Rafferty Asset Management LLC Acquires 1,895 Shares of Old Dominion Freight Line, Inc. $ODFL

Key Points

• Rafferty Asset Management LLC increased its stake in Old Dominion Freight Line, Inc. by 2.1%, owning 93,798 shares worth approximately $15.5 million.
• Old Dominion Freight Line reported $1.27 EPS for the quarter, missing estimates of $1.29, alongside a revenue decline of 6.1% year-over-year.
• The company recently declared a quarterly dividend of $0.28 per share, with a record date of September 3rd, offering an annual yield of 0.7%.

Rafferty Asset Management LLC raised its stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 2.1% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 93,798 shares of the transportation company's stock after buying an additional 1,895 shares during the quarter. Rafferty Asset Management LLC's holdings in Old Dominion Freight Line were worth $15,519,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in ODFL. Lido Advisors LLC raised its stake in shares of Old Dominion Freight Line by 3.2% in the fourth quarter. Lido Advisors LLC now owns 1,929 shares of the transportation company's stock worth $340,000 after purchasing an additional 59 shares during the last quarter. Integrated Wealth Concepts LLC raised its stake in shares of Old Dominion Freight Line by 1.4% in the fourth quarter. Integrated Wealth Concepts LLC now owns 4,531 shares of the transportation company's stock worth $799,000 after purchasing an additional 63 shares during the last quarter. Benjamin Edwards Inc. raised its stake in shares of Old Dominion Freight Line by 3.0% in the fourth quarter. Benjamin Edwards Inc. now owns 2,297 shares of the transportation company's stock worth $405,000 after purchasing an additional 67 shares during the last quarter. Fifth Third Wealth Advisors LLC raised its stake in shares of Old Dominion Freight Line by 4.6% in the first quarter. Fifth Third Wealth Advisors LLC now owns 1,617 shares of the transportation company's stock worth $268,000 after purchasing an additional 71 shares during the last quarter. Finally, City Holding Co. raised its stake in shares of Old Dominion Freight Line by 1.1% in the first quarter. City Holding Co. now owns 7,104 shares of the transportation company's stock worth $1,175,000 after purchasing an additional 75 shares during the last quarter. Hedge funds and other institutional investors own 77.82% of the company's stock.

Old Dominion Freight Line Stock Performance

NASDAQ:ODFL traded up $1.27 during mid-day trading on Friday, hitting $150.97. 1,679,371 shares of the company traded hands, compared to its average volume of 1,923,390. The stock's fifty day moving average price is $158.10 and its 200-day moving average price is $162.85. Old Dominion Freight Line, Inc. has a one year low of $140.91 and a one year high of $233.26. 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 $31.73 billion, a price-to-earnings ratio of 29.49, a price-to-earnings-growth ratio of 3.50 and a beta of 1.24.

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

Old Dominion Freight Line Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 17th. Shareholders of record on Wednesday, September 3rd will be issued 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 payout ratio is currently 21.88%.

Wall Street Analyst Weigh In

Several brokerages recently commented on ODFL. TD Cowen cut their price objective on Old Dominion Freight Line from $166.00 to $159.00 and set a "hold" rating for the company in a report on Thursday, July 31st. Baird R W raised Old Dominion Freight Line to a "hold" rating in a report on Tuesday, July 1st. Bank of America lifted their price objective on Old Dominion Freight Line from $167.00 to $183.00 and gave the stock a "neutral" rating in a report on Friday, May 16th. Wall Street Zen raised Old Dominion Freight Line from a "sell" rating to a "hold" rating in a report on Friday, May 30th. Finally, UBS Group cut their price objective on Old Dominion Freight Line from $158.00 to $155.00 and set a "neutral" rating for the company in a report on Thursday, July 31st. Eight investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $167.62.

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.