Mitsubishi UFJ Asset Management Co. Ltd. Has $58.30 Million Position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Key Points

• Mitsubishi UFJ Asset Management has increased its stake in Old Dominion Freight Line by 9.4%, now owning 352,395 shares valued at about $58.3 million.
• Old Dominion Freight Line's earnings per share for the most recent quarter was $1.27, falling short of analysts' expectations of $1.29.
• The company declared a quarterly dividend of $0.28, with the expected payment date on September 17th, reflecting a dividend yield of 0.8%.

Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 9.4% in the first quarter, according to its most recent filing with the SEC. The firm owned 352,395 shares of the transportation company's stock after acquiring an additional 30,328 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 0.17% of Old Dominion Freight Line worth $58,304,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Larson Financial Group LLC lifted its holdings in shares of Old Dominion Freight Line by 234.8% during the 1st quarter. Larson Financial Group LLC now owns 154 shares of the transportation company's stock worth $25,000 after acquiring an additional 108 shares during the period. American National Bank & Trust acquired a new stake in shares of Old Dominion Freight Line during the 1st quarter worth about $30,000. Itau Unibanco Holding S.A. increased its position in shares of 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 worth $40,000 after purchasing an additional 192 shares in the last quarter. Wayfinding Financial LLC acquired a new stake in shares of Old Dominion Freight Line during the 1st quarter worth about $39,000. Finally, Olde Wealth Management LLC acquired a new stake in shares of Old Dominion Freight Line during the 1st quarter worth about $43,000. 77.82% of the stock is owned by institutional investors.

Old Dominion Freight Line Stock Down 1.0%

ODFL traded down $1.44 during trading on Monday, reaching $143.02. The company had a trading volume of 2,070,968 shares, compared to its average volume of 1,850,440. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.38 and a quick ratio of 1.38. Old Dominion Freight Line, Inc. has a 12 month low of $140.91 and a 12 month high of $233.26. The business's fifty day moving average price is $160.64 and its 200 day moving average price is $166.93. The company has a market cap of $30.06 billion, a P/E ratio of 27.93, a PEG ratio of 3.33 and a beta of 1.24.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last announced its quarterly earnings results 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 company had revenue of $1.41 billion during the quarter, compared to the consensus estimate of $1.43 billion. During the same period in the previous year, the firm posted $1.48 EPS. The business's quarterly revenue was down 6.1% compared to the same quarter last year. Equities analysts anticipate that Old Dominion Freight Line, Inc. will post 5.68 EPS for the current year.

Old Dominion Freight Line Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 17th. Stockholders of record on Wednesday, September 3rd will be issued a $0.28 dividend. The ex-dividend date is Wednesday, September 3rd. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.8%. Old Dominion Freight Line's dividend payout ratio (DPR) is 21.88%.

Analyst Ratings Changes

Several equities research analysts have weighed in on ODFL shares. Wall Street Zen upgraded shares of Old Dominion Freight Line from a "sell" rating to a "hold" rating in a research report on Friday, May 30th. Morgan Stanley lowered their price objective on shares of Old Dominion Freight Line from $170.00 to $165.00 and set an "equal weight" rating for the company in a research report on Thursday, July 31st. Truist Financial raised their price objective on shares of Old Dominion Freight Line from $175.00 to $180.00 and gave the company a "buy" rating in a research report on Monday, June 30th. JPMorgan Chase & Co. reduced their target price on shares of Old Dominion Freight Line from $158.00 to $146.00 and set a "neutral" rating on the stock in a research note on Tuesday, July 8th. Finally, Barclays set a $155.00 target price on shares of Old Dominion Freight Line and gave the company an "equal weight" rating in a research note on Thursday, July 31st. One equities research analyst has rated the stock with a sell rating, fifteen have given a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $167.62.

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.