Charles Schwab Investment Management Inc. Increases Stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Key Points

• Charles Schwab Investment Management Inc. increased its stake in Old Dominion Freight Line by 4.6%, now owning 1.3 million shares valued at approximately $216 million.
• Old Dominion Freight Line reported a 6.1% decline in revenue year-over-year, with earnings per share of $1.27, missing estimates by $0.02.
• The company declared a quarterly dividend of $0.28 per share, representing a yield of 0.8%, with a payout ratio of 21.88%.

Charles Schwab Investment Management Inc. lifted its holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 4.6% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 1,307,381 shares of the transportation company's stock after acquiring an additional 57,145 shares during the quarter. Charles Schwab Investment Management Inc. owned 0.62% of Old Dominion Freight Line worth $216,306,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Ameriprise Financial Inc. lifted its holdings in shares of 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 worth $223,281,000 after acquiring an additional 35,778 shares during the last quarter. GAMMA Investing LLC lifted its holdings in shares of Old Dominion Freight Line by 48.7% in the 1st quarter. GAMMA Investing LLC now owns 3,109 shares of the transportation company's stock worth $514,000 after acquiring an additional 1,018 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Old Dominion Freight Line by 9.5% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 17,595 shares of the transportation company's stock worth $2,911,000 after acquiring an additional 1,529 shares during the last quarter. Mercer Global Advisors Inc. ADV lifted its holdings in shares of Old Dominion Freight Line by 93.5% in the 4th 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 last quarter. Finally, Bayesian Capital Management LP lifted its holdings in shares of Old Dominion Freight Line by 592.3% in the 4th quarter. Bayesian Capital Management LP now owns 9,000 shares of the transportation company's stock worth $1,588,000 after acquiring an additional 7,700 shares during the last quarter. 77.82% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

ODFL has been the subject of a number of recent analyst reports. Wall Street Zen upgraded shares of Old Dominion Freight Line from a "sell" rating to a "hold" rating in a report on Friday, May 30th. Baird R W upgraded shares of Old Dominion Freight Line to a "hold" rating in a report on Tuesday, July 1st. Bank of America upped their price target on shares of Old Dominion Freight Line from $167.00 to $183.00 and gave the company a "neutral" rating in a report on Friday, May 16th. Vertical Research upgraded shares of Old Dominion Freight Line from a "hold" rating to a "buy" rating and set a $170.00 price target for the company in a report on Thursday, July 31st. Finally, JPMorgan Chase & Co. lowered their price target on shares of Old Dominion Freight Line from $158.00 to $146.00 and set a "neutral" rating for the company in a report on Tuesday, July 8th. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and eight have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $167.62.

Old Dominion Freight Line Stock Down 2.2%

Shares of NASDAQ:ODFL traded down $3.41 during midday trading on Thursday, reaching $150.06. The company's stock had a trading volume of 500,263 shares, compared to its average volume of 1,840,377. The firm has a 50 day moving average of $159.87 and a 200-day moving average of $166.38. The firm has a market capitalization of $31.54 billion, a P/E ratio of 29.26, a PEG ratio of 3.44 and a beta of 1.24. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.04. Old Dominion Freight Line, Inc. has a 12-month low of $140.91 and a 12-month high of $233.26.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The transportation company reported $1.27 EPS for the quarter, missing the consensus estimate 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 firm had revenue of $1.41 billion for the quarter, compared to analysts' expectations of $1.43 billion. During the same period last year, the company posted $1.48 earnings per share. The business's revenue for the quarter was down 6.1% compared to the same quarter last year. On average, research analysts anticipate that Old Dominion Freight Line, Inc. will post 5.68 earnings per share for the current year.

Old Dominion Freight Line Announces Dividend

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

About Old Dominion Freight Line

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.