Old Dominion Freight Line, Inc. $ODFL Position Raised by Eventide Asset Management LLC

Key Points

• Eventide Asset Management LLC increased its stake in Old Dominion Freight Line by 8.1%, acquiring an additional 43,228 shares during the first quarter, bringing its total to 576,488 shares.
• Old Dominion Freight Line recently reported an earnings per share (EPS) of $1.27 for the quarter, falling short of the consensus estimate of $1.29, with revenues down 6.1% year-over-year.
• The company announced a quarterly dividend of $0.28 per share, with an ex-dividend date of September 3rd, representing an annual yield of 0.8%.

Eventide Asset Management LLC raised its position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 8.1% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 576,488 shares of the transportation company's stock after purchasing an additional 43,228 shares during the period. Old Dominion Freight Line accounts for 1.9% of Eventide Asset Management LLC's investment portfolio, making the stock its 6th biggest position. Eventide Asset Management LLC owned about 0.27% of Old Dominion Freight Line worth $95,375,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of ODFL. Larson Financial Group LLC boosted its holdings in Old Dominion Freight Line by 234.8% in the 1st quarter. Larson Financial Group LLC now owns 154 shares of the transportation company's stock valued at $25,000 after purchasing an additional 108 shares during the period. American National Bank & Trust bought a new stake in shares of Old Dominion Freight Line during the 1st quarter worth $30,000. Wayfinding Financial LLC bought a new stake in shares of Old Dominion Freight Line during the 1st quarter worth $39,000. Zions Bancorporation National Association UT bought a new stake in shares of Old Dominion Freight Line during the 1st quarter worth $39,000. Finally, Olde Wealth Management LLC bought a new stake in shares of Old Dominion Freight Line during the 1st quarter worth $43,000. 77.82% of the stock is owned by institutional investors.

Old Dominion Freight Line Trading Up 0.3%

Shares of ODFL stock traded up $0.40 during mid-day trading on Monday, reaching $151.11. The stock had a trading volume of 1,602,880 shares, compared to its average volume of 1,854,803. The stock's 50-day moving average price is $156.90 and its two-hundred day moving average price is $160.62. Old Dominion Freight Line, Inc. has a 52-week low of $140.71 and a 52-week high of $233.26. The firm has a market capitalization of $31.76 billion, a PE ratio of 29.51, a price-to-earnings-growth ratio of 3.50 and a beta of 1.23. 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 (NASDAQ:ODFL - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The transportation company reported $1.27 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 firm had revenue of $1.41 billion during the quarter, compared to analysts' expectations of $1.43 billion. During the same quarter in the previous year, the firm posted $1.48 EPS. Old Dominion Freight Line's revenue was down 6.1% compared to the same quarter last year. Equities analysts expect 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 company also recently disclosed 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 annualized dividend and a yield of 0.7%. The ex-dividend date of this dividend is Wednesday, September 3rd. Old Dominion Freight Line's payout ratio is presently 21.88%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. JPMorgan Chase & Co. dropped their price objective on shares of Old Dominion Freight Line from $158.00 to $146.00 and set a "neutral" rating for the company in a report on Tuesday, July 8th. Baird R W raised shares of Old Dominion Freight Line to a "hold" rating in a report on Tuesday, July 1st. Benchmark reaffirmed a "hold" rating and set a $102.00 price objective on shares of Old Dominion Freight Line in a report on Thursday, June 12th. Morgan Stanley dropped their price objective on shares of Old Dominion Freight Line from $170.00 to $165.00 and set an "equal weight" rating for the company in a report on Thursday, July 31st. Finally, Stifel Nicolaus dropped their price objective on shares of Old Dominion Freight Line from $183.00 to $168.00 and set a "buy" rating for the company in a report on Thursday, July 31st. Eight equities research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $167.62.

Old Dominion Freight Line Company Profile

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.