Bristol Gate Capital Partners Inc. Has $84.74 Million Holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Key Points

• Bristol Gate Capital Partners Inc. reduced its stake in Old Dominion Freight Line by 0.9% in the first quarter, now owning approximately $84.74 million worth of shares.
• Several analysts have mixed ratings on Old Dominion Freight Line, with Citigroup upgrading it to a "buy" but others like JPMorgan Chase cutting their target price from $158.00 to $146.00.
• Old Dominion Freight Line announced a quarterly dividend of $0.28 per share, reflecting a dividend yield of 0.69% and a payout ratio of 21.01%.

Bristol Gate Capital Partners Inc. lessened its stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 0.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 512,153 shares of the transportation company's stock after selling 4,887 shares during the quarter. Old Dominion Freight Line comprises approximately 4.1% of Bristol Gate Capital Partners Inc.'s investment portfolio, making the stock its 16th biggest holding. Bristol Gate Capital Partners Inc. owned approximately 0.24% of Old Dominion Freight Line worth $84,736,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in ODFL. T. Rowe Price Investment Management Inc. grew its position in shares of Old Dominion Freight Line by 1,575.9% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,447,784 shares of the transportation company's stock worth $255,390,000 after buying an additional 1,361,397 shares during the period. GAMMA Investing LLC grew its position in shares of Old Dominion Freight Line by 24,499.9% during the 1st quarter. GAMMA Investing LLC now owns 514,384 shares of the transportation company's stock worth $85,105,000 after buying an additional 512,293 shares during the period. Menora Mivtachim Holdings LTD. acquired a new stake in shares of Old Dominion Freight Line during the 4th quarter worth approximately $79,380,000. Northern Trust Corp boosted its stake in Old Dominion Freight Line by 15.2% during the 4th quarter. Northern Trust Corp now owns 1,983,857 shares of the transportation company's stock worth $349,952,000 after acquiring an additional 261,305 shares during the last quarter. Finally, DAVENPORT & Co LLC boosted its stake in Old Dominion Freight Line by 4,463.2% during the 1st quarter. DAVENPORT & Co LLC now owns 261,380 shares of the transportation company's stock worth $43,253,000 after acquiring an additional 255,652 shares during the last quarter. Institutional investors and hedge funds own 77.82% of the company's stock.

Wall Street Analyst Weigh In

ODFL has been the topic of several recent analyst reports. Truist Financial lifted their price objective on shares of Old Dominion Freight Line from $175.00 to $180.00 and gave the stock a "buy" rating in a research note on Monday, June 30th. Barclays set a $155.00 price objective on shares of Old Dominion Freight Line and gave the stock an "equal weight" rating in a research note on Thursday. Wells Fargo & Company reduced their price objective on shares of Old Dominion Freight Line from $160.00 to $145.00 and set an "underweight" rating on the stock in a research note on Thursday. UBS Group reduced their price objective on shares of Old Dominion Freight Line from $158.00 to $155.00 and set a "neutral" rating on the stock in a research note on Thursday. Finally, Citigroup raised shares of Old Dominion Freight Line from a "neutral" rating to a "buy" rating and cut their price target for the company from $186.00 to $183.00 in a research note on Tuesday, April 8th. One research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and eight have given a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $168.38.

Old Dominion Freight Line Price Performance

ODFL traded down $7.40 on Friday, hitting $141.85. 2,653,868 shares of the stock were exchanged, compared to its average volume of 1,744,677. Old Dominion Freight Line, Inc. has a 12 month low of $141.73 and a 12 month high of $233.26. The business has a 50-day moving average of $162.22 and a two-hundred day moving average of $168.61. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.38 and a quick ratio of 1.32. The firm has a market capitalization of $29.98 billion, a price-to-earnings ratio of 27.71, a PEG ratio of 3.24 and a beta of 1.24.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last posted 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). The company had revenue of $1.41 billion during the quarter, compared to the consensus estimate of $1.43 billion. Old Dominion Freight Line had a return on equity of 25.94% and a net margin of 19.42%. The firm's revenue was down 6.1% compared to the same quarter last year. During the same period last year, the company posted $1.48 EPS. Sell-side analysts forecast that Old Dominion Freight Line, Inc. will post 5.68 EPS for the current fiscal year.

Old Dominion Freight Line Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 17th. Investors of record on Wednesday, September 3rd will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date is Wednesday, September 3rd. Old Dominion Freight Line's dividend payout ratio (DPR) is 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.