Allianz Asset Management GmbH Purchases 1,833 Shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Key Points

• Allianz Asset Management GmbH increased its stake in Old Dominion Freight Line by 9.9%, owning 20,402 shares valued at approximately $3.38 million as of the first quarter.
• A significant number of hedge funds have recently made substantial investments in Old Dominion Freight Line, with T. Rowe Price and GAMMA Investing notably raising their stakes by 1,575.9% and 24,499.9%, respectively.
• The company announced a quarterly dividend of $0.28 per share, representing an annualized yield of 0.69%, to be paid on September 17th to shareholders of record by September 3rd.

Allianz Asset Management GmbH increased its position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 9.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 20,402 shares of the transportation company's stock after acquiring an additional 1,833 shares during the quarter. Allianz Asset Management GmbH's holdings in Old Dominion Freight Line were worth $3,376,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Larson Financial Group LLC raised its holdings in Old Dominion Freight Line by 234.8% during the 1st quarter. Larson Financial Group LLC now owns 154 shares of the transportation company's stock worth $25,000 after buying an additional 108 shares during the period. American National Bank & Trust acquired a new stake in Old Dominion Freight Line during the 1st quarter worth approximately $30,000. Wayfinding Financial LLC acquired a new stake in Old Dominion Freight Line during the 1st quarter worth approximately $39,000. Itau Unibanco Holding S.A. raised its holdings in Old Dominion Freight Line by 518.9% during the 4th quarter. Itau Unibanco Holding S.A. now owns 229 shares of the transportation company's stock worth $40,000 after buying an additional 192 shares during the period. Finally, Olde Wealth Management LLC acquired a new stake in Old Dominion Freight Line during the 1st quarter worth approximately $43,000. Institutional investors own 77.82% of the company's stock.

Analysts Set New Price Targets

ODFL has been the topic of a number of recent research reports. Jefferies Financial Group lowered their price objective on shares of Old Dominion Freight Line from $195.00 to $165.00 and set a "hold" rating on the stock in a report on Wednesday, April 9th. Stifel Nicolaus lowered their price objective on shares of Old Dominion Freight Line from $183.00 to $168.00 and set a "buy" rating on the stock in a report on Thursday. TD Cowen lowered their price objective on shares of Old Dominion Freight Line from $166.00 to $159.00 and set a "hold" rating on the stock in a report on Thursday. Vertical Research upgraded shares of Old Dominion Freight Line from a "hold" rating to a "buy" rating and set a $170.00 price objective on the stock in a report on Thursday. Finally, Robert W. Baird initiated coverage on shares of Old Dominion Freight Line in a report on Tuesday, July 1st. They issued a "neutral" rating and a $164.00 price objective on the stock. One analyst has rated the stock with a sell rating, fifteen have given a hold rating and eight have assigned a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $168.38.

Old Dominion Freight Line Stock Performance

Shares of Old Dominion Freight Line stock traded down $7.40 during trading on Friday, reaching $141.85. The company's stock had a trading volume of 2,653,868 shares, compared to its average volume of 1,744,677. The business's 50-day moving average price is $162.22 and its 200-day moving average price is $168.61. The firm has a market cap of $29.98 billion, a PE ratio of 27.71, a P/E/G ratio of 3.24 and a beta of 1.24. Old Dominion Freight Line, Inc. has a 52 week low of $141.73 and a 52 week high of $233.26. The company has a quick ratio of 1.32, a current ratio of 1.38 and a debt-to-equity ratio of 0.04.

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

Old Dominion Freight Line Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 17th. Stockholders of record on Wednesday, September 3rd will be given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date of this dividend is Wednesday, September 3rd. Old Dominion Freight Line's 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.