Invesco Ltd. Buys 53,079 Shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Key Points

• Invesco Ltd. increased its stake in Old Dominion Freight Line by 1.3% to 4,272,231 shares, representing a 2.02% ownership valued at $706.8 million.
• Analyst price targets for Old Dominion Freight Line have been reduced, with JPMorgan lowering its target from $158 to $146, indicating a generally cautious outlook.
• The company announced a quarterly dividend of $0.28, reflecting an annual yield of 0.8%, with a dividend payout ratio of 21.88%.

Invesco Ltd. lifted its holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 1.3% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 4,272,231 shares of the transportation company's stock after buying an additional 53,079 shares during the quarter. Invesco Ltd. owned approximately 2.02% of Old Dominion Freight Line worth $706,841,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. Brighton Jones LLC lifted its position in Old Dominion Freight Line by 5.3% in the 4th quarter. Brighton Jones LLC now owns 1,559 shares of the transportation company's stock valued at $275,000 after purchasing an additional 79 shares during the last quarter. Advisory Services Network LLC increased its stake in shares of Old Dominion Freight Line by 23.3% in the fourth quarter. Advisory Services Network LLC now owns 7,859 shares of the transportation company's stock valued at $1,386,000 after purchasing an additional 1,484 shares during the period. APG Asset Management N.V. boosted its position in shares of Old Dominion Freight Line by 96.2% during the fourth quarter. APG Asset Management N.V. now owns 22,557 shares of the transportation company's stock worth $3,843,000 after buying an additional 11,060 shares during the period. Townsquare Capital LLC grew its holdings in Old Dominion Freight Line by 50.6% in the 4th quarter. Townsquare Capital LLC now owns 22,821 shares of the transportation company's stock worth $4,026,000 after buying an additional 7,666 shares in the last quarter. Finally, Granite Investment Partners LLC increased its position in Old Dominion Freight Line by 2.1% in the 4th quarter. Granite Investment Partners LLC now owns 93,945 shares of the transportation company's stock valued at $16,572,000 after acquiring an additional 1,941 shares during the period. 77.82% of the stock is owned by institutional investors and hedge funds.

Old Dominion Freight Line Stock Down 2.2%

Shares of ODFL traded down $3.34 during trading hours on Thursday, reaching $150.13. The company's stock had a trading volume of 633,644 shares, compared to its average volume of 1,841,141. The company has a 50 day moving average of $159.87 and a two-hundred day moving average of $166.38. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.04. The firm has a market cap of $31.55 billion, a price-to-earnings ratio of 29.32, a P/E/G ratio of 3.44 and a beta of 1.24. Old Dominion Freight Line, Inc. has a 1-year low of $140.91 and a 1-year high of $233.26.

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

Old Dominion Freight Line Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 17th. Investors of record on Wednesday, September 3rd will be paid a $0.28 dividend. The ex-dividend date of this dividend is Wednesday, September 3rd. This represents a $1.12 annualized dividend and a dividend yield of 0.7%. Old Dominion Freight Line's payout ratio is presently 21.88%.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on ODFL. Vertical Research raised Old Dominion Freight Line from a "hold" rating to a "buy" rating and set a $170.00 price target for the company in a research note on Thursday, July 31st. TD Cowen cut their target price on Old Dominion Freight Line from $166.00 to $159.00 and set a "hold" rating for the company in a research report on Thursday, July 31st. Stephens dropped their price objective on Old Dominion Freight Line from $186.00 to $174.00 and set an "overweight" rating on the stock in a research note on Thursday, July 31st. Wall Street Zen raised Old Dominion Freight Line from a "sell" rating to a "hold" rating in a research note on Friday, May 30th. Finally, The Goldman Sachs Group upgraded shares of Old Dominion Freight Line from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $190.00 to $200.00 in a research report on Monday, June 2nd. One equities research analyst has rated the stock with a sell rating, fifteen have given a hold rating and eight have given a buy rating to the company's stock. According to MarketBeat.com, Old Dominion Freight Line has an average rating of "Hold" and a consensus price target 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.