Old Dominion Freight Line, Inc. $ODFL Shares Purchased by Prudential PLC

Key Points

• Prudential PLC increased its stake in Old Dominion Freight Line by 10.4%, acquiring an additional 2,320 shares, bringing its total holdings to 24,720 shares worth approximately $4.09 million.
• Old Dominion Freight Line reported Q2 earnings of $1.27 per share, missing estimates by $0.02, with revenue of $1.41 billion, a decline of 6.1% year-over-year.
• The company announced a quarterly dividend of $0.28 per share, with a payout ratio of 21.88%, to be paid on September 17th to shareholders of record as of September 3rd.

Prudential PLC raised its position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 10.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 24,720 shares of the transportation company's stock after purchasing an additional 2,320 shares during the quarter. Prudential PLC's holdings in Old Dominion Freight Line were worth $4,090,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Resona Asset Management Co. Ltd. raised its stake in shares of Old Dominion Freight Line by 3.6% in the first quarter. Resona Asset Management Co. Ltd. now owns 66,882 shares of the transportation company's stock worth $11,060,000 after purchasing an additional 2,344 shares during the last quarter. Public Sector Pension Investment Board raised its stake in Old Dominion Freight Line by 9.4% in the 1st quarter. Public Sector Pension Investment Board now owns 24,998 shares of the transportation company's stock valued at $4,136,000 after acquiring an additional 2,140 shares during the period. Motley Fool Asset Management LLC grew its position in shares of Old Dominion Freight Line by 4.6% in the first quarter. Motley Fool Asset Management LLC now owns 11,760 shares of the transportation company's stock valued at $1,946,000 after purchasing an additional 512 shares in the last quarter. Nuveen LLC purchased a new position in Old Dominion Freight Line during the first quarter valued at approximately $151,107,000. Finally, Invesco Ltd. increased its holdings in shares of Old Dominion Freight Line by 1.3% in the first quarter. Invesco Ltd. now owns 4,272,231 shares of the transportation company's stock worth $706,841,000 after purchasing an additional 53,079 shares during the period. Institutional investors and hedge funds own 77.82% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. Raymond James Financial dropped their price target on Old Dominion Freight Line from $180.00 to $165.00 and set an "outperform" rating for the company in a research note on Thursday, July 31st. Wall Street Zen upgraded Old Dominion Freight Line from a "sell" rating to a "hold" rating in a research note on Friday, May 30th. The Goldman Sachs Group raised shares of Old Dominion Freight Line from a "neutral" rating to a "buy" rating and upped their price target for the company from $190.00 to $200.00 in a research report on Monday, June 2nd. Baird R W raised shares of Old Dominion Freight Line to a "hold" rating in a report on Tuesday, July 1st. Finally, Benchmark reaffirmed a "hold" rating and set a $102.00 target price on shares of Old Dominion Freight Line in a report on Thursday, June 12th. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, Old Dominion Freight Line has an average rating of "Hold" and an average target price of $167.62.

Old Dominion Freight Line Price Performance

Shares of Old Dominion Freight Line stock traded down $0.17 during trading hours on Monday, reaching $150.97. 420,154 shares of the company's stock were exchanged, compared to its average volume of 1,836,641. 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 business has a fifty day moving average of $159.51 and a two-hundred day moving average of $165.53. The company has a market capitalization of $31.73 billion, a P/E ratio of 29.49, a price-to-earnings-growth ratio of 3.48 and a beta of 1.24. Old Dominion Freight Line, Inc. has a 1 year low of $140.91 and a 1 year high of $233.26.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last issued 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 return on equity of 25.94% and a net margin of 19.42%. The business had revenue of $1.41 billion for the quarter, compared to analyst estimates of $1.43 billion. During the same period in the prior year, the company posted $1.48 EPS. The firm's revenue for the quarter was down 6.1% compared to the same quarter last year. As a group, research analysts predict 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 disclosed a quarterly dividend, which will be paid on Wednesday, September 17th. Investors of record on Wednesday, September 3rd will be given a $0.28 dividend. The ex-dividend date is Wednesday, September 3rd. This represents a $1.12 dividend on an annualized basis and a yield of 0.7%. Old Dominion Freight Line's dividend payout ratio (DPR) is presently 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.