Kayne Anderson Rudnick Investment Management LLC Buys 25,584 Shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Kayne Anderson Rudnick Investment Management LLC boosted its stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 5.3% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 510,244 shares of the transportation company’s stock after purchasing an additional 25,584 shares during the quarter. Kayne Anderson Rudnick Investment Management LLC owned about 0.23% of Old Dominion Freight Line worth $90,109,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Summit Trail Advisors LLC lifted its position in shares of Old Dominion Freight Line by 26.7% in the second quarter. Summit Trail Advisors LLC now owns 2,043 shares of the transportation company’s stock worth $361,000 after buying an additional 431 shares in the last quarter. Sei Investments Co. raised its holdings in shares of Old Dominion Freight Line by 7.5% during the 2nd quarter. Sei Investments Co. now owns 46,415 shares of the transportation company’s stock worth $8,198,000 after acquiring an additional 3,227 shares in the last quarter. Skandinaviska Enskilda Banken AB publ boosted its position in shares of Old Dominion Freight Line by 4.9% during the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 40,811 shares of the transportation company’s stock valued at $7,210,000 after acquiring an additional 1,903 shares during the last quarter. AE Wealth Management LLC grew its holdings in shares of Old Dominion Freight Line by 0.9% in the second quarter. AE Wealth Management LLC now owns 8,281 shares of the transportation company’s stock valued at $1,462,000 after purchasing an additional 76 shares in the last quarter. Finally, Bridges Investment Management Inc. increased its position in Old Dominion Freight Line by 136.0% in the second quarter. Bridges Investment Management Inc. now owns 615,272 shares of the transportation company’s stock worth $108,657,000 after purchasing an additional 354,588 shares during the last quarter. Institutional investors own 77.82% of the company’s stock.

Old Dominion Freight Line Stock Performance

Old Dominion Freight Line stock opened at $193.97 on Friday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.46 and a current ratio of 1.46. The company has a market capitalization of $42.15 billion, a PE ratio of 34.15, a P/E/G ratio of 3.92 and a beta of 0.99. The company has a 50 day moving average price of $196.27 and a 200-day moving average price of $195.67. Old Dominion Freight Line, Inc. has a fifty-two week low of $165.49 and a fifty-two week high of $227.80.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its earnings results on Wednesday, July 24th. The transportation company reported $1.48 earnings per share for the quarter, beating analysts’ consensus estimates of $1.45 by $0.03. Old Dominion Freight Line had a return on equity of 30.33% and a net margin of 21.38%. The business had revenue of $1.50 billion during the quarter, compared to analyst estimates of $1.50 billion. During the same period in the previous year, the company posted $1.33 EPS. Old Dominion Freight Line’s revenue was up 6.1% on a year-over-year basis. As a group, equities analysts forecast that Old Dominion Freight Line, Inc. will post 5.64 earnings per share for the current year.

Old Dominion Freight Line Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 18th. Shareholders of record on Wednesday, September 4th were issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 0.54%. The ex-dividend date of this dividend was Wednesday, September 4th. Old Dominion Freight Line’s payout ratio is 18.31%.

Insider Buying and Selling at Old Dominion Freight Line

In other news, Chairman David S. Congdon sold 29,975 shares of the company’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 value of $6,033,967.50. Following the completion of the sale, the chairman now owns 1,401,621 shares of the company’s stock, valued at approximately $282,146,307.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Chairman David S. Congdon sold 29,975 shares of Old Dominion Freight Line stock in a transaction on Monday, August 26th. The stock was sold at an average price of $201.30, for a total value of $6,033,967.50. Following the transaction, the chairman now directly owns 1,401,621 shares in the company, valued at approximately $282,146,307.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman David S. Congdon sold 10,000 shares of the company’s stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $195.17, for a total value of $1,951,700.00. Following the sale, the chairman now owns 1,391,621 shares of the company’s stock, valued at $271,602,670.57. The disclosure for this sale can be found here. Insiders own 9.90% of the company’s stock.

Analysts Set New Price Targets

ODFL has been the subject of a number of recent research reports. JPMorgan Chase & Co. dropped their price objective on shares of Old Dominion Freight Line from $193.00 to $189.00 and set a “neutral” rating for the company in a research note on Friday, September 6th. Bank of America dropped their price target on Old Dominion Freight Line from $210.00 to $206.00 and set a “neutral” rating for the company in a research report on Friday, September 6th. Susquehanna raised their price objective on Old Dominion Freight Line from $210.00 to $225.00 and gave the company a “positive” rating in a research note on Wednesday. Barclays dropped their target price on Old Dominion Freight Line from $205.00 to $195.00 and set an “equal weight” rating for the company in a report on Wednesday, June 12th. Finally, Wells Fargo & Company decreased their price target on Old Dominion Freight Line from $175.00 to $170.00 and set an “underweight” rating on the stock in a report on Thursday, September 5th. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Old Dominion Freight Line presently has an average rating of “Hold” and an average price target of $201.83.

Old Dominion Freight Line Company Profile

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.