Polar Asset Management Partners Inc. Takes Position in Old Dominion Freight Line, Inc. $ODFL

Key Points

• Polar Asset Management Partners Inc. acquired 9,037 shares of Old Dominion Freight Line, valued at approximately $1.5 million, indicating growing interest in the company among institutional investors.
• In its latest earnings report, Old Dominion Freight Line reported $1.27 EPS for the quarter, missing estimates, with revenue down 6.1% year-over-year.
• The company recently announced a quarterly dividend of $0.28 per share, reflecting a dividend yield of 0.7% and a payout ratio of 21.88%.

Polar Asset Management Partners Inc. acquired a new position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 9,037 shares of the transportation company's stock, valued at approximately $1,495,000.

Several other hedge funds have also recently added to or reduced their stakes in the company. Benjamin Edwards Inc. lifted its stake in Old Dominion Freight Line by 3.0% during the fourth quarter. Benjamin Edwards Inc. now owns 2,297 shares of the transportation company's stock worth $405,000 after purchasing an additional 67 shares during the last quarter. Fifth Third Wealth Advisors LLC lifted its stake in Old Dominion Freight Line by 4.6% during the first quarter. Fifth Third Wealth Advisors LLC now owns 1,617 shares of the transportation company's stock worth $268,000 after purchasing an additional 71 shares during the last quarter. City Holding Co. lifted its stake in Old Dominion Freight Line by 1.1% during the first quarter. City Holding Co. now owns 7,104 shares of the transportation company's stock worth $1,175,000 after purchasing an additional 75 shares during the last quarter. Brighton Jones LLC lifted its stake in Old Dominion Freight Line by 5.3% during the fourth quarter. Brighton Jones LLC now owns 1,559 shares of the transportation company's stock worth $275,000 after purchasing an additional 79 shares during the last quarter. Finally, Fortitude Advisory Group L.L.C. lifted its stake in Old Dominion Freight Line by 5.4% during the first quarter. Fortitude Advisory Group L.L.C. now owns 1,558 shares of the transportation company's stock worth $258,000 after purchasing an additional 80 shares during the last quarter. Institutional investors own 77.82% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the company. Benchmark reaffirmed a "hold" rating and set a $102.00 price target on shares of Old Dominion Freight Line in a research note on Thursday, June 12th. Susquehanna lowered their target price on Old Dominion Freight Line from $168.00 to $160.00 and set a "neutral" rating for the company in a research note on Wednesday, June 18th. Citigroup lowered their target price on Old Dominion Freight Line from $174.00 to $173.00 and set a "buy" rating for the company in a research note on Wednesday. Barclays set a $155.00 target price on shares of Old Dominion Freight Line and gave the stock an "equal weight" rating in a report on Thursday, July 31st. Finally, JPMorgan Chase & Co. lowered their price target on shares of Old Dominion Freight Line from $158.00 to $146.00 and set a "neutral" rating for the company in a report on Tuesday, July 8th. Eight research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $167.14.

Old Dominion Freight Line Stock Down 1.3%

Shares of ODFL stock traded down $1.91 during midday trading on Wednesday, reaching $146.31. 1,199,169 shares of the stock were exchanged, compared to its average volume of 1,847,832. Old Dominion Freight Line, Inc. has a 1 year low of $140.71 and a 1 year high of $233.26. The company's 50 day moving average is $156.27 and its two-hundred day moving average is $160.33. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.04. The firm has a market cap of $30.75 billion, a PE ratio of 28.58, a price-to-earnings-growth ratio of 3.51 and a beta of 1.23.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last posted its earnings results on Wednesday, July 30th. The transportation company reported $1.27 earnings per share 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 quarter last year, the company posted $1.48 EPS. The firm's revenue was down 6.1% on a year-over-year basis. On average, equities research analysts predict that Old Dominion Freight Line, Inc. will post 5.68 EPS for the current year.

Old Dominion Freight Line Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 17th. Investors of record on Wednesday, September 3rd will be paid a $0.28 dividend. The ex-dividend date is Wednesday, September 3rd. This represents a $1.12 annualized dividend and a dividend yield of 0.8%. Old Dominion Freight Line's dividend payout ratio is presently 21.88%.

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.