Daiichi Life Insurance Co. Ltd. Makes New Investment in Old Dominion Freight Line, Inc. $ODFL

Key Points

• Daiichi Life Insurance acquired 9,876 shares of Old Dominion Freight Line worth approximately $2.14 million, while institutional investors collectively own 77.82% of the company.
• Old Dominion reported quarterly EPS of $1.68, exceeding estimates of $1.54, with revenue rising 10.4% year over year to $1.55 billion.
• The company declared a quarterly dividend of $0.29, equivalent to an annualized yield of 0.6%. Analysts’ average rating is “Hold,” with an average price target of $226.55.

Daiichi Life Insurance Co. Ltd. bought a new stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund bought 9,876 shares of the transportation company's stock, valued at approximately $2,139,000.

A number of other hedge funds also recently modified their holdings of ODFL. Bell Investment Advisors Inc purchased a new stake in Old Dominion Freight Line in the 2nd quarter worth about $25,000. Annis Gardner Whiting Capital Advisors LLC grew its stake in Old Dominion Freight Line by 80.5% during the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 139 shares of the transportation company's stock valued at $27,000 after acquiring an additional 62 shares in the last quarter. Evolution Wealth Management Inc. purchased a new position in Old Dominion Freight Line during the 1st quarter valued at about $29,000. Reflection Asset Management acquired a new position in shares of Old Dominion Freight Line in the 4th quarter valued at about $28,000. Finally, Cassaday & Co Wealth Management LLC acquired a new position in shares of Old Dominion Freight Line in the 1st quarter valued at about $39,000. Hedge funds and other institutional investors own 77.82% of the company's stock.

Old Dominion Freight Line Stock Performance

Shares of NASDAQ ODFL opened at $206.47 on Monday. The business's 50-day simple moving average is $220.21 and its 200-day simple moving average is $210.63. Old Dominion Freight Line, Inc. has a 52 week low of $126.01 and a 52 week high of $252.03. The firm has a market cap of $42.81 billion, a price-to-earnings ratio of 39.78, a P/E/G ratio of 3.59 and a beta of 1.18.

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

Old Dominion Freight Line Dividend Announcement

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 $0.29 dividend. The ex-dividend date of this dividend is Wednesday, September 2nd. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.6%. Old Dominion Freight Line's dividend payout ratio (DPR) is currently 22.35%.

Analyst Ratings Changes

Several research firms have weighed in on ODFL. Wells Fargo & Company upgraded shares of Old Dominion Freight Line from an "underweight" rating to an "overweight" rating and upped their price objective for the company from $235.00 to $250.00 in a research note on Wednesday, July 8th. Raymond James Financial reissued an "outperform" rating and set a $241.00 target price (up from $224.00) on shares of Old Dominion Freight Line in a research note on Monday, July 13th. BMO Capital Markets restated an "outperform" rating and set a $230.00 price target on shares of Old Dominion Freight Line in a report on Thursday, June 4th. Stifel Nicolaus set a $263.00 price target on shares of Old Dominion Freight Line and gave the stock a "buy" rating in a research note on Thursday, July 30th. Finally, Truist Financial increased their price objective on Old Dominion Freight Line from $225.00 to $250.00 and gave the stock a "buy" rating in a report on Wednesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, thirteen have given a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, Old Dominion Freight Line has an average rating of "Hold" and an average price target of $226.55.

Old Dominion Freight Line Company Profile

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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