Mirae Asset Global Investments Co. Ltd. Acquires 32,345 Shares of Old Dominion Freight Line, Inc. $ODFL

Key Points

• Mirae Asset Global Investments boosted its stake in Old Dominion by 39.8% in Q4, buying 32,345 shares to hold 113,616 shares worth about $17.82 million (≈0.05% ownership).
• Old Dominion beat quarterly EPS estimates ($1.09 vs. $1.06) on $1.31 billion in revenue (down 5.7% YoY) and raised its quarterly dividend to $0.29 ($1.16 annualized, 0.5% yield).

Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 39.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 113,616 shares of the transportation company's stock after purchasing an additional 32,345 shares during the quarter. Mirae Asset Global Investments Co. Ltd. owned 0.05% of Old Dominion Freight Line worth $17,815,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Diversified Trust Co. lifted its holdings in shares of Old Dominion Freight Line by 1.7% during the fourth quarter. Diversified Trust Co. now owns 3,883 shares of the transportation company's stock valued at $609,000 after purchasing an additional 65 shares in the last quarter. Modera Wealth Management LLC lifted its holdings in shares of Old Dominion Freight Line by 2.7% during the fourth quarter. Modera Wealth Management LLC now owns 2,765 shares of the transportation company's stock valued at $434,000 after purchasing an additional 72 shares in the last quarter. Cim LLC lifted its holdings in shares of Old Dominion Freight Line by 1.0% during the third quarter. Cim LLC now owns 7,685 shares of the transportation company's stock valued at $1,082,000 after purchasing an additional 75 shares in the last quarter. Brighton Jones LLC lifted its holdings in Old Dominion Freight Line by 5.3% in the fourth quarter. Brighton Jones LLC now owns 1,559 shares of the transportation company's stock valued at $275,000 after acquiring an additional 79 shares during the period. Finally, YANKCOM Partnership lifted its holdings in Old Dominion Freight Line by 9.8% in the fourth quarter. YANKCOM Partnership now owns 931 shares of the transportation company's stock valued at $146,000 after acquiring an additional 83 shares during the period. 77.82% of the stock is owned by institutional investors.

Old Dominion Freight Line Stock Up 2.0%

NASDAQ ODFL opened at $217.76 on Friday. The stock's 50-day moving average price is $196.29 and its 200-day moving average price is $168.14. Old Dominion Freight Line, Inc. has a 52 week low of $126.01 and a 52 week high of $221.63. The company has a market capitalization of $45.39 billion, a P/E ratio of 45.08, a price-to-earnings-growth ratio of 4.50 and a beta of 1.20.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last posted its quarterly earnings data on Wednesday, February 4th. The transportation company reported $1.09 EPS for the quarter, topping the consensus estimate of $1.06 by $0.03. Old Dominion Freight Line had a return on equity of 24.03% and a net margin of 18.62%.The firm had revenue of $1.31 billion for the quarter, compared to the consensus estimate of $1.30 billion. During the same quarter last year, the company earned $1.23 earnings per share. The business's revenue for the quarter was down 5.7% compared to the same quarter last year. Research analysts anticipate that Old Dominion Freight Line, Inc. will post 5.68 EPS for the current year.

Old Dominion Freight Line Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 18th. Stockholders of record on Wednesday, March 4th were paid a $0.29 dividend. This represents a $1.16 annualized dividend and a dividend yield of 0.5%. This is an increase from Old Dominion Freight Line's previous quarterly dividend of $0.28. The ex-dividend date of this dividend was Wednesday, March 4th. Old Dominion Freight Line's dividend payout ratio is 24.02%.

Insider Transactions at Old Dominion Freight Line

In related news, insider Earl E. Congdon sold 25,000 shares of the stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $196.13, for a total transaction of $4,903,250.00. Following the completion of the sale, the insider owned 2,162,113 shares in the company, valued at approximately $424,055,222.69. This trade represents a 1.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Bradley R. Gabosch sold 3,134 shares of the stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $194.27, for a total value of $608,842.18. Following the sale, the director owned 11,278 shares of the company's stock, valued at $2,190,977.06. This represents a 21.75% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 80,134 shares of company stock valued at $15,640,132 over the last quarter. 10.00% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research firms have weighed in on ODFL. Jefferies Financial Group increased their target price on Old Dominion Freight Line from $195.00 to $210.00 and gave the company a "hold" rating in a report on Tuesday, March 3rd. Stifel Nicolaus increased their target price on Old Dominion Freight Line from $217.00 to $228.00 and gave the company a "buy" rating in a report on Thursday. Benchmark reissued a "hold" rating on shares of Old Dominion Freight Line in a report on Wednesday, March 4th. JPMorgan Chase & Co. increased their target price on Old Dominion Freight Line from $182.00 to $183.00 and gave the company a "neutral" rating in a report on Tuesday, April 7th. Finally, Citigroup increased their target price on Old Dominion Freight Line from $216.00 to $218.00 and gave the company a "neutral" rating in a report on Tuesday, April 7th. Nine research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and three have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $195.50.

Old Dominion Freight Line Profile

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.

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