Man Group plc acquired a new stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 180,186 shares of the transportation company's stock, valued at approximately $39,028,000. Man Group plc owned about 0.09% of Old Dominion Freight Line at the end of the most recent quarter.
Several other large investors have also recently modified their holdings of ODFL. AustralianSuper Pty Ltd increased its stake in shares of Old Dominion Freight Line by 955.4% in the 4th quarter. AustralianSuper Pty Ltd now owns 75,005 shares of the transportation company's stock worth $11,761,000 after acquiring an additional 67,898 shares in the last quarter. Summitry LLC boosted its stake in Old Dominion Freight Line by 5.4% during the fourth quarter. Summitry LLC now owns 218,175 shares of the transportation company's stock worth $34,210,000 after acquiring an additional 11,223 shares in the last quarter. Partners Group Holding AG boosted its stake in Old Dominion Freight Line by 37.0% during the fourth quarter. Partners Group Holding AG now owns 194,631 shares of the transportation company's stock worth $30,518,000 after acquiring an additional 52,514 shares in the last quarter. M&T Bank Corp grew its holdings in Old Dominion Freight Line by 76.3% in the fourth quarter. M&T Bank Corp now owns 15,204 shares of the transportation company's stock worth $2,384,000 after purchasing an additional 6,582 shares during the period. Finally, Northwestern Mutual Wealth Management Co. grew its holdings in Old Dominion Freight Line by 15,188.0% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 407,885 shares of the transportation company's stock worth $63,956,000 after purchasing an additional 405,217 shares during the period. Hedge funds and other institutional investors own 77.82% of the company's stock.
Old Dominion Freight Line Trading Up 0.5%
ODFL stock opened at $199.43 on Thursday. The stock's 50 day simple moving average is $218.44 and its 200 day simple moving average is $210.62. Old Dominion Freight Line, Inc. has a 12-month low of $126.01 and a 12-month high of $252.03. The stock has a market capitalization of $41.35 billion, a PE ratio of 38.43, a price-to-earnings-growth ratio of 3.45 and a beta of 1.18.
Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last posted its earnings results on Wednesday, July 29th. The transportation company reported $1.68 EPS for the quarter, topping analysts' consensus estimates of $1.54 by $0.14. Old Dominion Freight Line had a return on equity of 24.87% and a net margin of 19.44%.The business had revenue of $1.55 billion during the quarter, compared to analyst estimates of $1.54 billion. During the same quarter last year, the company earned $1.27 EPS. The company's quarterly revenue was up 10.4% compared to the same quarter last year. On average, research analysts predict that Old Dominion Freight Line, Inc. will post 5.78 earnings per share for the current year.
Old Dominion Freight Line Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 16th. Investors of record on Wednesday, September 2nd will be issued a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 0.6%. The ex-dividend date is Wednesday, September 2nd. Old Dominion Freight Line's dividend payout ratio (DPR) is presently 22.35%.
Insiders Place Their Bets
In other Old Dominion Freight Line news, SVP Cecil E. Jr. Overbey sold 19,952 shares of the company's stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $198.39, for a total transaction of $3,958,277.28. Following the transaction, the senior vice president owned 22,746 shares in the company, valued at approximately $4,512,578.94. This represents a 46.73% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 8.20% of the company's stock.
Wall Street Analysts Forecast Growth
A number of analysts have recently commented on the company. The Goldman Sachs Group reissued a "buy" rating and issued a $244.00 price target on shares of Old Dominion Freight Line in a research report on Wednesday, July 29th. Stifel Nicolaus set a $263.00 price objective on Old Dominion Freight Line and gave the company a "buy" rating in a research note on Thursday, July 30th. Barclays boosted their target price on Old Dominion Freight Line from $210.00 to $220.00 and gave the stock an "equal weight" rating in a report on Thursday, June 25th. UBS Group reissued a "neutral" rating and issued a $228.00 target price (up from $224.00) on shares of Old Dominion Freight Line in a research note on Thursday, July 30th. Finally, JPMorgan Chase & Co. raised their price target on Old Dominion Freight Line from $197.00 to $234.00 and gave the company a "neutral" rating in a report on Monday, June 8th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, thirteen have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, Old Dominion Freight Line has an average rating of "Hold" and an average price target of $226.55.
Check Out Our Latest Research Report on Old Dominion Freight Line
Old Dominion Freight Line Company Profile
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Free Report)
Old Dominion Freight Line is a U.S.-based less-than-truckload (LTL) transportation company that provides regional, inter-regional and national freight services. Founded in 1934 and headquartered in Thomasville, North Carolina, the company has grown from a regional carrier into a national freight network, operating a broad system of service centers and terminals to move shipments for shippers of varying sizes and industries.
The company's core business is LTL trucking, offering scheduled pickup and delivery for palletized freight that does not require a full truckload.
Further Reading
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