IMS Capital Management Takes $458,000 Position in Old Dominion Freight Line, Inc. $ODFL

Key Points

• IMS Capital Management has acquired a new position in Old Dominion Freight Line, purchasing 2,820 shares valued at approximately $458,000.
• Institutional investors own 77.82% of Old Dominion Freight Line's stock, with significant increases in holdings from T. Rowe Price and JPMorgan Chase during the first quarter.
• Old Dominion Freight Line reported a 6.1% year-over-year decline in revenue, with quarterly earnings of $1.27 per share, missing analysts' estimates by $0.02.

IMS Capital Management purchased a new position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,820 shares of the transportation company's stock, valued at approximately $458,000.

A number of other hedge funds have also recently added to or reduced their stakes in ODFL. T. Rowe Price Investment Management Inc. lifted its position in shares of Old Dominion Freight Line by 79.5% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 2,599,005 shares of the transportation company's stock valued at $430,006,000 after acquiring an additional 1,151,221 shares during the period. Nuveen LLC bought a new position in shares of Old Dominion Freight Line in the first quarter worth $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 lifted its position in Old Dominion Freight Line by 24,499.9% during the first quarter. GAMMA Investing LLC now owns 514,384 shares of the transportation company's stock worth $85,105,000 after purchasing an additional 512,293 shares during the period. Finally, Vanguard Group Inc. lifted its position in 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 purchasing an additional 416,097 shares during the period. Institutional investors own 77.82% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. The Goldman Sachs Group raised shares of Old Dominion Freight Line from a "neutral" rating to a "buy" rating and raised their target price for the company from $190.00 to $200.00 in a report on Monday, June 2nd. TD Cowen decreased their price objective on shares of Old Dominion Freight Line from $166.00 to $159.00 and set a "hold" rating on the stock in a research note on Thursday, July 31st. Wall Street Zen upgraded shares of Old Dominion Freight Line from a "sell" rating to a "hold" rating in a research report on Friday, May 30th. Citigroup cut their target price on Old Dominion Freight Line from $174.00 to $173.00 and set a "buy" rating for the company in a research note on Wednesday, September 10th. Finally, Robert W. Baird set a $148.00 price target on Old Dominion Freight Line and gave the company a "neutral" rating in a research note on Monday, August 4th. Eight analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $166.95.

Old Dominion Freight Line Price Performance

Shares of ODFL opened at $139.34 on Wednesday. The business has a 50-day moving average of $151.44 and a 200-day moving average of $158.01. 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 company has a market capitalization of $29.28 billion, a price-to-earnings ratio of 27.21, a price-to-earnings-growth ratio of 3.23 and a beta of 1.23. Old Dominion Freight Line, Inc. has a 1 year low of $138.65 and a 1 year high of $233.26.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last released 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 net margin of 19.42% and a return on equity of 25.94%. The firm had revenue of $1.41 billion for the quarter, compared to analyst estimates of $1.43 billion. During the same period in the prior year, the company posted $1.48 EPS. The business's revenue for the quarter was down 6.1% compared to the same quarter last year. As a group, equities research analysts anticipate 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 was paid on Wednesday, September 17th. Investors of record on Wednesday, September 3rd were paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date of this dividend was Wednesday, September 3rd. Old Dominion Freight Line's dividend payout ratio (DPR) is currently 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.

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