Lecap Asset Management Ltd. Makes New Investment in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Lecap Asset Management Ltd. purchased a new stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 15,675 shares of the transportation company's stock, valued at approximately $2,593,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Balboa Wealth Partners grew its stake in Old Dominion Freight Line by 17.1% during the first quarter. Balboa Wealth Partners now owns 2,528 shares of the transportation company's stock valued at $418,000 after acquiring an additional 370 shares in the last quarter. Davidson Kahn Capital Management LLC grew its position in shares of Old Dominion Freight Line by 47.4% during the 1st quarter. Davidson Kahn Capital Management LLC now owns 7,053 shares of the transportation company's stock valued at $1,167,000 after purchasing an additional 2,267 shares in the last quarter. Asset Management One Co. Ltd. grew its position in shares of Old Dominion Freight Line by 4.4% during the 1st quarter. Asset Management One Co. Ltd. now owns 79,664 shares of the transportation company's stock valued at $13,180,000 after purchasing an additional 3,355 shares in the last quarter. Oppenheimer & Co. Inc. increased its holdings in shares of Old Dominion Freight Line by 11.4% in the first quarter. Oppenheimer & Co. Inc. now owns 2,205 shares of the transportation company's stock worth $365,000 after purchasing an additional 225 shares during the period. Finally, Valmark Advisers Inc. raised its position in shares of Old Dominion Freight Line by 88.8% in the first quarter. Valmark Advisers Inc. now owns 4,589 shares of the transportation company's stock worth $759,000 after buying an additional 2,158 shares in the last quarter. 77.82% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts recently commented on the company. Barclays reduced their target price on Old Dominion Freight Line from $185.00 to $170.00 and set an "equal weight" rating for the company in a research report on Thursday, April 24th. Evercore ISI cut their price objective on Old Dominion Freight Line from $164.00 to $156.00 and set an "in-line" rating for the company in a report on Thursday, April 24th. UBS Group decreased their price objective on shares of Old Dominion Freight Line from $196.00 to $158.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 8th. Bank of America lifted their target price on shares of Old Dominion Freight Line from $167.00 to $183.00 and gave the company a "neutral" rating in a research report on Friday, May 16th. Finally, Stephens reissued an "overweight" rating and issued a $180.00 price target (down previously from $200.00) on shares of Old Dominion Freight Line in a research note on Thursday, April 24th. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $176.10.

Old Dominion Freight Line Trading Up 0.4%

ODFL traded up $0.64 on Thursday, hitting $160.99. 1,671,986 shares of the company were exchanged, compared to its average volume of 1,637,157. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.32 and a current ratio of 1.32. The firm has a fifty day simple moving average of $160.02 and a two-hundred day simple moving average of $172.99. The stock has a market capitalization of $34.02 billion, a PE ratio of 30.20, a price-to-earnings-growth ratio of 3.34 and a beta of 1.26. Old Dominion Freight Line, Inc. has a 12 month low of $144.90 and a 12 month high of $233.26.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last released its quarterly earnings data on Wednesday, April 23rd. The transportation company reported $1.19 earnings per share for the quarter, beating analysts' consensus estimates of $1.14 by $0.05. Old Dominion Freight Line had a return on equity of 27.40% and a net margin of 20.04%. The firm had revenue of $1.37 billion during the quarter, compared to analyst estimates of $1.38 billion. During the same quarter in the prior year, the firm posted $1.34 earnings per share. The business's quarterly revenue was down 5.8% compared to the same quarter last year. Sell-side analysts expect 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 declared a quarterly dividend, which was paid on Wednesday, June 18th. Shareholders of record on Wednesday, June 4th were given a dividend of $0.28 per share. The ex-dividend date of this dividend was Wednesday, June 4th. This represents a $1.12 annualized dividend and a yield of 0.70%. Old Dominion Freight Line's payout ratio is currently 21.01%.

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.