Old Dominion Freight Line, Inc. $ODFL Shares Purchased by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA grew its position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 50.4% during the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 162,415 shares of the transportation company’s stock after purchasing an additional 54,412 shares during the quarter. Pictet Asset Management Holding SA owned 0.08% of Old Dominion Freight Line worth $28,279,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of ODFL. Parallel Advisors LLC boosted its position in shares of Old Dominion Freight Line by 4.5% during the 3rd quarter. Parallel Advisors LLC now owns 2,858 shares of the transportation company’s stock valued at $497,000 after purchasing an additional 122 shares in the last quarter. Alps Advisors Inc. grew its stake in shares of Old Dominion Freight Line by 2.6% in the 3rd quarter. Alps Advisors Inc. now owns 4,401 shares of the transportation company’s stock worth $765,000 after purchasing an additional 110 shares during the last quarter. International Assets Investment Management LLC raised its holdings in shares of Old Dominion Freight Line by 9.8% in the 3rd quarter. International Assets Investment Management LLC now owns 1,184 shares of the transportation company’s stock worth $211,000 after purchasing an additional 106 shares in the last quarter. Alta Advisers Ltd bought a new stake in shares of Old Dominion Freight Line in the 3rd quarter worth approximately $237,000. Finally, Argonautica Private Wealth Management Inc. bought a new stake in shares of Old Dominion Freight Line in the 3rd quarter worth approximately $491,000. 77.82% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms recently commented on ODFL. Wolfe Research raised shares of Old Dominion Freight Line from an “underperform” rating to a “peer perform” rating in a research note on Wednesday, October 7th. Wells Fargo & Company decreased their price target on shares of Old Dominion Freight Line from $250.00 to $220.00 and set an “overweight” rating on the stock in a research report on Thursday, October 29th. Wall Street Zen cut Old Dominion Freight Line from a “buy” rating to a “hold” rating in a report on Sunday, October 25th. Stifel Nicolaus cut their price objective on Old Dominion Freight Line from $230.00 to $224.00 and set a “buy” rating for the company in a research report on Thursday, October 29th. Finally, Zacks Research downgraded Old Dominion Freight Line from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 28th. Ten investment analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $217.22.

Insider Activity

In related news, SVP Cecil Overbey, Jr. sold 19,952 shares of Old Dominion Freight Line stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $198.39, for a total transaction of $3,958,277.28. Following the completion of the sale, the senior vice president owned 22,746 shares of the company’s stock, valued at approximately $4,512,578.94. This trade represents a 46.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 8.20% of the company’s stock.

Old Dominion Freight Line Stock Performance

Old Dominion Freight Line stock opened at $170.50 on Thursday. Old Dominion Freight Line, Inc. has a twelve month low of $126.01 and a twelve month high of $252.03. The firm has a market cap of $35.13 billion, a PE ratio of 30.67, a P/E/G ratio of 2.75 and a beta of 1.14. The firm’s 50 day moving average price is $179.29 and its two-hundred day moving average price is $201.35.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its earnings results on Wednesday, October 28th. The transportation company reported $1.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.61 by $0.04. Old Dominion Freight Line had a net margin of 20.08% and a return on equity of 25.92%. The company had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.57 billion. During the same quarter last year, the business posted $1.28 EPS. The company’s revenue for the quarter was up 13.1% on a year-over-year basis. Equities analysts anticipate that Old Dominion Freight Line, Inc. will post 5.93 EPS for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 16th. Investors of record on Wednesday, December 2nd will be issued 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 (DPR) is currently 20.86%.

About Old Dominion Freight Line

Old Dominion Freight Line is a transportation and logistics company specializing in less-than-truckload (LTL) shipping. It combines freight from multiple customers in its network to transport shipments that do not require an entire truck, and provides pickup and delivery services for businesses. Founded in 1934 by Earl and Lillian Congdon, the company began with a single truck serving routes between Virginia and North Carolina. It has since expanded its service-center network across the United States, offering regional and national freight transportation.