Old Dominion Freight Line, Inc. (NASDAQ:ODFL) Stake Boosted by Reaves W H & Co. Inc.

Key Points

• Reaves W H & Co. Inc. has increased its stake in Old Dominion Freight Line, Inc. by 18.6%, owning 40,770 shares worth approximately $6.75 million as of the latest SEC filing.
• Old Dominion reported quarterly earnings of $1.27 per share, missing estimates and reflecting a 6.1% drop in revenue compared to the previous year, with total revenue at $1.41 billion.
• A quarterly dividend of $0.28 per share is set to be paid on September 17th, with a current dividend yield of 0.8% and a payout ratio of 21.88%.

Reaves W H & Co. Inc. raised its holdings in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 18.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 40,770 shares of the transportation company's stock after acquiring an additional 6,381 shares during the quarter. Reaves W H & Co. Inc.'s holdings in Old Dominion Freight Line were worth $6,745,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in ODFL. Brighton Jones LLC boosted its stake in shares of Old Dominion Freight Line by 5.3% during the 4th quarter. Brighton Jones LLC now owns 1,559 shares of the transportation company's stock worth $275,000 after purchasing an additional 79 shares during the last quarter. World Investment Advisors purchased a new stake in Old Dominion Freight Line in the 4th quarter worth approximately $360,000. Arete Wealth Advisors LLC acquired a new position in Old Dominion Freight Line in the 4th quarter valued at $304,000. Resona Asset Management Co. Ltd. purchased a new position in shares of Old Dominion Freight Line during the 4th quarter worth $11,419,000. Finally, Aster Capital Management DIFC Ltd purchased a new position in shares of Old Dominion Freight Line during the 4th quarter worth $145,000. 77.82% of the stock is currently owned by hedge funds and other institutional investors.

Old Dominion Freight Line Stock Down 0.6%

Shares of ODFL traded down $0.87 during midday trading on Friday, hitting $144.46. The company had a trading volume of 1,440,285 shares, compared to its average volume of 1,848,970. The stock has a market cap of $30.53 billion, a price-to-earnings ratio of 28.21, a PEG ratio of 3.45 and a beta of 1.24. The company's 50 day moving average price is $160.95 and its 200 day moving average price is $167.57. The company has a quick ratio of 1.32, a current ratio of 1.38 and a debt-to-equity ratio of 0.04. Old Dominion Freight Line, Inc. has a 52 week low of $141.73 and a 52 week high of $233.26.

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 earnings per share 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 firm had revenue of $1.41 billion during the quarter, compared to the consensus estimate of $1.43 billion. During the same period in the prior year, the firm earned $1.48 earnings per share. The firm's quarterly revenue was down 6.1% compared to the same quarter last year. On average, equities research analysts predict that Old Dominion Freight Line, Inc. will post 5.68 EPS for the current 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 paid a dividend of $0.28 per share. The ex-dividend date is Wednesday, September 3rd. This represents a $1.12 annualized dividend and a yield of 0.8%. Old Dominion Freight Line's dividend payout ratio (DPR) is 21.88%.

Wall Street Analyst Weigh In

ODFL has been the subject of a number of recent analyst reports. Vertical Research raised Old Dominion Freight Line from a "hold" rating to a "buy" rating and set a $170.00 price objective for the company in a research report on Thursday, July 31st. Benchmark restated a "hold" rating and issued a $102.00 price target on shares of Old Dominion Freight Line in a report on Thursday, June 12th. TD Cowen dropped their price objective on shares of Old Dominion Freight Line from $166.00 to $159.00 and set a "hold" rating for the company in a research note on Thursday, July 31st. Robert W. Baird set a $148.00 target price on shares of Old Dominion Freight Line and gave the stock a "neutral" rating in a research report on Monday. Finally, Barclays set a $155.00 target price on shares of Old Dominion Freight Line and gave the company an "equal weight" rating in a report on Thursday, July 31st. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat.com, Old Dominion Freight Line presently has an average rating of "Hold" and a consensus price target of $167.62.

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.