E Fund Management Co. Ltd. Acquires 2,924 Shares of Old Dominion Freight Line, Inc. $ODFL

Key Points

• E Fund Management Co. Ltd. increased its stake in Old Dominion Freight Line by 98.5%, acquiring an additional 2,924 shares, bringing its total holdings to $975,000.
• Several large investors, including Vanguard Group Inc. and JPMorgan Chase & Co., also increased their positions in Old Dominion Freight Line during the first quarter.
• Old Dominion Freight Line reported lower than expected earnings with an EPS of $1.27, missing estimates of $1.29, and revenue down by 6.1% year-over-year.

E Fund Management Co. Ltd. lifted its position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 98.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,893 shares of the transportation company's stock after buying an additional 2,924 shares during the quarter. E Fund Management Co. Ltd.'s holdings in Old Dominion Freight Line were worth $975,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. T. Rowe Price Investment Management Inc. raised its stake in Old Dominion Freight Line by 1,575.9% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,447,784 shares of the transportation company's stock valued at $255,390,000 after purchasing an additional 1,361,397 shares in the last quarter. Nuveen LLC purchased a new stake in Old Dominion Freight Line in the first quarter valued at approximately $151,107,000. JPMorgan Chase & Co. raised its stake in Old Dominion Freight Line by 45.1% in the first quarter. JPMorgan Chase & Co. now owns 2,429,750 shares of the transportation company's stock valued at $402,002,000 after purchasing an additional 754,796 shares in the last quarter. GAMMA Investing LLC raised its stake in Old Dominion Freight Line by 24,499.9% in the first quarter. GAMMA Investing LLC now owns 514,384 shares of the transportation company's stock valued at $85,105,000 after purchasing an additional 512,293 shares in the last quarter. Finally, Vanguard Group Inc. raised its stake in shares of Old Dominion Freight Line by 1.9% during the first quarter. Vanguard Group Inc. now owns 22,666,405 shares of the transportation company's stock worth $3,750,157,000 after acquiring an additional 416,097 shares in the last quarter. 77.82% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

ODFL has been the topic of several research reports. Benchmark reissued a "hold" rating and set a $102.00 price target on shares of Old Dominion Freight Line in a research note on Thursday, June 12th. Baird R W raised shares of Old Dominion Freight Line to a "hold" rating in a research note on Tuesday, July 1st. TD Cowen cut their target price on shares of Old Dominion Freight Line from $166.00 to $159.00 and set a "hold" rating on the stock in a report on Thursday, July 31st. Wells Fargo & Company cut their target price on shares of Old Dominion Freight Line from $160.00 to $145.00 and set an "underweight" rating on the stock in a report on Thursday, July 31st. Finally, The Goldman Sachs Group upgraded shares of Old Dominion Freight Line from a "neutral" rating to a "buy" rating and raised their target price for the stock from $190.00 to $200.00 in a report on Monday, June 2nd. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat.com, Old Dominion Freight Line presently has a consensus rating of "Hold" and a consensus target price of $167.62.

Old Dominion Freight Line Stock Performance

Shares of NASDAQ ODFL traded down $0.68 during midday trading on Monday, hitting $150.46. 1,136,023 shares of the company's stock traded hands, compared to its average volume of 1,841,445. Old Dominion Freight Line, Inc. has a 1 year low of $140.91 and a 1 year high of $233.26. The stock has a market capitalization of $31.62 billion, a price-to-earnings ratio of 29.39, a price-to-earnings-growth ratio of 3.48 and a beta of 1.24. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.38 and a current ratio of 1.38. The firm has a fifty day moving average of $159.51 and a 200 day moving average of $165.53.

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). 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 previous year, the company earned $1.48 EPS. Old Dominion Freight Line's revenue for the quarter was down 6.1% compared to the same quarter last year. On average, analysts forecast that Old Dominion Freight Line, Inc. will post 5.68 earnings per share for the current year.

Old Dominion Freight Line Announces Dividend

The company also recently announced 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 annualized dividend and a yield of 0.7%. The ex-dividend date of this dividend is Wednesday, September 3rd. Old Dominion Freight Line's dividend payout ratio is currently 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.