Old Dominion Freight Line, Inc. $ODFL Shares Purchased by Mather Group LLC.

Key Points

• Mather Group LLC more than doubled its Old Dominion Freight Line stake in the third quarter, acquiring 17,852 additional shares for a total holding of 33,808 shares valued at approximately $5.9 million.
• Institutional ownership remains substantial, with hedge funds and other institutions holding 77.82% of ODFL shares. The stock opened at $188.88, well below its 52-week high of $252.03.
• Old Dominion exceeded quarterly earnings expectations, reporting $1.68 in EPS and $1.55 billion in revenue, while analysts maintain a consensus “Hold” rating with a $223.48 price target.

Mather Group LLC. increased its holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 111.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 33,808 shares of the transportation company's stock after acquiring an additional 17,852 shares during the period. Mather Group LLC.'s holdings in Old Dominion Freight Line were worth $5,877,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the business. BlackRock Inc. purchased a new position in Old Dominion Freight Line during the second quarter valued at approximately $3,416,007,000. T. Rowe Price Investment Management Inc. increased its stake in Old Dominion Freight Line by 11.0% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 3,680,719 shares of the transportation company's stock valued at $577,137,000 after buying an additional 365,424 shares during the period. Bank of New York Mellon Corp acquired a new position in Old Dominion Freight Line in the 2nd quarter valued at approximately $543,289,000. Legal & General Group Plc purchased a new stake in Old Dominion Freight Line in the 2nd quarter worth approximately $253,155,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Old Dominion Freight Line by 14.7% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,114,345 shares of the transportation company's stock worth $241,367,000 after buying an additional 142,809 shares in the last quarter. 77.82% of the stock is owned by hedge funds and other institutional investors.

Old Dominion Freight Line Stock Performance

Shares of NASDAQ ODFL opened at $188.88 on Friday. The stock has a market cap of $39.17 billion, a price-to-earnings ratio of 36.39, a PEG ratio of 3.05 and a beta of 1.20. The business has a 50 day simple moving average of $189.17 and a 200 day simple moving average of $207.73. Old Dominion Freight Line, Inc. has a 52 week low of $126.01 and a 52 week high of $252.03.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last released its quarterly earnings data on Wednesday, July 29th. The transportation company reported $1.68 EPS for the quarter, topping analysts' consensus estimates of $1.54 by $0.14. The firm had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.54 billion. Old Dominion Freight Line had a return on equity of 24.87% and a net margin of 19.44%. The firm's revenue was up 10.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.27 earnings per share. On average, analysts predict that Old Dominion Freight Line, Inc. will post 5.86 EPS for the current year.

Old Dominion Freight Line Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 16th. Shareholders of record on Wednesday, September 2nd were given a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend was Wednesday, September 2nd. Old Dominion Freight Line's payout ratio is currently 22.35%.

Analyst Ratings Changes

ODFL has been the subject of a number of research reports. Sanford C. Bernstein initiated coverage on shares of Old Dominion Freight Line in a research note on Thursday, September 10th. They set a "market perform" rating and a $200.00 target price for the company. Wells Fargo & Company raised shares of Old Dominion Freight Line from an "underweight" rating to an "overweight" rating and upped their price target for the stock from $235.00 to $250.00 in a research note on Wednesday, July 8th. Raymond James Financial reaffirmed an "outperform" rating and issued a $241.00 price target (up from $224.00) on shares of Old Dominion Freight Line in a research note on Monday, July 13th. UBS Group reiterated a "neutral" rating and set a $228.00 price objective (up from $224.00) on shares of Old Dominion Freight Line in a report on Thursday, July 30th. Finally, Barclays lifted their price objective on Old Dominion Freight Line from $210.00 to $220.00 and gave the company an "equal weight" rating in a research report on Thursday, June 25th. Ten research analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $223.48.

Insider Buying and Selling

In other news, SVP Cecil Overbey, Jr. sold 19,952 shares of the firm's stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $198.39, for a total transaction of $3,958,277.28. Following the transaction, the senior vice president owned 22,746 shares in the company, valued at approximately $4,512,578.94. This trade represents a 46.73% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 8.20% of the stock is owned by corporate insiders.

About Old Dominion Freight Line

Old Dominion Freight Line, Inc is a transportation and logistics company that specializes in regional, inter-regional and national less-than-truckload (LTL) services. The company transports shipments that do not require an entire truck, serving commercial, industrial and retail customers across the United States.

Its services include standard and expedited LTL transportation, freight brokerage, supply chain consulting, container drayage and warehousing. Old Dominion supports customers through a network of service centers, terminals and distribution facilities, providing pickup, line-haul and delivery capabilities for a broad range of freight.

Founded in 1934 by Earl Congdon, the company is headquartered in Thomasville, North Carolina.

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