Bridges Investment Management Inc. Raises Stock Position in Old Dominion Freight Line, Inc. $ODFL

Key Points

• Bridges Investment Management Inc. increased its stake in Old Dominion Freight Line, Inc. by 0.7%, holding 688,961 shares worth approximately $111.8 million, making it the 18th largest investment in their portfolio.
• A variety of institutional investors have also boosted their holdings in Old Dominion, with a total of 77.82% of the stock now owned by institutional entities.
• Old Dominion's stock is currently rated as a "Hold" by analysts, with an average target price of $163.86, while its stock value recently decreased by 0.3% to $135.04.

Bridges Investment Management Inc. increased its holdings in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 0.7% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 688,961 shares of the transportation company's stock after purchasing an additional 4,849 shares during the period. Old Dominion Freight Line accounts for 1.5% of Bridges Investment Management Inc.'s holdings, making the stock its 18th biggest holding. Bridges Investment Management Inc. owned about 0.33% of Old Dominion Freight Line worth $111,818,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ODFL. Benjamin Edwards Inc. raised its position in shares of Old Dominion Freight Line by 3.1% in the first quarter. Benjamin Edwards Inc. now owns 2,368 shares of the transportation company's stock worth $392,000 after acquiring an additional 71 shares during the period. Brighton Jones LLC raised its position in shares of Old Dominion Freight Line by 5.3% in the fourth quarter. Brighton Jones LLC now owns 1,559 shares of the transportation company's stock worth $275,000 after acquiring an additional 79 shares during the period. Grimes & Company Inc. raised its position in shares of Old Dominion Freight Line by 6.5% in the second quarter. Grimes & Company Inc. now owns 1,451 shares of the transportation company's stock worth $236,000 after acquiring an additional 88 shares during the period. Triumph Capital Management raised its position in shares of Old Dominion Freight Line by 7.0% in the second quarter. Triumph Capital Management now owns 1,357 shares of the transportation company's stock worth $220,000 after acquiring an additional 89 shares during the period. Finally, Norden Group LLC raised its position in shares of Old Dominion Freight Line by 6.5% in the first quarter. Norden Group LLC now owns 1,508 shares of the transportation company's stock worth $250,000 after acquiring an additional 92 shares during the period. 77.82% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. UBS Group upped their price objective on shares of Old Dominion Freight Line from $155.00 to $164.00 and gave the stock a "neutral" rating in a research report on Friday, October 3rd. Robert W. Baird set a $148.00 price objective on shares of Old Dominion Freight Line and gave the stock a "neutral" rating in a research report on Monday, August 4th. Stephens cut their target price on shares of Old Dominion Freight Line from $186.00 to $174.00 and set an "overweight" rating for the company in a research note on Thursday, July 31st. JPMorgan Chase & Co. cut their target price on shares of Old Dominion Freight Line from $155.00 to $143.00 and set a "neutral" rating for the company in a research note on Wednesday, October 8th. Finally, Baird R W raised shares of Old Dominion Freight Line to a "hold" rating in a research note on Tuesday, July 1st. Eight equities research analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, Old Dominion Freight Line presently has a consensus rating of "Hold" and an average target price of $163.86.

Old Dominion Freight Line Stock Down 0.3%

ODFL stock opened at $135.04 on Thursday. The stock has a market capitalization of $28.38 billion, a P/E ratio of 26.38, a P/E/G ratio of 3.20 and a beta of 1.19. The firm has a 50-day simple moving average of $145.70 and a 200-day simple moving average of $155.14. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.04. Old Dominion Freight Line, Inc. has a 52 week low of $133.69 and a 52 week high of $233.26.

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

Old Dominion Freight Line Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 17th. Investors of record on Wednesday, September 3rd were paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend was Wednesday, September 3rd. Old Dominion Freight Line's dividend payout ratio is currently 21.88%.

Old Dominion Freight Line 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.

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