Bridges Investment Management Inc. Acquires 354,588 Shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Bridges Investment Management Inc. boosted its holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 136.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 615,272 shares of the transportation company’s stock after purchasing an additional 354,588 shares during the period. Old Dominion Freight Line comprises about 1.7% of Bridges Investment Management Inc.’s portfolio, making the stock its 17th largest holding. Bridges Investment Management Inc. owned 0.28% of Old Dominion Freight Line worth $108,657,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in ODFL. Vanguard Group Inc. boosted its holdings in shares of Old Dominion Freight Line by 100.9% in the 1st quarter. Vanguard Group Inc. now owns 21,795,649 shares of the transportation company’s stock valued at $4,780,004,000 after buying an additional 10,944,520 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in Old Dominion Freight Line by 117.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 13,726,847 shares of the transportation company’s stock worth $3,010,435,000 after acquiring an additional 7,401,526 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in Old Dominion Freight Line by 94.6% in the first quarter. Bank of New York Mellon Corp now owns 5,940,385 shares of the transportation company’s stock valued at $1,302,786,000 after acquiring an additional 2,888,205 shares during the last quarter. Capital Research Global Investors lifted its stake in Old Dominion Freight Line by 59.0% in the first quarter. Capital Research Global Investors now owns 6,592,594 shares of the transportation company’s stock valued at $1,445,822,000 after acquiring an additional 2,447,121 shares during the last quarter. Finally, Capital World Investors grew its position in shares of Old Dominion Freight Line by 101.0% in the 1st quarter. Capital World Investors now owns 2,443,770 shares of the transportation company’s stock valued at $535,943,000 after acquiring an additional 1,228,116 shares during the period. Institutional investors own 77.82% of the company’s stock.

Old Dominion Freight Line Stock Performance

NASDAQ ODFL opened at $204.52 on Friday. The firm has a 50-day moving average price of $195.84 and a two-hundred day moving average price of $195.95. Old Dominion Freight Line, Inc. has a 12-month low of $165.49 and a 12-month high of $227.80. The company has a market capitalization of $44.44 billion, a P/E ratio of 36.01, a P/E/G ratio of 3.92 and a beta of 0.99. The company has a quick ratio of 1.46, a current ratio of 1.46 and a debt-to-equity ratio of 0.01.

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

Old Dominion Freight Line Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 18th. Stockholders of record on Wednesday, September 4th were given a dividend of $0.26 per share. The ex-dividend date was Wednesday, September 4th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.51%. Old Dominion Freight Line’s payout ratio is 18.31%.

Insider Transactions at Old Dominion Freight Line

In related news, Chairman David S. Congdon sold 10,000 shares of the business’s stock in a transaction dated 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 completion of the transaction, the chairman now owns 1,391,621 shares of the company’s stock, valued at $271,602,670.57. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Old Dominion Freight Line news, Chairman David S. Congdon sold 29,975 shares of the company’s stock in a transaction on 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 in the company, valued at $282,146,307.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman David S. Congdon sold 10,000 shares of the firm’s stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $195.17, for a total value of $1,951,700.00. Following the completion of the sale, the chairman now directly owns 1,391,621 shares in the company, valued at approximately $271,602,670.57. The disclosure for this sale can be found here. 9.90% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on ODFL. BMO Capital Markets upped their target price on shares of Old Dominion Freight Line from $210.00 to $215.00 and gave the company an “outperform” rating in a report on Thursday, July 25th. Wells Fargo & Company dropped their price objective on Old Dominion Freight Line from $175.00 to $170.00 and set an “underweight” rating on the stock in a research note on Thursday, September 5th. Benchmark reiterated a “hold” rating on shares of Old Dominion Freight Line in a research note on Wednesday, September 11th. Stephens reissued an “overweight” rating and set a $214.00 target price on shares of Old Dominion Freight Line in a report on Thursday, September 5th. Finally, JPMorgan Chase & Co. cut their price target on 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. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $201.83.

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.