Cetera Investment Advisers Grows Holdings in Old Dominion Freight Line, Inc. $ODFL

Key Points

• Cetera Investment Advisers increased its Old Dominion Freight Line stake by 18.3% in the first quarter, bringing its holdings to 30,758 shares valued at approximately $6.01 million. Institutional investors collectively own 77.82% of the company.
• Analyst sentiment remains mixed, with a consensus rating of “Hold” from 25 analysts and an average price target of $226.55. Recent target prices range from $185 to $240.
• Old Dominion reported strong quarterly results, with earnings of $1.68 per share and revenue of $1.55 billion, exceeding estimates and representing 10.4% year-over-year revenue growth. The company also declared a quarterly dividend of $0.29 per share, yielding 0.5% annually.

Cetera Investment Advisers increased its position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 18.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 30,758 shares of the transportation company's stock after purchasing an additional 4,762 shares during the quarter. Cetera Investment Advisers' holdings in Old Dominion Freight Line were worth $6,010,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD lifted its position in shares of Old Dominion Freight Line by 14.1% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 14,223,960 shares of the transportation company's stock worth $2,230,318,000 after buying an additional 1,761,511 shares in the last quarter. State Street Corp grew its holdings in shares of Old Dominion Freight Line by 0.9% in the fourth quarter. State Street Corp now owns 7,746,286 shares of the transportation company's stock valued at $1,214,618,000 after acquiring an additional 70,736 shares in the last quarter. Boston Partners increased its position in shares of Old Dominion Freight Line by 98.4% during the fourth quarter. Boston Partners now owns 4,122,696 shares of the transportation company's stock valued at $648,186,000 after acquiring an additional 2,044,434 shares during the last quarter. T. Rowe Price Investment Management Inc. increased its position in shares of Old Dominion Freight Line by 11.0% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 3,680,719 shares of the transportation company's stock valued at $577,137,000 after acquiring an additional 365,424 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its position in shares of Old Dominion Freight Line by 23.9% during the fourth quarter. Goldman Sachs Group Inc. now owns 3,314,157 shares of the transportation company's stock valued at $519,660,000 after acquiring an additional 639,769 shares during the last quarter. 77.82% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages recently commented on ODFL. TD Cowen reiterated a "hold" rating on shares of Old Dominion Freight Line in a report on Wednesday, June 3rd. Wolfe Research upped their price objective on Old Dominion Freight Line from $183.00 to $185.00 and gave the company an "underperform" rating in a research note on Tuesday, April 7th. Barclays raised their target price on Old Dominion Freight Line from $210.00 to $220.00 and gave the company an "equal weight" rating in a research report on Thursday, June 25th. Stephens reiterated an "overweight" rating and set a $240.00 target price (up from $232.00) on shares of Old Dominion Freight Line in a research note on Thursday, April 30th. Finally, Susquehanna boosted their price target on shares of Old Dominion Freight Line from $224.00 to $228.00 and gave the stock a "neutral" rating in a report on Tuesday, July 14th. Nine analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, Old Dominion Freight Line currently has a consensus rating of "Hold" and a consensus target price of $226.55.

Old Dominion Freight Line Stock Performance

Old Dominion Freight Line stock opened at $212.14 on Monday. Old Dominion Freight Line, Inc. has a 12 month low of $126.01 and a 12 month high of $252.03. The business's 50 day simple moving average is $226.77 and its 200 day simple moving average is $206.80. The company has a market cap of $44.12 billion, a price-to-earnings ratio of 40.87, a PEG ratio of 3.69 and a beta of 1.18.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last announced its quarterly earnings data on Wednesday, July 29th. The transportation company reported $1.68 earnings per share for the quarter, beating the consensus estimate of $1.54 by $0.14. Old Dominion Freight Line had a return on equity of 24.87% and a net margin of 19.44%.The business had revenue of $1.55 billion during the quarter, compared to analyst estimates of $1.54 billion. During the same period in the prior year, the company earned $1.27 earnings per share. Old Dominion Freight Line's revenue was up 10.4% compared to the same quarter last year. As a group, equities research analysts forecast that Old Dominion Freight Line, Inc. will post 5.78 earnings per share for the current fiscal year.

Old Dominion Freight Line Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 16th. Stockholders of record on Wednesday, September 2nd will be given a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date of this dividend is Wednesday, September 2nd. Old Dominion Freight Line's dividend payout ratio is currently 22.35%.

About Old Dominion Freight Line

Old Dominion Freight Line is a U.S.-based less-than-truckload (LTL) transportation company that provides regional, inter-regional and national freight services. Founded in 1934 and headquartered in Thomasville, North Carolina, the company has grown from a regional carrier into a national freight network, operating a broad system of service centers and terminals to move shipments for shippers of varying sizes and industries.

The company's core business is LTL trucking, offering scheduled pickup and delivery for palletized freight that does not require a full truckload.

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