Old Dominion Freight Line, Inc. $ODFL Position Increased by Avity Investment Management Inc.

Avity Investment Management Inc. raised its position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 1.5% during the 3rd quarter, Holdings Channel reports. The firm owned 184,419 shares of the transportation company’s stock after acquiring an additional 2,789 shares during the quarter. Old Dominion Freight Line comprises about 1.9% of Avity Investment Management Inc.’s holdings, making the stock its 22nd biggest position. Avity Investment Management Inc.’s holdings in Old Dominion Freight Line were worth $32,059,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. BlackRock Inc. purchased a new stake in shares of Old Dominion Freight Line in the 2nd quarter worth about $3,416,007,000. Bank of New York Mellon Corp purchased a new position in Old Dominion Freight Line during the 2nd quarter valued at about $543,289,000. Boston Partners raised its position in Old Dominion Freight Line by 98.4% during the fourth quarter. Boston Partners now owns 4,122,696 shares of the transportation company’s stock worth $648,186,000 after acquiring an additional 2,044,434 shares during the last quarter. Legal & General Group Plc acquired a new position in Old Dominion Freight Line during the second quarter worth about $253,155,000. Finally, Caisse de depot et placement du Quebec purchased a new stake in shares of Old Dominion Freight Line in the second quarter valued at about $190,557,000. Hedge funds and other institutional investors own 77.82% of the company’s stock.

Insider Buying and Selling

In related news, SVP Cecil Overbey, Jr. sold 19,952 shares of the stock in a transaction dated 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 transaction, the senior vice president directly owned 22,746 shares in the company, valued at approximately $4,512,578.94. This represents a 46.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 8.20% of the company’s stock.

Old Dominion Freight Line Stock Performance

NASDAQ ODFL traded up $0.32 during mid-day trading on Friday, reaching $181.97. 1,463,176 shares of the stock were exchanged, compared to its average volume of 2,006,783. The stock has a market capitalization of $37.73 billion, a PE ratio of 35.06, a PEG ratio of 2.92 and a beta of 1.20. Old Dominion Freight Line, Inc. has a 1-year low of $126.01 and a 1-year high of $252.03. The business’s fifty day simple moving average is $192.16 and its 200 day simple moving average is $207.86.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its quarterly earnings results on Wednesday, July 29th. The transportation company reported $1.68 earnings per share for the quarter, beating the consensus estimate of $1.54 by $0.14. Old Dominion Freight Line had a return on equity of 24.87% and a net margin of 19.44%.The company had revenue of $1.55 billion during the quarter, compared to the consensus estimate of $1.54 billion. During the same period in the previous year, the firm posted $1.27 EPS. Old Dominion Freight Line’s revenue was up 10.4% on a year-over-year basis. On average, analysts anticipate that Old Dominion Freight Line, Inc. will post 5.82 EPS for the current year.

Old Dominion Freight Line Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 16th. Investors of record on Wednesday, September 2nd were paid a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 0.6%. The ex-dividend date was Wednesday, September 2nd. Old Dominion Freight Line’s dividend payout ratio is presently 22.35%.

Analysts Set New Price Targets

ODFL has been the topic of several research reports. Sanford C. Bernstein initiated coverage on shares of Old Dominion Freight Line in a research report on Thursday, September 10th. They issued a “market perform” rating and a $200.00 price target on the stock. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $244.00 target price (up from $235.00) on shares of Old Dominion Freight Line in a research note on Wednesday, July 29th. Bank of America lowered their target price on Old Dominion Freight Line from $240.00 to $205.00 in a report on Friday, September 4th. Weiss Ratings cut Old Dominion Freight Line from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, August 25th. Finally, Morgan Stanley restated an “equal weight” rating and issued a $245.00 price objective (up from $235.00) on shares of Old Dominion Freight Line in a research report on Monday, July 6th. Ten equities research analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Old Dominion Freight Line currently has a consensus rating of “Hold” and a consensus price target of $223.48.

Old Dominion Freight Line Profile

Old Dominion Freight Line, Inc is a transportation and logistics company that specializes in regional, inter-regional and national less-than-truckload (LTL) services. The company transports shipments that do not require an entire truck, serving commercial, industrial and retail customers across the United States.

Its services include standard and expedited LTL transportation, freight brokerage, supply chain consulting, container drayage and warehousing. Old Dominion supports customers through a network of service centers, terminals and distribution facilities, providing pickup, line-haul and delivery capabilities for a broad range of freight.

Founded in 1934 by Earl Congdon, the company is headquartered in Thomasville, North Carolina.