Federation des caisses Desjardins du Quebec Raises Stake in Old Dominion Freight Line, Inc. $ODFL

Key Points

• Federation des caisses Desjardins du Quebec increased its holdings in Old Dominion Freight Line, Inc. by 596.3%, owning 38,135 shares worth approximately $6.31 million as reported in a recent SEC filing.
• Despite an increase in institutional investments, Old Dominion's recent earnings report showed a 6.1% revenue decline year-over-year and earnings falling short of analysts' expectations.
• Analysts have given varied ratings for Old Dominion, with a current consensus rating of "Hold" and an average target price of $167.62 across multiple reports.

Federation des caisses Desjardins du Quebec lifted its position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 596.3% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 38,135 shares of the transportation company's stock after purchasing an additional 32,658 shares during the quarter. Federation des caisses Desjardins du Quebec's holdings in Old Dominion Freight Line were worth $6,309,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in Old Dominion Freight Line by 1.9% in the first quarter. Vanguard Group Inc. now owns 22,666,405 shares of the transportation company's stock worth $3,750,157,000 after purchasing 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 valued at $706,841,000 after acquiring an additional 53,079 shares during the period. T. Rowe Price Investment Management Inc. lifted its holdings in Old Dominion Freight Line by 79.5% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 2,599,005 shares of the transportation company's stock worth $430,006,000 after buying an additional 1,151,221 shares during the period. JPMorgan Chase & Co. increased its position 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 valued at $402,002,000 after buying an additional 754,796 shares in the last quarter. Finally, Ameriprise Financial Inc. increased its holdings in shares of Old Dominion Freight Line by 11.4% in the 1st quarter. Ameriprise Financial Inc. now owns 1,412,698 shares of the transportation company's stock worth $232,955,000 after purchasing an additional 145,058 shares in the last quarter. Institutional investors own 77.82% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. Benchmark restated a "hold" rating and set a $102.00 target price on shares of Old Dominion Freight Line in a report on Thursday, June 12th. Stifel Nicolaus decreased 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 research note on Thursday, July 31st. Vertical Research upgraded shares of Old Dominion Freight Line from a "hold" rating to a "buy" rating and set a $170.00 target price for the company in a report on Thursday, July 31st. Wells Fargo & Company reduced their price target on shares of Old Dominion Freight Line from $160.00 to $145.00 and set an "underweight" rating on the stock in a research report on Thursday, July 31st. Finally, Stephens reduced their price objective on shares of Old Dominion Freight Line from $186.00 to $174.00 and set an "overweight" rating for the company in a report on Thursday, July 31st. Eight investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $167.62.

Old Dominion Freight Line Price Performance

Shares of ODFL stock traded up $0.40 on Monday, hitting $151.11. 1,512,218 shares of the company's stock were exchanged, compared to its average volume of 1,852,630. Old Dominion Freight Line, Inc. has a 12 month low of $140.71 and a 12 month high of $233.26. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.38 and a quick ratio of 1.38. The stock has a market cap of $31.76 billion, a P/E ratio of 29.51, a price-to-earnings-growth ratio of 3.50 and a beta of 1.23. The company has a 50 day moving average of $156.90 and a 200 day moving average of $160.62.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The transportation company reported $1.27 earnings per share for the quarter, missing the consensus estimate of $1.29 by ($0.02). The business had revenue of $1.41 billion during the quarter, compared to analysts' expectations of $1.43 billion. Old Dominion Freight Line had a return on equity of 25.94% and a net margin of 19.42%.The firm's revenue for the quarter was down 6.1% on a year-over-year basis. During the same period in the prior year, the firm posted $1.48 EPS. On average, equities research analysts predict that Old Dominion Freight Line, Inc. will post 5.68 EPS for the current year.

Old Dominion Freight Line Dividend Announcement

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

Old Dominion Freight Line 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.