Ameriprise Financial Inc. Raises Position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Ameriprise Financial Inc. increased its stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 2.9% in the fourth quarter, Holdings Channel reports. The institutional investor owned 1,267,640 shares of the transportation company’s stock after acquiring an additional 35,778 shares during the period. Ameriprise Financial Inc.’s holdings in Old Dominion Freight Line were worth $223,281,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Norges Bank bought a new stake in Old Dominion Freight Line in the fourth quarter worth about $494,916,000. T. Rowe Price Investment Management Inc. lifted its stake in shares of Old Dominion Freight Line by 1,575.9% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,447,784 shares of the transportation company’s stock worth $255,390,000 after acquiring an additional 1,361,397 shares during the last quarter. AustralianSuper Pty Ltd purchased a new position in Old Dominion Freight Line during the 4th quarter valued at $128,221,000. Raymond James Financial Inc. bought a new position in Old Dominion Freight Line in the 4th quarter valued at $114,449,000. Finally, Thrivent Financial for Lutherans increased its stake in Old Dominion Freight Line by 92.3% in the fourth quarter. Thrivent Financial for Lutherans now owns 1,195,331 shares of the transportation company’s stock worth $210,856,000 after purchasing an additional 573,586 shares during the period. 77.82% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on ODFL. Raymond James set a $185.00 target price on shares of Old Dominion Freight Line and gave the company an “outperform” rating in a research note on Thursday, April 24th. Stifel Nicolaus dropped their target price on shares of Old Dominion Freight Line from $188.00 to $175.00 and set a “buy” rating on the stock in a research note on Thursday, April 24th. Morgan Stanley set a $185.00 target price on shares of Old Dominion Freight Line in a research report on Wednesday, April 2nd. Citigroup upgraded Old Dominion Freight Line from a “neutral” rating to a “buy” rating and lowered their price target for the company from $186.00 to $183.00 in a report on Tuesday, April 8th. Finally, JPMorgan Chase & Co. reduced their price objective on Old Dominion Freight Line from $174.00 to $158.00 and set a “neutral” rating on the stock in a report on Thursday, April 24th. Two analysts have rated the stock with a sell rating, thirteen have issued a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $183.37.

Old Dominion Freight Line Stock Down 1.1 %

Shares of Old Dominion Freight Line stock opened at $156.23 on Tuesday. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.01. The company has a market cap of $33.14 billion, a P/E ratio of 28.51, a PEG ratio of 2.89 and a beta of 1.31. The firm’s 50 day moving average price is $161.30 and its 200-day moving average price is $185.52. Old Dominion Freight Line, Inc. has a 52-week low of $144.90 and a 52-week high of $233.26.

Old Dominion Freight Line (NASDAQ:ODFL) last released its quarterly earnings results on Wednesday, April 23rd. The transportation company reported $1.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.14 by $0.05. The business had revenue of $1.37 billion for the quarter, compared to analyst estimates of $1.38 billion. Old Dominion Freight Line had a net margin of 20.40% and a return on equity of 28.02%. The business’s revenue for the quarter was down 5.8% on a year-over-year basis. During the same period in the previous year, the company earned $1.34 earnings per share. On average, sell-side analysts predict that Old Dominion Freight Line, Inc. will post 5.68 EPS for the current fiscal year.

Old Dominion Freight Line Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 19th. Shareholders of record on Wednesday, March 5th were issued a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 0.72%. The ex-dividend date of this dividend was Wednesday, March 5th. This is an increase from Old Dominion Freight Line’s previous quarterly dividend of $0.26. Old Dominion Freight Line’s dividend payout ratio (DPR) is currently 21.01%.

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.