Franklin Resources Inc. Has $88.73 Million Stock Position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Posted by Stuart Ham on May 26th, 2023

Franklin Resources Inc. lifted its stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL – Get Rating) by 0.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 312,685 shares of the transportation company’s stock after acquiring an additional 437 shares during the quarter. Franklin Resources Inc. owned approximately 0.28% of Old Dominion Freight Line worth $88,734,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. CoreCap Advisors LLC acquired a new position in Old Dominion Freight Line during the fourth quarter valued at approximately $30,000. Guardian Wealth Advisors LLC acquired a new position in Old Dominion Freight Line during the third quarter valued at approximately $36,000. Heritage Wealth Advisors acquired a new position in Old Dominion Freight Line during the fourth quarter valued at approximately $43,000. Global Wealth Management Investment Advisory Inc. raised its position in Old Dominion Freight Line by 56.3% during the first quarter. Global Wealth Management Investment Advisory Inc. now owns 175 shares of the transportation company’s stock valued at $52,000 after purchasing an additional 63 shares in the last quarter. Finally, Pittenger & Anderson Inc. raised its position in Old Dominion Freight Line by 145.8% during the third quarter. Pittenger & Anderson Inc. now owns 177 shares of the transportation company’s stock valued at $44,000 after purchasing an additional 105 shares in the last quarter. Institutional investors and hedge funds own 73.08% of the company’s stock.

Insider Transactions at Old Dominion Freight Line

In related news, SVP David J. Bates sold 1,208 shares of the firm’s stock in a transaction dated Monday, February 27th. The shares were sold at an average price of $344.71, for a total value of $416,409.68. Following the transaction, the senior vice president now owns 14,082 shares of the company’s stock, valued at approximately $4,854,206.22. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 10.40% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on ODFL. The Goldman Sachs Group boosted their price objective on shares of Old Dominion Freight Line from $262.00 to $297.00 and gave the company a “neutral” rating in a research report on Thursday, February 2nd. Stephens upped their price target on shares of Old Dominion Freight Line from $340.00 to $425.00 and gave the stock an “overweight” rating in a report on Thursday, February 2nd. Morgan Stanley lowered their price target on shares of Old Dominion Freight Line from $340.00 to $339.00 and set an “equal weight” rating for the company in a report on Tuesday, April 4th. StockNews.com started coverage on shares of Old Dominion Freight Line in a report on Thursday, May 18th. They set a “hold” rating for the company. Finally, Evercore ISI upgraded shares of Old Dominion Freight Line from an “in-line” rating to an “outperform” rating and set a $350.00 price target for the company in a report on Wednesday, May 17th. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $333.89.

Old Dominion Freight Line Price Performance

ODFL stock opened at $310.19 on Friday. The stock has a market capitalization of $34.01 billion, a PE ratio of 25.51, a price-to-earnings-growth ratio of 3.31 and a beta of 1.07. The company’s 50-day moving average is $324.37 and its 200-day moving average is $319.84. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.57 and a quick ratio of 1.57. Old Dominion Freight Line, Inc. has a 1 year low of $231.70 and a 1 year high of $381.81.

Old Dominion Freight Line (NASDAQ:ODFL – Get Rating) last released its quarterly earnings data on Wednesday, April 26th. The transportation company reported $2.58 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.69 by ($0.11). The company had revenue of $1.44 billion for the quarter, compared to the consensus estimate of $1.48 billion. Old Dominion Freight Line had a return on equity of 37.55% and a net margin of 21.96%. Old Dominion Freight Line’s revenue for the quarter was down 3.7% compared to the same quarter last year. During the same period last year, the company earned $2.60 EPS. Equities research analysts expect that Old Dominion Freight Line, Inc. will post 10.85 EPS for the current fiscal year.

Old Dominion Freight Line Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 21st. Stockholders of record on Wednesday, June 7th will be given a dividend of $0.40 per share. The ex-dividend date of this dividend is Tuesday, June 6th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.52%. Old Dominion Freight Line’s dividend payout ratio (DPR) is presently 13.16%.

Old Dominion Freight Line Profile

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Old Dominion Freight Line, Inc engages in the provision of regional, inter-regional, and national less-than-truckload services through a single integrated, union-free organization. Its services include container drayage, truckload brokerage, and supply chain consulting. The company was founded by Earl Congdon Sr.