Old Dominion Freight Line, Inc. $ODFL Shares Purchased by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management significantly increased its stake in Old Dominion Freight Line by 2,744.5%, acquiring an additional 186,407 shares, resulting in ownership of approximately $31.36 million worth of the company’s stock.
• The company reported Q2 earnings of $1.27 EPS, missing estimates and showing a 6.1% revenue decrease compared to the same quarter last year.
• Old Dominion recently declared a quarterly dividend of $0.28 per share, reflecting a 0.8% dividend yield and a payout ratio of 21.88%.

Assenagon Asset Management S.A. boosted its holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 2,744.5% during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 193,199 shares of the transportation company's stock after acquiring an additional 186,407 shares during the quarter. Assenagon Asset Management S.A. owned 0.09% of Old Dominion Freight Line worth $31,356,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ODFL. Brighton Jones LLC boosted its holdings in Old Dominion Freight Line by 5.3% during the 4th quarter. Brighton Jones LLC now owns 1,559 shares of the transportation company's stock valued at $275,000 after acquiring an additional 79 shares during the period. Squarepoint Ops LLC boosted its holdings in Old Dominion Freight Line by 104.6% during the 4th quarter. Squarepoint Ops LLC now owns 37,162 shares of the transportation company's stock valued at $6,555,000 after acquiring an additional 19,001 shares during the period. Waverly Advisors LLC purchased a new stake in Old Dominion Freight Line during the 4th quarter valued at about $504,000. Vise Technologies Inc. raised its position in Old Dominion Freight Line by 38.0% during the 4th quarter. Vise Technologies Inc. now owns 2,963 shares of the transportation company's stock valued at $523,000 after purchasing an additional 816 shares during the last quarter. Finally, GF Fund Management CO. LTD. bought a new position in Old Dominion Freight Line during the 4th quarter valued at approximately $7,138,000. 77.82% of the stock is currently owned by hedge funds and other institutional investors.

Old Dominion Freight Line Price Performance

NASDAQ:ODFL traded down $1.91 on Monday, reaching $138.93. 2,093,078 shares of the company's stock traded hands, compared to its average volume of 1,868,986. Old Dominion Freight Line, Inc. has a 12 month low of $138.65 and a 12 month high of $233.26. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.04. The stock has a 50-day simple moving average of $151.88 and a 200-day simple moving average of $158.14. The firm has a market cap of $29.20 billion, a PE ratio of 27.13, a P/E/G ratio of 3.27 and a beta of 1.23.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The transportation company reported $1.27 EPS for the quarter, missing the consensus estimate of $1.29 by ($0.02). The company had revenue of $1.41 billion during the quarter, compared to analysts' expectations of $1.43 billion. Old Dominion Freight Line had a return on equity of 25.94% and a net margin of 19.42%.The company's revenue was down 6.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.48 EPS. Equities research 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 was paid on Wednesday, September 17th. Shareholders of record on Wednesday, September 3rd were given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 0.8%. The ex-dividend date was Wednesday, September 3rd. Old Dominion Freight Line's payout ratio is 21.88%.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. Stephens decreased their target price on Old Dominion Freight Line from $186.00 to $174.00 and set an "overweight" rating for the company in a research report on Thursday, July 31st. Susquehanna raised their price objective on Old Dominion Freight Line from $155.00 to $156.00 and gave the company a "neutral" rating in a research report on Wednesday, September 10th. JPMorgan Chase & Co. reduced their price objective on Old Dominion Freight Line from $158.00 to $146.00 and set a "neutral" rating for the company in a research report on Tuesday, July 8th. UBS Group reduced their price objective on Old Dominion Freight Line from $158.00 to $155.00 and set a "neutral" rating for the company in a research report on Thursday, July 31st. Finally, Robert W. Baird set a $148.00 price objective on Old Dominion Freight Line and gave the company a "neutral" rating in a research report on Monday, August 4th. Eight investment 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. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $166.95.

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.