Fayez Sarofim & Co Buys 84,562 Shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Key Points

• Fayez Sarofim & Co increased its stake in Old Dominion Freight Line by 9.8%, acquiring an additional 84,562 shares during the first quarter, resulting in total holdings worth approximately $156.7 million.
• Analysts have issued mixed reviews, with JPMorgan reducing its price target from $158 to $146 while others like Barclays set a target of $155, indicating varying levels of confidence in the stock.
• Old Dominion Freight Line reported earnings of $1.27 per share for the last quarter, missing estimates, with quarterly revenue down 6.1% year-over-year at $1.41 billion.

Fayez Sarofim & Co raised its stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 9.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 947,412 shares of the transportation company's stock after buying an additional 84,562 shares during the period. Fayez Sarofim & Co owned about 0.45% of Old Dominion Freight Line worth $156,749,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in ODFL. Brighton Jones LLC grew its holdings in Old Dominion Freight Line by 5.3% during the 4th quarter. Brighton Jones LLC now owns 1,559 shares of the transportation company's stock worth $275,000 after acquiring an additional 79 shares during the period. World Investment Advisors acquired a new stake in Old Dominion Freight Line during the 4th quarter worth about $360,000. Bank of Nova Scotia grew its holdings in Old Dominion Freight Line by 1.4% during the 4th quarter. Bank of Nova Scotia now owns 119,459 shares of the transportation company's stock worth $21,103,000 after acquiring an additional 1,659 shares during the period. Advisory Services Network LLC grew its holdings in Old Dominion Freight Line by 23.3% during the 4th quarter. Advisory Services Network LLC now owns 7,859 shares of the transportation company's stock worth $1,386,000 after acquiring an additional 1,484 shares during the period. Finally, APG Asset Management N.V. grew its holdings in Old Dominion Freight Line by 96.2% during the 4th quarter. APG Asset Management N.V. now owns 22,557 shares of the transportation company's stock worth $3,843,000 after acquiring an additional 11,060 shares during the period. Institutional investors own 77.82% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. JPMorgan Chase & Co. decreased their price target on 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. Barclays set a $155.00 target price on Old Dominion Freight Line and gave the company an "equal weight" rating in a research report on Thursday, July 31st. Robert W. Baird set a $148.00 target price on Old Dominion Freight Line and gave the company a "neutral" rating in a research report on Monday. Wall Street Zen raised Old Dominion Freight Line from a "sell" rating to a "hold" rating in a research report on Friday, May 30th. Finally, Susquehanna decreased their target price on Old Dominion Freight Line from $168.00 to $160.00 and set a "neutral" rating for the company in a research report on Wednesday, June 18th. One research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and eight have assigned a buy rating to the company's stock. According to data from MarketBeat, Old Dominion Freight Line has a consensus rating of "Hold" and an average target price of $167.62.

Old Dominion Freight Line Price Performance

Shares of NASDAQ ODFL opened at $149.93 on Thursday. Old Dominion Freight Line, Inc. has a twelve month low of $141.73 and a twelve month high of $233.26. The stock's 50 day moving average price is $161.28 and its 200-day moving average price is $167.87. The company has a market capitalization of $31.68 billion, a PE ratio of 29.28, a PEG ratio of 3.39 and a beta of 1.24. The company has a quick ratio of 1.32, a current ratio of 1.38 and a debt-to-equity ratio of 0.04.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last announced 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). Old Dominion Freight Line had a return on equity of 25.94% and a net margin of 19.42%. The business 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 earned $1.48 EPS. Old Dominion Freight Line's quarterly revenue was down 6.1% on a year-over-year basis. On average, equities analysts anticipate that Old Dominion Freight Line, Inc. will post 5.68 EPS for the current year.

Old Dominion Freight Line Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 17th. Stockholders of record on Wednesday, September 3rd will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date is Wednesday, September 3rd. Old Dominion Freight Line's payout ratio is presently 21.88%.

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.

Want to see what other hedge funds are holding ODFL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.