T. Rowe Price Investment Management Inc. Increases Stake in Old Dominion Freight Line, Inc. $ODFL

Key Points

• T. Rowe Price Investment Management increased its Old Dominion Freight Line stake by 11% in the fourth quarter, bringing its holdings to 3.68 million shares worth about $577.1 million.
• Institutional ownership remains high, with hedge funds and other investors holding about 77.82% of the stock, while insider ownership stands at 10% after Director Greg C. Gantt sold shares in May.
• Old Dominion Freight Line beat quarterly earnings expectations, reporting $1.14 EPS versus $1.05 expected, while analysts currently rate the stock a Hold on average with a $217.30 price target.

T. Rowe Price Investment Management Inc. increased its stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 11.0% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 3,680,719 shares of the transportation company's stock after acquiring an additional 365,424 shares during the period. T. Rowe Price Investment Management Inc. owned approximately 1.76% of Old Dominion Freight Line worth $577,137,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Brighton Jones LLC boosted its holdings in shares of Old Dominion Freight Line by 5.3% in the 4th quarter. Brighton Jones LLC now owns 1,559 shares of the transportation company's stock valued at $275,000 after purchasing an additional 79 shares during the last quarter. Empowered Funds LLC increased its holdings in shares of Old Dominion Freight Line by 134.9% during the 1st quarter. Empowered Funds LLC now owns 10,213 shares of the transportation company's stock worth $1,690,000 after buying an additional 5,866 shares during the last quarter. Marshall Wace LLP purchased a new position in shares of Old Dominion Freight Line in the 2nd quarter worth $7,478,000. Jump Financial LLC purchased a new position in shares of Old Dominion Freight Line in the 2nd quarter worth $2,891,000. Finally, AXA S.A. boosted its holdings in Old Dominion Freight Line by 1.2% in the second quarter. AXA S.A. now owns 20,253 shares of the transportation company's stock valued at $3,287,000 after acquiring an additional 238 shares during the last quarter. 77.82% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

ODFL has been the subject of a number of research reports. JPMorgan Chase & Co. boosted their price target on Old Dominion Freight Line from $197.00 to $234.00 and gave the company a "neutral" rating in a research report on Monday, June 8th. Morgan Stanley set a $235.00 price objective on Old Dominion Freight Line and gave the stock an "overweight" rating in a report on Thursday, April 30th. Robert W. Baird set a $229.00 target price on Old Dominion Freight Line and gave the stock a "neutral" rating in a report on Tuesday, April 28th. Jefferies Financial Group increased their target price on shares of Old Dominion Freight Line from $230.00 to $250.00 and gave the stock a "hold" rating in a research report on Tuesday, June 9th. Finally, Citigroup lowered shares of Old Dominion Freight Line from a "neutral" rating to a "sell" rating and raised their price target for the company from $225.00 to $228.00 in a report on Monday. Eight investment analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $217.30.

Old Dominion Freight Line Price Performance

NASDAQ:ODFL opened at $221.04 on Friday. The business's 50-day moving average is $217.39 and its two-hundred day moving average is $192.53. Old Dominion Freight Line, Inc. has a 12 month low of $126.01 and a 12 month high of $252.03. The firm has a market capitalization of $45.97 billion, a PE ratio of 46.24, a price-to-earnings-growth ratio of 4.42 and a beta of 1.17.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last issued its earnings results on Wednesday, April 29th. The transportation company reported $1.14 earnings per share for the quarter, topping the consensus estimate of $1.05 by $0.09. Old Dominion Freight Line had a return on equity of 23.42% and a net margin of 18.46%.The company had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.31 billion. During the same quarter in the prior year, the business earned $1.19 earnings per share. The company's revenue was down 2.9% compared to the same quarter last year. Equities analysts anticipate that Old Dominion Freight Line, Inc. will post 5.38 EPS for the current year.

Old Dominion Freight Line Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Shareholders of record on Wednesday, June 3rd were issued a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date was Wednesday, June 3rd. Old Dominion Freight Line's dividend payout ratio is currently 24.27%.

Insiders Place Their Bets

In other Old Dominion Freight Line news, Director Greg C. Gantt sold 22,107 shares of the stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $191.52, for a total value of $4,233,932.64. Following the completion of the sale, the director owned 88,551 shares of the company's stock, valued at $16,959,287.52. This trade represents a 19.98% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 10.00% of the stock is currently owned by corporate insiders.

Old Dominion Freight Line Profile

Old Dominion Freight Line is a U.S.-based less-than-truckload (LTL) transportation company that provides regional, inter-regional and national freight services. Founded in 1934 and headquartered in Thomasville, North Carolina, the company has grown from a regional carrier into a national freight network, operating a broad system of service centers and terminals to move shipments for shippers of varying sizes and industries.

The company's core business is LTL trucking, offering scheduled pickup and delivery for palletized freight that does not require a full truckload.

Want to see what other hedge funds are holding ODFL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.