Mitsubishi UFJ Asset Management Co. Ltd. Acquires Shares of 470,778 Old Dominion Freight Line, Inc. $ODFL

Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 470,778 shares of the transportation company's stock, valued at approximately $101,971,000. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.23% of Old Dominion Freight Line at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Bogart Wealth LLC boosted its stake in Old Dominion Freight Line by 9.9% during the first quarter. Bogart Wealth LLC now owns 511 shares of the transportation company's stock valued at $100,000 after buying an additional 46 shares during the last quarter. Private Advisor Group LLC lifted its stake in shares of Old Dominion Freight Line by 1.3% in the 1st quarter. Private Advisor Group LLC now owns 4,164 shares of the transportation company's stock valued at $814,000 after purchasing an additional 55 shares during the last quarter. Keybank National Association OH lifted its stake in shares of Old Dominion Freight Line by 2.3% in the 1st quarter. Keybank National Association OH now owns 2,450 shares of the transportation company's stock valued at $479,000 after purchasing an additional 56 shares during the last quarter. Deseret Mutual Benefit Administrators boosted its holdings in shares of Old Dominion Freight Line by 9.7% in the 4th quarter. Deseret Mutual Benefit Administrators now owns 645 shares of the transportation company's stock worth $101,000 after purchasing an additional 57 shares during the period. Finally, Verdence Capital Advisors LLC boosted its holdings in shares of Old Dominion Freight Line by 1.2% in the 4th quarter. Verdence Capital Advisors LLC now owns 5,181 shares of the transportation company's stock worth $812,000 after purchasing an additional 60 shares during the period. 77.82% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

ODFL has been the topic of several recent research reports. Susquehanna increased their price target on Old Dominion Freight Line from $224.00 to $228.00 and gave the company a "neutral" rating in a report on Tuesday, July 14th. Stephens reaffirmed an "overweight" rating and set a $240.00 price objective (up from $232.00) on shares of Old Dominion Freight Line in a research note on Thursday, April 30th. Morgan Stanley reiterated an "equal weight" rating and set a $245.00 price objective (up from $235.00) on shares of Old Dominion Freight Line in a research report on Monday, July 6th. Raymond James Financial reissued an "outperform" rating and issued a $241.00 target price (up from $224.00) on shares of Old Dominion Freight Line in a research note on Monday, July 13th. Finally, Zacks Research upgraded shares of Old Dominion Freight Line from a "hold" rating to a "strong-buy" rating in a report on Friday, July 31st. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, thirteen have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $226.55.

Old Dominion Freight Line Trading Down 1.9%

NASDAQ:ODFL opened at $208.00 on Wednesday. Old Dominion Freight Line, Inc. has a twelve month low of $126.01 and a twelve month high of $252.03. The company has a market cap of $43.13 billion, a price-to-earnings ratio of 40.08, a price-to-earnings-growth ratio of 3.67 and a beta of 1.18. The stock has a fifty day simple moving average of $222.47 and a 200-day simple moving average of $210.03.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last posted its quarterly 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. The firm had revenue of $1.55 billion for the quarter, compared to analysts' expectations of $1.54 billion. Old Dominion Freight Line had a net margin of 19.44% and a return on equity of 24.87%. The business's revenue for the quarter was up 10.4% on a year-over-year basis. During the same period in the prior year, the business posted $1.27 earnings per share. As a group, equities research analysts predict that Old Dominion Freight Line, Inc. will post 5.78 EPS for the current fiscal year.

Old Dominion Freight Line Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 16th. Shareholders of record on Wednesday, September 2nd will be given a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend is Wednesday, September 2nd. Old Dominion Freight Line's payout ratio is 22.35%.

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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