16,169 Shares in Old Dominion Freight Line, Inc. $ODFL Purchased by Element Capital Management LLC

Key Points

• Element Capital Management LLC purchased 16,169 shares of Old Dominion Freight Line, Inc. for about $2.675 million, marking a significant investment during the first quarter.
• Several hedge funds adjusted their holdings in Old Dominion, with institutional investors and hedge funds owning 77.82% of the company's stock, highlighting strong interest in the transportation sector.
• Old Dominion Freight Line announced a quarterly dividend of $0.28 per share, with a dividend yield of 0.7%, reflecting a payout ratio of 21.88% and continuous financial commitment to its shareholders.

Element Capital Management LLC bought a new position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 16,169 shares of the transportation company's stock, valued at approximately $2,675,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Vanguard Group Inc. increased its position 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. Invesco Ltd. boosted its holdings in Old Dominion Freight Line by 1.3% during the 1st quarter. Invesco Ltd. now owns 4,272,231 shares of the transportation company's stock worth $706,841,000 after acquiring an additional 53,079 shares during the last quarter. Capital World Investors boosted its holdings in Old Dominion Freight Line by 1.1% during the 4th quarter. Capital World Investors now owns 2,510,101 shares of the transportation company's stock worth $442,784,000 after acquiring an additional 27,367 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in Old Dominion Freight Line by 45.1% during the 1st quarter. JPMorgan Chase & Co. now owns 2,429,750 shares of the transportation company's stock worth $402,002,000 after acquiring an additional 754,796 shares during the last quarter. Finally, Northern Trust Corp boosted its holdings 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. 77.82% of the stock is owned by institutional investors.

Old Dominion Freight Line Stock Performance

Shares of ODFL stock traded down $4.56 during trading hours on Wednesday, hitting $150.24. 1,512,188 shares of the company were exchanged, compared to its average volume of 2,200,127. The firm has a fifty day simple moving average of $158.78 and a 200 day simple moving average of $165.11. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.04. Old Dominion Freight Line, Inc. has a 52-week low of $140.91 and a 52-week high of $233.26. The stock has a market capitalization of $31.58 billion, a price-to-earnings ratio of 29.34, a P/E/G ratio of 3.56 and a beta of 1.24.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last issued its earnings results on Wednesday, July 30th. The transportation company reported $1.27 earnings per share for the quarter, missing analysts' consensus estimates of $1.29 by ($0.02). The business had revenue of $1.41 billion for 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%.Old Dominion Freight Line's revenue for the quarter was down 6.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.48 EPS. Research analysts predict 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 announced a quarterly dividend, which will be paid on Wednesday, September 17th. Shareholders of record on Wednesday, September 3rd will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date is Wednesday, September 3rd. Old Dominion Freight Line's dividend payout ratio (DPR) is currently 21.88%.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. Wall Street Zen raised shares of Old Dominion Freight Line from a "sell" rating to a "hold" rating in a report on Friday, May 30th. UBS Group cut 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 report on Thursday, July 31st. Barclays set a $155.00 price objective on shares of Old Dominion Freight Line and gave the stock an "equal weight" rating in a report on Thursday, July 31st. Morgan Stanley dropped their price target on Old Dominion Freight Line from $170.00 to $165.00 and set an "equal weight" rating on the stock in a report on Thursday, July 31st. Finally, TD Cowen dropped their price target on 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. Eight research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $167.62.

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.