Mirae Asset Global Investments Co. Ltd. Acquires 11,526 Shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 21.1% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 66,074 shares of the transportation company’s stock after purchasing an additional 11,526 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Old Dominion Freight Line were worth $12,997,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the stock. Middleton & Co. Inc. MA lifted its stake in Old Dominion Freight Line by 0.4% in the third quarter. Middleton & Co. Inc. MA now owns 26,601 shares of the transportation company’s stock worth $5,284,000 after acquiring an additional 93 shares during the period. Outlook Wealth Advisors LLC boosted its position in Old Dominion Freight Line by 11.1% during the 3rd quarter. Outlook Wealth Advisors LLC now owns 1,601 shares of the transportation company’s stock valued at $318,000 after acquiring an additional 160 shares in the last quarter. Allworth Financial LP raised its position in shares of Old Dominion Freight Line by 18.8% in the 3rd quarter. Allworth Financial LP now owns 1,427 shares of the transportation company’s stock worth $283,000 after acquiring an additional 226 shares in the last quarter. Mediolanum International Funds Ltd boosted its position in Old Dominion Freight Line by 5.2% during the third quarter. Mediolanum International Funds Ltd now owns 16,531 shares of the transportation company’s stock valued at $3,246,000 after purchasing an additional 814 shares in the last quarter. Finally, Lake Street Advisors Group LLC raised its holdings in Old Dominion Freight Line by 6.7% in the third quarter. Lake Street Advisors Group LLC now owns 2,040 shares of the transportation company’s stock worth $405,000 after purchasing an additional 128 shares in the last quarter. 77.82% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Chairman David S. Congdon sold 29,975 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $201.30, for a total transaction of $6,033,967.50. Following the completion of the sale, the chairman now owns 1,401,621 shares in the company, valued at $282,146,307.30. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Chairman David S. Congdon sold 29,975 shares of the firm’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $201.30, for a total transaction of $6,033,967.50. Following the completion of the sale, the chairman now directly owns 1,401,621 shares of the company’s stock, valued at approximately $282,146,307.30. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman David S. Congdon sold 10,000 shares of the stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $195.17, for a total transaction of $1,951,700.00. Following the transaction, the chairman now directly owns 1,391,621 shares of the company’s stock, valued at approximately $271,602,670.57. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 9.90% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of research firms recently commented on ODFL. Robert W. Baird decreased their target price on shares of Old Dominion Freight Line from $204.00 to $200.00 and set an “outperform” rating for the company in a research report on Thursday. The Goldman Sachs Group decreased their price objective on shares of Old Dominion Freight Line from $228.00 to $216.00 and set a “neutral” rating for the company in a research report on Wednesday, October 9th. JPMorgan Chase & Co. decreased their price target on shares of Old Dominion Freight Line from $193.00 to $189.00 and set a “neutral” rating for the company in a report on Friday, September 6th. Stephens reissued an “overweight” rating and issued a $214.00 target price on shares of Old Dominion Freight Line in a research report on Thursday, September 5th. Finally, Morgan Stanley cut their price objective on Old Dominion Freight Line from $174.00 to $168.00 and set an “equal weight” rating on the stock in a report on Monday, July 8th. One investment analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $196.39.

Old Dominion Freight Line Stock Performance

NASDAQ:ODFL opened at $197.79 on Monday. The company has a market cap of $42.98 billion, a P/E ratio of 34.82, a P/E/G ratio of 4.20 and a beta of 0.99. Old Dominion Freight Line, Inc. has a twelve month low of $165.49 and a twelve month high of $227.80. The company’s 50-day moving average price is $195.53 and its 200-day moving average price is $190.26. The company has a current ratio of 1.46, a quick ratio of 1.46 and a debt-to-equity ratio of 0.01.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its earnings results on Wednesday, October 23rd. The transportation company reported $1.43 earnings per share for the quarter, topping the consensus estimate of $1.42 by $0.01. Old Dominion Freight Line had a return on equity of 30.33% and a net margin of 21.38%. The business had revenue of $1.47 billion for the quarter, compared to analysts’ expectations of $1.49 billion. During the same period in the previous year, the firm posted $1.54 EPS. The business’s revenue for the quarter was down 3.0% compared to the same quarter last year. On average, sell-side analysts forecast that Old Dominion Freight Line, Inc. will post 5.56 earnings per share 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 18th. Investors of record on Wednesday, December 4th will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.53%. The ex-dividend date is Wednesday, December 4th. Old Dominion Freight Line’s dividend payout ratio is currently 18.31%.

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.