Zurcher Kantonalbank Zurich Cantonalbank increased its position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL – Free Report) by 7.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 15,222 shares of the transportation company’s stock after acquiring an additional 1,045 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Old Dominion Freight Line were worth $5,188,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ODFL. Healthcare of Ontario Pension Plan Trust Fund raised its stake in shares of Old Dominion Freight Line by 4,027.8% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,486 shares of the transportation company’s stock valued at $444,000 after buying an additional 1,450 shares during the last quarter. Cibc World Market Inc. raised its stake in shares of Old Dominion Freight Line by 2.8% during the 1st quarter. Cibc World Market Inc. now owns 1,846 shares of the transportation company’s stock valued at $551,000 after buying an additional 50 shares during the last quarter. Sei Investments Co. raised its stake in shares of Old Dominion Freight Line by 5.5% during the 1st quarter. Sei Investments Co. now owns 54,600 shares of the transportation company’s stock valued at $16,294,000 after buying an additional 2,854 shares during the last quarter. Allianz Asset Management GmbH raised its stake in shares of Old Dominion Freight Line by 29.8% during the 1st quarter. Allianz Asset Management GmbH now owns 26,717 shares of the transportation company’s stock valued at $7,979,000 after buying an additional 6,133 shares during the last quarter. Finally, Prudential PLC purchased a new position in shares of Old Dominion Freight Line during the 1st quarter valued at about $758,000. Hedge funds and other institutional investors own 72.38% of the company’s stock.
Analyst Upgrades and Downgrades
A number of equities research analysts have recently commented on the company. Wells Fargo & Company raised their target price on Old Dominion Freight Line from $425.00 to $465.00 in a research report on Thursday, July 27th. 3M restated a “maintains” rating on shares of Old Dominion Freight Line in a research report on Friday, June 30th. Credit Suisse Group raised their target price on Old Dominion Freight Line from $304.00 to $375.00 in a research report on Thursday, July 27th. Susquehanna dropped their target price on Old Dominion Freight Line from $326.00 to $310.00 in a research report on Thursday, April 27th. Finally, Barclays raised their target price on Old Dominion Freight Line from $375.00 to $410.00 and gave the company an “equal weight” rating in a research report on Friday, July 28th. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $360.57.
Old Dominion Freight Line Trading Up 1.2 %
ODFL opened at $410.78 on Friday. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.45 and a quick ratio of 1.57. The company’s 50 day simple moving average is $368.49 and its two-hundred day simple moving average is $345.33. Old Dominion Freight Line, Inc. has a 1-year low of $240.00 and a 1-year high of $429.24. The firm has a market capitalization of $44.89 billion, a price-to-earnings ratio of 35.69, a price-to-earnings-growth ratio of 4.83 and a beta of 1.12.
Old Dominion Freight Line (NASDAQ:ODFL – Get Free Report) last released its earnings results on Wednesday, July 26th. The transportation company reported $2.65 earnings per share for the quarter, topping analysts’ consensus estimates of $2.63 by $0.02. Old Dominion Freight Line had a net margin of 21.49% and a return on equity of 34.58%. The business had revenue of $1.41 billion for the quarter, compared to analyst estimates of $1.44 billion. During the same period last year, the company posted $3.30 EPS. The business’s revenue was down 15.2% on a year-over-year basis. Analysts expect that Old Dominion Freight Line, Inc. will post 10.65 EPS for the current fiscal year.
Old Dominion Freight Line Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 20th. Stockholders of record on Wednesday, September 6th will be given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 0.39%. The ex-dividend date is Tuesday, September 5th. Old Dominion Freight Line’s payout ratio is presently 13.90%.
Old Dominion Freight Line announced that its board has approved a stock buyback plan on Wednesday, July 26th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the transportation company to reacquire up to 6.9% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its shares are undervalued.
Old Dominion Freight Line Profile
Old Dominion Freight Line, Inc operates as a less-than-truckload (LTL) motor carrier in the United States and North America. It provides regional, inter-regional, and national LTL services, including expedited transportation. The company also offers various value-added services, such as container drayage, truckload brokerage, and supply chain consulting.
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