Old Dominion Freight Line, Inc. (NASDAQ:ODFL) Position Increased by Mackenzie Financial Corp

Key Points

• Mackenzie Financial Corp increased its holdings in Old Dominion Freight Line, Inc. by 14% in Q1, bringing their total investment to approximately $3.62 million.
• Wall Street analysts are divided on Old Dominion's stock, with a current consensus rating of "Hold" and a target price averaging $168.38.
• The company's recent earnings report showed a 6.1% decline in revenue year-over-year, missing analyst expectations with $1.27 EPS compared to the expected $1.29.

Mackenzie Financial Corp increased its position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 14.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 21,878 shares of the transportation company's stock after acquiring an additional 2,691 shares during the period. Mackenzie Financial Corp's holdings in Old Dominion Freight Line were worth $3,620,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in ODFL. Larson Financial Group LLC lifted its stake in Old Dominion Freight Line by 234.8% in the 1st quarter. Larson Financial Group LLC now owns 154 shares of the transportation company's stock worth $25,000 after purchasing an additional 108 shares in the last quarter. American National Bank & Trust bought a new position in Old Dominion Freight Line during the first quarter valued at approximately $30,000. Itau Unibanco Holding S.A. grew its holdings in Old Dominion Freight Line by 518.9% during the 4th quarter. Itau Unibanco Holding S.A. now owns 229 shares of the transportation company's stock valued at $40,000 after buying an additional 192 shares in the last quarter. Wayfinding Financial LLC bought a new stake in Old Dominion Freight Line in the 1st quarter worth approximately $39,000. Finally, Olde Wealth Management LLC purchased a new stake in shares of Old Dominion Freight Line during the 1st quarter worth approximately $43,000. Hedge funds and other institutional investors own 77.82% of the company's stock.

Old Dominion Freight Line Stock Up 1.9%

NASDAQ:ODFL traded up $2.79 during trading hours on Tuesday, hitting $147.15. The stock had a trading volume of 1,790,555 shares, compared to its average volume of 1,845,077. The business has a 50 day simple moving average of $161.87 and a two-hundred day simple moving average of $168.14. Old Dominion Freight Line, Inc. has a 1-year low of $141.73 and a 1-year high of $233.26. The company has a current ratio of 1.38, a quick ratio of 1.32 and a debt-to-equity ratio of 0.04. The company has a market cap of $31.10 billion, a PE ratio of 28.74, a price-to-earnings-growth ratio of 3.27 and a beta of 1.24.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last issued its quarterly earnings data 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 business had revenue of $1.41 billion for the quarter, compared to analyst estimates of $1.43 billion. During the same quarter last year, the business earned $1.48 EPS. Old Dominion Freight Line's revenue for the quarter was down 6.1% compared to the same quarter last year. 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 disclosed a quarterly dividend, which will be paid on Wednesday, September 17th. Investors of record on Wednesday, September 3rd will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date is Wednesday, September 3rd. Old Dominion Freight Line's payout ratio is currently 21.88%.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on ODFL shares. Stephens decreased their target price on shares of Old Dominion Freight Line from $186.00 to $174.00 and set an "overweight" rating on the stock in a research report on Thursday, July 31st. Raymond James Financial dropped their target price on Old Dominion Freight Line from $180.00 to $165.00 and set an "outperform" rating for the company in a report on Thursday, July 31st. Benchmark restated a "hold" rating and set a $102.00 price target on shares of Old Dominion Freight Line in a report on Thursday, June 12th. Stifel Nicolaus dropped 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. Finally, The Goldman Sachs Group raised shares of Old Dominion Freight Line from a "neutral" rating to a "buy" rating and increased their target price for the company from $190.00 to $200.00 in a research note on Monday, June 2nd. One research analyst has rated the stock with a sell rating, fifteen have given a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, Old Dominion Freight Line currently has an average rating of "Hold" and an average price target of $167.62.

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.