Old Dominion Freight Line, Inc. (NASDAQ:ODFL) Shares Bought by Weitz Investment Management Inc.

Key Points

• Weitz Investment Management Inc. increased its stake in Old Dominion Freight Line by 9.8% during the first quarter, making it the firm's 23rd largest holding worth approximately $34.5 million.
• Old Dominion Freight Line reported $1.27 EPS for the last quarter, which fell short of analysts' expectations, along with a 6.1% decline in revenue year-over-year.
• The company announced a quarterly dividend of $0.28 per share, resulting in an annualized dividend yield of 0.8%, with a payout ratio of 21.88%.

Weitz Investment Management Inc. grew its holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 9.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 208,500 shares of the transportation company's stock after purchasing an additional 18,600 shares during the quarter. Old Dominion Freight Line comprises approximately 1.8% of Weitz Investment Management Inc.'s portfolio, making the stock its 23rd largest holding. Weitz Investment Management Inc. owned approximately 0.10% of Old Dominion Freight Line worth $34,496,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Ameriprise Financial Inc. boosted its holdings in Old Dominion Freight Line by 2.9% in the 4th quarter. Ameriprise Financial Inc. now owns 1,267,640 shares of the transportation company's stock valued at $223,281,000 after purchasing an additional 35,778 shares during the last quarter. GAMMA Investing LLC raised its position in shares of Old Dominion Freight Line by 48.7% during the 1st quarter. GAMMA Investing LLC now owns 3,109 shares of the transportation company's stock valued at $514,000 after buying an additional 1,018 shares during the period. World Investment Advisors purchased a new stake in shares of Old Dominion Freight Line during the 4th quarter valued at approximately $360,000. Wealth Enhancement Advisory Services LLC lifted its holdings in Old Dominion Freight Line by 9.5% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 17,595 shares of the transportation company's stock valued at $2,911,000 after acquiring an additional 1,529 shares during the last quarter. Finally, Mercer Global Advisors Inc. ADV grew its position in Old Dominion Freight Line by 93.5% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 15,396 shares of the transportation company's stock worth $2,716,000 after acquiring an additional 7,439 shares during the period. 77.82% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on ODFL shares. Bank of America lifted their target price on Old Dominion Freight Line from $167.00 to $183.00 and gave the company a "neutral" rating in a research report on Friday, May 16th. Baird R W upgraded shares of Old Dominion Freight Line to a "hold" rating in a report on Tuesday, July 1st. Stephens decreased their target price on shares of Old Dominion Freight Line from $186.00 to $174.00 and set an "overweight" rating on the stock in a research report on Thursday. TD Cowen lowered their target price on shares of Old Dominion Freight Line from $166.00 to $159.00 and set a "hold" rating for the company in a research note on Thursday. Finally, Evercore ISI reduced their price target on shares of Old Dominion Freight Line from $164.00 to $156.00 and set an "in-line" rating on the stock in a research note on Thursday, April 24th. One investment 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. Based on data from MarketBeat.com, Old Dominion Freight Line has an average rating of "Hold" and a consensus price target of $168.38.

Old Dominion Freight Line Stock Performance

NASDAQ:ODFL opened at $141.85 on Monday. Old Dominion Freight Line, Inc. has a 12 month low of $141.73 and a 12 month high of $233.26. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.38 and a quick ratio of 1.32. The firm has a market capitalization of $29.98 billion, a PE ratio of 27.71, a price-to-earnings-growth ratio of 3.27 and a beta of 1.24. The business's fifty day moving average price is $162.22 and its 200 day moving average price is $168.46.

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

Old Dominion Freight Line Announces Dividend

The company also recently announced 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. This represents a $1.12 annualized dividend and a dividend yield of 0.8%. The ex-dividend date of this dividend is Wednesday, September 3rd. Old Dominion Freight Line's payout ratio is presently 21.88%.

Old Dominion Freight Line 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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