the same quarter last year, the company earned $1.27 EPS. Old Dominion Freight Line’s quarterly revenue was up 10.4% on a year-over-year basis. Equities analysts anticipate that Old Dominion Freight Line, Inc. will post 5.78 EPS for the current year.

Old Dominion Freight Line Dividend Announcement

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

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $244.00 target price on shares of Old Dominion Freight Line in a research report on Wednesday, July 29th. Rothschild & Co Redburn reduced their price target on shares of Old Dominion Freight Line from $176.00 to $172.00 and set a “sell” rating for the company in a report on Tuesday, May 12th. Zacks Research upgraded shares of Old Dominion Freight Line from a “hold” rating to a “strong-buy” rating in a research report on Friday, July 31st. Stifel Nicolaus set a $263.00 price objective on shares of Old Dominion Freight Line and gave the stock a “buy” rating in a report on Thursday, July 30th. Finally, Citigroup reiterated a “neutral” rating and issued a $231.00 price objective (up from $228.00) on shares of Old Dominion Freight Line in a research report on Thursday, July 30th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, thirteen have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $226.55.

Insider Activity at Old Dominion Freight Line

In related news, SVP Cecil E. Jr. Overbey sold 19,952 shares of the firm’s stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $198.39, for a total transaction 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 through the SEC website. 8.20% of the stock is owned by corporate 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.