1832 Asset Management L.P. Purchases 14,445 Shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

1832 Asset Management L.P. raised its position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 24.8% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 72,577 shares of the transportation company’s stock after acquiring an additional 14,445 shares during the period. 1832 Asset Management L.P.’s holdings in Old Dominion Freight Line were worth $12,817,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Benjamin Edwards Inc. bought a new position in Old Dominion Freight Line in the second quarter worth $25,000. Trust Co. of Vermont acquired a new position in shares of Old Dominion Freight Line in the 4th quarter valued at $27,000. Farmers & Merchants Investments Inc. lifted its holdings in shares of Old Dominion Freight Line by 100.0% during the 1st quarter. Farmers & Merchants Investments Inc. now owns 124 shares of the transportation company’s stock worth $27,000 after acquiring an additional 62 shares during the period. Atwood & Palmer Inc. boosted its position in shares of Old Dominion Freight Line by 3,700.0% during the 2nd quarter. Atwood & Palmer Inc. now owns 152 shares of the transportation company’s stock valued at $27,000 after acquiring an additional 148 shares in the last quarter. Finally, Raleigh Capital Management Inc. bought a new stake in Old Dominion Freight Line in the fourth quarter valued at about $29,000. Institutional investors own 77.82% of the company’s stock.

Insiders Place Their Bets

In other news, Chairman David S. Congdon sold 10,000 shares of the 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 transaction, the chairman now owns 1,391,621 shares of the company’s stock, valued at approximately $271,602,670.57. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, Chairman David S. Congdon sold 10,000 shares of the company’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 sale, the chairman now directly owns 1,391,621 shares of the company’s stock, valued at approximately $271,602,670.57. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Chairman David S. Congdon sold 29,975 shares of Old Dominion Freight Line stock in a transaction that occurred 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 transaction, the chairman now directly owns 1,401,621 shares in the company, valued at approximately $282,146,307.30. The disclosure for this sale can be found here. Company insiders own 9.90% of the company’s stock.

Old Dominion Freight Line Trading Up 1.1 %

ODFL stock opened at $196.17 on Tuesday. 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, Inc. has a twelve month low of $165.49 and a twelve month high of $227.80. The company has a market cap of $42.62 billion, a P/E ratio of 34.54, a PEG ratio of 3.92 and a beta of 0.99. The business has a fifty day moving average of $196.29 and a 200-day moving average of $195.33.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its quarterly earnings data on Wednesday, July 24th. The transportation company reported $1.48 earnings per share for the quarter, topping the consensus estimate of $1.45 by $0.03. The firm 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 company’s quarterly revenue was up 6.1% compared to the same quarter last year. During the same period in the previous year, the business posted $1.33 EPS. As a group, equities research analysts expect that Old Dominion Freight Line, Inc. will post 5.64 EPS for the current year.

Old Dominion Freight Line Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 18th. Shareholders of record on Wednesday, September 4th were paid a $0.26 dividend. The ex-dividend date was Wednesday, September 4th. This represents a $1.04 dividend on an annualized basis and a yield of 0.53%. Old Dominion Freight Line’s payout ratio is presently 18.31%.

Analysts Set New Price Targets

ODFL has been the subject of several recent research reports. Benchmark reissued a “hold” rating on shares of Old Dominion Freight Line in a research report on Wednesday, September 11th. Morgan Stanley cut their target price on Old Dominion Freight Line from $174.00 to $168.00 and set an “equal weight” rating for the company in a research report on Monday, July 8th. Bank of America decreased their price target on Old Dominion Freight Line from $210.00 to $206.00 and set a “neutral” rating on the stock in a research note on Friday, September 6th. Raymond James increased their price objective on Old Dominion Freight Line from $190.00 to $209.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. Finally, BMO Capital Markets boosted 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 research note on Thursday, July 25th. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price 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.