Old Dominion Freight Line, Inc. $ODFL Shares Acquired by Lord Abbett & CO. LLC

Key Points

• Lord Abbett & CO. LLC increased its stake in Old Dominion Freight Line by 49.1%, acquiring an additional 115,332 shares and holding a total of 350,126 shares valued at approximately $57.9 million.
• The company reported Q2 earnings of $1.27 per share, falling short of estimates by $0.02, and revenue decline of 6.1% year-over-year.
• Old Dominion has declared a quarterly dividend of $0.28 per share, representing an annualized yield of 0.7%, with a payout ratio of 21.88%.

Lord Abbett & CO. LLC grew its position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 49.1% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 350,126 shares of the transportation company's stock after purchasing an additional 115,332 shares during the period. Lord Abbett & CO. LLC owned approximately 0.17% of Old Dominion Freight Line worth $57,928,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of ODFL. T. Rowe Price Investment Management Inc. lifted its position in Old Dominion Freight Line by 1,575.9% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,447,784 shares of the transportation company's stock worth $255,390,000 after buying an additional 1,361,397 shares in the last quarter. Nuveen LLC purchased a new position in Old Dominion Freight Line during the first quarter worth approximately $151,107,000. JPMorgan Chase & Co. lifted its position in Old Dominion Freight Line by 45.1% during the first quarter. JPMorgan Chase & Co. now owns 2,429,750 shares of the transportation company's stock worth $402,002,000 after buying 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 buying an additional 512,293 shares in the last quarter. 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 buying an additional 416,097 shares in the last quarter. 77.82% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

ODFL has been the subject of several recent analyst reports. Truist Financial raised their target price on Old Dominion Freight Line from $175.00 to $180.00 and gave the stock a "buy" rating in a research note on Monday, June 30th. UBS Group dropped their price objective on Old Dominion Freight Line from $158.00 to $155.00 and set a "neutral" rating for the company in a research note on Thursday, July 31st. Stifel Nicolaus dropped their price objective on 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. TD Cowen dropped their price objective on Old Dominion Freight Line from $166.00 to $159.00 and set a "hold" rating for the company in a research note on Thursday, July 31st. Finally, Stephens dropped their price objective on Old Dominion Freight Line from $186.00 to $174.00 and set an "overweight" rating for the company in a research note on Thursday, July 31st. Eight investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $167.62.

Old Dominion Freight Line Stock Performance

Shares of Old Dominion Freight Line stock traded up $4.24 on Tuesday, hitting $154.70. The stock had a trading volume of 1,816,237 shares, compared to its average volume of 1,840,702. The company's 50 day moving average price is $159.28 and its 200 day moving average price is $165.28. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.04. The stock has a market cap of $32.51 billion, a price-to-earnings ratio of 30.19, a P/E/G ratio of 3.48 and a beta of 1.24. Old Dominion Freight Line, Inc. has a 52-week low of $140.91 and a 52-week high of $233.26.

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 EPS for the quarter, missing the consensus estimate of $1.29 by ($0.02). The company had revenue of $1.41 billion for the quarter, compared to analysts' expectations of $1.43 billion. Old Dominion Freight Line had a net margin of 19.42% and a return on equity of 25.94%. The firm's revenue was down 6.1% on a year-over-year basis. During the same period in the prior year, the company earned $1.48 earnings per share. On average, research analysts anticipate 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 disclosed a quarterly dividend, which will be paid on Wednesday, September 17th. Shareholders of record on Wednesday, September 3rd will be paid a dividend of $0.28 per share. The ex-dividend date of this dividend is Wednesday, September 3rd. This represents a $1.12 annualized dividend and a yield of 0.7%. Old Dominion Freight Line's dividend payout ratio 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.