Bayesian Capital Management LP Has $1.59 Million Stock Holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Bayesian Capital Management LP lifted its position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 592.3% in the fourth quarter, HoldingsChannel.com reports. The fund owned 9,000 shares of the transportation company’s stock after buying an additional 7,700 shares during the period. Bayesian Capital Management LP’s holdings in Old Dominion Freight Line were worth $1,588,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Geode Capital Management LLC raised its holdings in shares of Old Dominion Freight Line by 2.0% during the 4th quarter. Geode Capital Management LLC now owns 4,927,383 shares of the transportation company’s stock worth $870,311,000 after buying an additional 96,410 shares in the last quarter. Norges Bank bought a new position in shares of Old Dominion Freight Line in the fourth quarter worth about $494,916,000. Capital World Investors boosted its stake in shares of Old Dominion Freight Line by 1.1% in the 4th quarter. Capital World Investors now owns 2,510,101 shares of the transportation company’s stock valued at $442,784,000 after purchasing an additional 27,367 shares in the last quarter. Northern Trust Corp grew its holdings in shares of Old Dominion Freight Line by 15.2% during the 4th quarter. Northern Trust Corp now owns 1,983,857 shares of the transportation company’s stock valued at $349,952,000 after purchasing an additional 261,305 shares during the last quarter. Finally, First Trust Advisors LP increased its position in Old Dominion Freight Line by 13.6% during the 4th quarter. First Trust Advisors LP now owns 1,547,441 shares of the transportation company’s stock worth $272,969,000 after purchasing an additional 185,500 shares in the last quarter. Institutional investors and hedge funds own 77.82% of the company’s stock.

Analyst Ratings Changes

A number of analysts have weighed in on ODFL shares. Morgan Stanley set a $185.00 target price on shares of Old Dominion Freight Line in a research note on Wednesday, April 2nd. UBS Group lowered their target price on Old Dominion Freight Line from $196.00 to $158.00 and set a “neutral” rating for the company in a report on Tuesday, April 8th. Stifel Nicolaus cut their price target on 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. Wells Fargo & Company set a $150.00 price objective on Old Dominion Freight Line and gave the company an “underweight” rating in a research note on Thursday, April 24th. Finally, Bank of America cut their target price on shares of Old Dominion Freight Line from $237.00 to $204.00 and set a “neutral” rating on the stock in a research report on Thursday, January 16th. Two equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $183.37.

Old Dominion Freight Line Stock Performance

NASDAQ:ODFL opened at $158.01 on Monday. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.01. Old Dominion Freight Line, Inc. has a twelve month low of $144.90 and a twelve month high of $233.26. The company has a fifty day moving average of $161.69 and a 200-day moving average of $185.82. The firm has a market capitalization of $33.52 billion, a P/E ratio of 28.83, a P/E/G ratio of 2.89 and a beta of 1.25.

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

Old Dominion Freight Line Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th were issued a $0.28 dividend. This is a boost from Old Dominion Freight Line’s previous quarterly dividend of $0.26. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.71%. The ex-dividend date was Wednesday, March 5th. Old Dominion Freight Line’s dividend payout ratio (DPR) is currently 21.01%.

About Old Dominion Freight Line

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.