Quantitative Investment Management LLC Takes $1.45 Million Position in Old Dominion Freight Line, Inc. $ODFL

Key Points

• Quantitative Investment Management LLC has acquired a new position in Old Dominion Freight Line, buying 8,791 shares worth $1.45 million during the first quarter.
• Old Dominion Freight Line recently reported lower quarterly earnings, with $1.27 earnings per share, missing analyst estimates of $1.29, as revenue also declined compared to the previous year.
• The company announced a quarterly dividend of $0.28 per share, representing a 0.7% yield, with the payout scheduled for September 17th.

Quantitative Investment Management LLC acquired a new position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 8,791 shares of the transportation company's stock, valued at approximately $1,454,000.

Other hedge funds have also recently bought and sold shares of the company. Larson Financial Group LLC boosted its holdings in Old Dominion Freight Line by 234.8% during the 1st quarter. Larson Financial Group LLC now owns 154 shares of the transportation company's stock worth $25,000 after acquiring an additional 108 shares during the last quarter. American National Bank & Trust purchased a new position in Old Dominion Freight Line during the 1st quarter worth $30,000. Itau Unibanco Holding S.A. boosted its holdings in Old Dominion Freight Line by 518.9% during the 4th quarter. Itau Unibanco Holding S.A. now owns 229 shares of the transportation company's stock worth $40,000 after acquiring an additional 192 shares during the last quarter. Zions Bancorporation National Association UT purchased a new position in Old Dominion Freight Line during the 1st quarter worth $39,000. Finally, Wayfinding Financial LLC purchased a new position in Old Dominion Freight Line during the 1st quarter worth $39,000. 77.82% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on ODFL shares. Stephens cut their price target on shares of Old Dominion Freight Line from $186.00 to $174.00 and set an "overweight" rating on the stock in a report on Thursday, July 31st. Barclays set a $155.00 price target on shares of Old Dominion Freight Line and gave the stock an "equal weight" rating in a report on Thursday, July 31st. UBS Group cut their price target on shares of Old Dominion Freight Line from $158.00 to $155.00 and set a "neutral" rating on the stock in a report on Thursday, July 31st. Bank of America boosted their price target on shares of Old Dominion Freight Line from $167.00 to $183.00 and gave the stock a "neutral" rating in a report on Friday, May 16th. Finally, Wall Street Zen raised shares of Old Dominion Freight Line from a "sell" rating to a "hold" rating in a report on Friday, May 30th. Eight analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $167.62.

Old Dominion Freight Line Stock Performance

NASDAQ ODFL traded down $0.66 during trading on Wednesday, hitting $153.82. 1,974,992 shares of the company's stock traded hands, compared to its average volume of 2,217,881. The stock has a market capitalization of $32.33 billion, a price-to-earnings ratio of 30.04, a PEG ratio of 3.58 and a beta of 1.24. Old Dominion Freight Line, Inc. has a 12-month low of $140.91 and a 12-month high of $233.26. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.38 and a current ratio of 1.38. The business has a 50 day moving average of $158.33 and a 200-day moving average of $163.87.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last released 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). The business had revenue of $1.41 billion for the quarter, compared to analysts' expectations of $1.43 billion. Old Dominion Freight Line had a net margin of 19.42% and a return on equity of 25.94%. Old Dominion Freight Line's revenue for the quarter was down 6.1% compared to the same quarter last year. During the same period last year, the company earned $1.48 earnings per share. As a group, equities 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 firm also recently disclosed 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. The ex-dividend date of this dividend is Wednesday, September 3rd. This represents a $1.12 annualized dividend and a yield of 0.7%. Old Dominion Freight Line's dividend 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.