1832 Asset Management L.P. Boosts Holdings in Old Dominion Freight Line, Inc. $ODFL

Key Points

• 1832 Asset Management L.P. increased its stake in Old Dominion Freight Line, Inc. (ODFL) by 36.2%, owning 105,221 shares valued at approximately $17.4 million.
• Institutional investors now collectively own 77.82% of Old Dominion Freight Line's stock, with notable increases from T. Rowe Price and JPMorgan Chase.
• Old Dominion Freight Line reported a decrease in revenue by 6.1% year-over-year with earnings per share of $1.27, missing estimates of $1.29.

1832 Asset Management L.P. raised its holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 36.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 105,221 shares of the transportation company's stock after purchasing an additional 27,942 shares during the quarter. 1832 Asset Management L.P.'s holdings in Old Dominion Freight Line were worth $17,409,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ODFL. T. Rowe Price Investment Management Inc. grew its position in Old Dominion Freight Line by 79.5% during the first quarter. T. Rowe Price Investment Management Inc. now owns 2,599,005 shares of the transportation company's stock valued at $430,006,000 after buying an additional 1,151,221 shares during the period. Nuveen LLC acquired a new stake in Old Dominion Freight Line during the first quarter valued at $151,107,000. JPMorgan Chase & Co. grew its position in Old Dominion Freight Line by 45.1% during the first quarter. JPMorgan Chase & Co. now owns 2,429,750 shares of the transportation company's stock valued at $402,002,000 after buying an additional 754,796 shares during the period. GAMMA Investing LLC grew its position in Old Dominion Freight Line by 24,499.9% during the first quarter. GAMMA Investing LLC now owns 514,384 shares of the transportation company's stock valued at $85,105,000 after buying an additional 512,293 shares during the period. Finally, Vanguard Group Inc. grew its position in Old Dominion Freight Line by 1.9% during the first quarter. Vanguard Group Inc. now owns 22,666,405 shares of the transportation company's stock valued at $3,750,157,000 after buying an additional 416,097 shares during the period. Institutional investors and hedge funds own 77.82% of the company's stock.

Old Dominion Freight Line Price Performance

Shares of ODFL stock opened at $159.13 on Friday. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.38 and a quick ratio of 1.38. The firm's 50-day moving average is $158.50 and its two-hundred day moving average is $164.51. Old Dominion Freight Line, Inc. has a 12 month low of $140.91 and a 12 month high of $233.26. The company has a market capitalization of $33.44 billion, a PE ratio of 31.08, a price-to-earnings-growth ratio of 3.69 and a beta of 1.24.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last issued its earnings results on Wednesday, July 30th. The transportation company reported $1.27 EPS for the quarter, missing analysts' consensus estimates of $1.29 by ($0.02). Old Dominion Freight Line had a return on equity of 25.94% and a net margin of 19.42%.The firm had revenue of $1.41 billion for the quarter, compared to analysts' expectations of $1.43 billion. During the same period last year, the firm earned $1.48 earnings per share. Old Dominion Freight Line's revenue for the quarter was down 6.1% on a year-over-year basis. Analysts predict that Old Dominion Freight Line, Inc. will post 5.68 earnings per share for the current year.

Old Dominion Freight Line Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 17th. Shareholders of record on Wednesday, September 3rd will be paid a dividend of $0.28 per share. The ex-dividend date of this dividend is Wednesday, September 3rd. This represents a $1.12 dividend on an annualized basis and a yield of 0.7%. Old Dominion Freight Line's payout ratio is 21.88%.

Wall Street Analysts Forecast Growth

Several research firms recently commented on ODFL. Stifel Nicolaus dropped their price target on shares of Old Dominion Freight Line from $183.00 to $168.00 and set a "buy" rating on the stock in a research report on Thursday, July 31st. JPMorgan Chase & Co. dropped their price target on shares of Old Dominion Freight Line from $158.00 to $146.00 and set a "neutral" rating on the stock in a research report on Tuesday, July 8th. Robert W. Baird set a $148.00 price objective on shares of Old Dominion Freight Line and gave the company a "neutral" rating in a report on Monday, August 4th. Wall Street Zen raised shares of Old Dominion Freight Line from a "sell" rating to a "hold" rating in a report on Friday, May 30th. Finally, Barclays set a $155.00 price objective on shares of Old Dominion Freight Line and gave the company an "equal weight" rating in a report on Thursday, July 31st. Eight analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $167.62.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.