Resona Asset Management Co. Ltd. Buys 2,344 Shares of Old Dominion Freight Line, Inc. $ODFL

Key Points

• Resona Asset Management Co. Ltd. increased its holdings in Old Dominion Freight Line, raising its stake by 3.6% in the first quarter, now owning 66,882 shares valued at approximately $11.06 million.
• Several institutional investors have adjusted their positions in Old Dominion Freight Line, with a total of 77.82% of the stock currently owned by institutional investors.
• The company's latest earnings report revealed a miss on earnings per share estimates, reporting $1.27 EPS compared to the expected $1.29, alongside a revenue drop of 6.1% year-over-year.

Resona Asset Management Co. Ltd. lifted its stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 3.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 66,882 shares of the transportation company's stock after acquiring an additional 2,344 shares during the quarter. Resona Asset Management Co. Ltd.'s holdings in Old Dominion Freight Line were worth $11,060,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Larson Financial Group LLC boosted its position in shares of 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 valued at $25,000 after purchasing an additional 108 shares in the last quarter. American National Bank & Trust bought a new position in shares of Old Dominion Freight Line during the 1st quarter worth approximately $30,000. Wayfinding Financial LLC bought a new position in shares of Old Dominion Freight Line during the 1st quarter worth approximately $39,000. Zions Bancorporation National Association UT acquired a new stake in shares of Old Dominion Freight Line during the 1st quarter worth approximately $39,000. Finally, Itau Unibanco Holding S.A. increased its stake in shares of Old Dominion Freight Line by 518.9% in the 4th quarter. Itau Unibanco Holding S.A. now owns 229 shares of the transportation company's stock valued at $40,000 after acquiring an additional 192 shares in the last quarter. 77.82% of the stock is owned by institutional investors and hedge funds.

Old Dominion Freight Line Stock Performance

Old Dominion Freight Line stock traded down $0.17 during mid-day trading on Monday, reaching $150.97. The company's stock had a trading volume of 420,154 shares, compared to its average volume of 1,836,641. Old Dominion Freight Line, Inc. has a 12-month low of $140.91 and a 12-month high of $233.26. The firm's fifty day moving average price is $159.51 and its two-hundred day moving average price is $165.53. 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 company has a market capitalization of $31.73 billion, a P/E ratio of 29.49, a PEG ratio of 3.48 and a beta of 1.24.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The transportation company reported $1.27 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.29 by ($0.02). The company had revenue of $1.41 billion for the quarter, compared to analysts' expectations of $1.43 billion. Old Dominion Freight Line had a return on equity of 25.94% and a net margin of 19.42%. The business's revenue for the quarter was down 6.1% on a year-over-year basis. During the same period last year, the company posted $1.48 EPS. Sell-side analysts predict that Old Dominion Freight Line, Inc. will post 5.68 EPS for the current fiscal year.

Old Dominion Freight Line Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 17th. Shareholders of record on Wednesday, September 3rd will be paid a $0.28 dividend. The ex-dividend date 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 currently 21.88%.

Analysts Set New Price Targets

ODFL has been the topic of several research analyst reports. Wells Fargo & Company cut 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 research note on Thursday, July 31st. JPMorgan Chase & Co. reduced their target price on Old Dominion Freight Line from $158.00 to $146.00 and set a "neutral" rating for the company in a research note on Tuesday, July 8th. Stifel Nicolaus decreased their target price on Old Dominion Freight Line from $183.00 to $168.00 and set a "buy" rating for the company in a research report on Thursday, July 31st. UBS Group cut their price target on 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. Finally, Susquehanna reduced their price objective on Old Dominion Freight Line from $168.00 to $160.00 and set a "neutral" rating for the company in a research note on Wednesday, June 18th. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating and eight have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price 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.