Mariner Investment Group LLC Acquires New Shares in Old Dominion Freight Line, Inc. $ODFL

Key Points

• Mariner Investment Group LLC has acquired a new stake of 5,750 shares in Old Dominion Freight Line, valued at approximately $933,000, representing 0.3% of its investment portfolio.
• Several hedge funds significantly increased their holdings in Old Dominion Freight Line, with T. Rowe Price raising its stake by 79.5% in the 1st quarter of 2023.
• Old Dominion Freight Line reported a 6.1% decline in quarterly revenue year-over-year, missing earnings expectations with $1.27 per share against a consensus estimate of $1.29.

Mariner Investment Group LLC acquired a new stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 5,750 shares of the transportation company's stock, valued at approximately $933,000. Old Dominion Freight Line makes up 0.3% of Mariner Investment Group LLC's investment portfolio, making the stock its 27th largest position.

Several other hedge funds have also recently bought and sold shares of ODFL. T. Rowe Price Investment Management Inc. increased its stake in Old Dominion Freight Line by 79.5% in 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 purchasing an additional 1,151,221 shares in the last quarter. Nuveen LLC acquired a new stake in Old Dominion Freight Line during the 1st quarter valued at $151,107,000. JPMorgan Chase & Co. grew its holdings in Old Dominion Freight Line by 45.1% during the 1st quarter. JPMorgan Chase & Co. now owns 2,429,750 shares of the transportation company's stock valued at $402,002,000 after buying an additional 754,796 shares during the last quarter. GAMMA Investing LLC grew its holdings in Old Dominion Freight Line by 24,499.9% during the 1st quarter. GAMMA Investing LLC now owns 514,384 shares of the transportation company's stock valued at $85,105,000 after buying an additional 512,293 shares during the last quarter. Finally, Vanguard Group Inc. grew its holdings in Old Dominion Freight Line by 1.9% during the 1st quarter. Vanguard Group Inc. now owns 22,666,405 shares of the transportation company's stock valued at $3,750,157,000 after buying an additional 416,097 shares during the last quarter. 77.82% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. Morgan Stanley lowered their target price on Old Dominion Freight Line from $170.00 to $165.00 and set an "equal weight" rating on the stock in a report on Thursday, July 31st. JPMorgan Chase & Co. lowered their target price on Old Dominion Freight Line from $158.00 to $146.00 and set a "neutral" rating on the stock in a report on Tuesday, July 8th. Wall Street Zen upgraded Old Dominion Freight Line from a "sell" rating to a "hold" rating in a report on Friday, May 30th. Susquehanna raised their price objective on Old Dominion Freight Line from $155.00 to $156.00 and gave the stock a "neutral" rating in a report on Wednesday, September 10th. Finally, Barclays set a $155.00 price objective on Old Dominion Freight Line and gave the stock an "equal weight" rating in a report on Thursday, July 31st. Eight equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $166.95.

Old Dominion Freight Line Trading Down 1.3%

Shares of ODFL opened at $138.59 on Friday. 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 firm has a market capitalization of $29.13 billion, a P/E ratio of 27.07, a price-to-earnings-growth ratio of 3.26 and a beta of 1.23. The stock's fifty day simple moving average is $150.14 and its 200 day simple moving average is $157.44. Old Dominion Freight Line, Inc. has a twelve month low of $133.69 and a twelve month high of $233.26.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last issued its earnings results on Wednesday, July 30th. The transportation company reported $1.27 earnings per share for the quarter, missing the consensus estimate of $1.29 by ($0.02). The firm had revenue of $1.41 billion during the quarter, compared to analysts' expectations of $1.43 billion. Old Dominion Freight Line had a return on equity of 25.94% and a net margin of 19.42%.The company's quarterly revenue was down 6.1% compared to the same quarter last year. During the same period last year, the business posted $1.48 earnings per share. On average, equities research analysts forecast that Old Dominion Freight Line, Inc. will post 5.68 earnings per share for the current year.

Old Dominion Freight Line Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 17th. Stockholders of record on Wednesday, September 3rd were given 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 of this dividend was Wednesday, September 3rd. Old Dominion Freight Line's payout ratio is presently 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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