Old Dominion Freight Line, Inc. $ODFL Stock Position Raised by QRG Capital Management Inc.

Key Points

• QRG Capital Management Inc. raised its position in Old Dominion Freight Line by 80.5% in Q2, acquiring a total of 14,154 shares valued at approximately $2.3 million.
• Institutional investors hold 77.82% of the company's stock, with several funds, including T. Rowe Price and JPMorgan Chase, significantly increasing their stakes in recent quarters.
• Old Dominion Freight Line reported a 6.1% decline in revenue compared to the previous year, with an EPS of $1.27, missing analysts' estimates by $0.02.

QRG Capital Management Inc. increased its position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 80.5% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 14,154 shares of the transportation company's stock after buying an additional 6,312 shares during the period. QRG Capital Management Inc.'s holdings in Old Dominion Freight Line were worth $2,297,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. T. Rowe Price Investment Management Inc. grew its position in Old Dominion Freight Line by 79.5% in the first quarter. T. Rowe Price Investment Management Inc. now owns 2,599,005 shares of the transportation company's stock worth $430,006,000 after acquiring an additional 1,151,221 shares in the last quarter. Nuveen LLC acquired a new position in shares of Old Dominion Freight Line during the 1st quarter valued at about $151,107,000. JPMorgan Chase & Co. increased its holdings in shares of Old Dominion Freight Line by 45.1% during the 1st quarter. JPMorgan Chase & Co. now owns 2,429,750 shares of the transportation company's stock valued at $402,002,000 after acquiring an additional 754,796 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Old Dominion Freight Line by 1.9% during the 1st quarter. Vanguard Group Inc. now owns 22,666,405 shares of the transportation company's stock valued at $3,750,157,000 after acquiring an additional 416,097 shares during the last quarter. Finally, DAVENPORT & Co LLC increased its holdings in shares of Old Dominion Freight Line by 4,463.2% during the 1st quarter. DAVENPORT & Co LLC now owns 261,380 shares of the transportation company's stock valued at $43,253,000 after acquiring an additional 255,652 shares during the last quarter. Institutional investors and hedge funds own 77.82% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on ODFL shares. Truist Financial upped their target price on Old Dominion Freight Line from $175.00 to $180.00 and gave the stock a "buy" rating in a research report on Monday, June 30th. Wells Fargo & Company dropped their target price on shares of Old Dominion Freight Line from $160.00 to $145.00 and set an "underweight" rating on the stock in a report on Thursday, July 31st. Stifel Nicolaus dropped their target price on shares of Old Dominion Freight Line from $183.00 to $168.00 and set a "buy" rating on the stock in a report on Thursday, July 31st. Barclays dropped their price objective on Old Dominion Freight Line from $155.00 to $150.00 and set an "equal weight" rating on the stock in a research note on Wednesday, October 1st. Finally, Stephens decreased their target price on Old Dominion Freight Line from $186.00 to $174.00 and set an "overweight" rating for the company in a research note on Thursday, July 31st. Eight investment analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Old Dominion Freight Line currently has a consensus rating of "Hold" and an average target price of $166.52.

Old Dominion Freight Line Stock Down 1.0%

ODFL stock opened at $141.36 on Wednesday. Old Dominion Freight Line, Inc. has a twelve month low of $133.69 and a twelve month high of $233.26. The company has a market cap of $29.71 billion, a PE ratio of 27.61, a price-to-earnings-growth ratio of 3.35 and a beta of 1.19. The business's 50-day simple moving average is $146.74 and its 200 day simple moving average is $156.31. 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 (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 analysts' consensus estimates of $1.29 by ($0.02). The firm had revenue of $1.41 billion during the quarter, compared to the consensus estimate of $1.43 billion. Old Dominion Freight Line had a return on equity of 25.94% and a net margin of 19.42%.Old Dominion Freight Line's revenue was down 6.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.48 EPS. 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 firm also recently declared a quarterly dividend, which was paid on Wednesday, September 17th. Shareholders of record on Wednesday, September 3rd were issued a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend was Wednesday, September 3rd. Old Dominion Freight Line's payout ratio is 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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