T. Rowe Price Investment Management Inc. Boosts Stock Holdings in Old Dominion Freight Line, Inc. $ODFL

Key Points

• T. Rowe Price Investment Management has increased its stake in Old Dominion Freight Line by 79.5%, owning a total of 2,599,005 shares valued at approximately $430 million.
• Old Dominion Freight Line reported a quarterly earnings per share (EPS) of $1.27, which fell short of analysts' expectations, and experienced a 6.1% decrease in revenue year-over-year.
• The company has announced a quarterly dividend of $0.28 per share, with an upcoming payment date on September 17th, indicating a dividend yield of 0.7%.

T. Rowe Price Investment Management Inc. grew its position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 79.5% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,599,005 shares of the transportation company's stock after purchasing an additional 1,151,221 shares during the quarter. T. Rowe Price Investment Management Inc. owned about 1.23% of Old Dominion Freight Line worth $430,006,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ODFL. Erste Asset Management GmbH increased its position in shares of Old Dominion Freight Line by 23.2% during the first quarter. Erste Asset Management GmbH now owns 21,240 shares of the transportation company's stock worth $3,514,000 after buying an additional 4,000 shares during the period. Credit Agricole S A lifted its holdings in Old Dominion Freight Line by 0.3% in the first quarter. Credit Agricole S A now owns 72,253 shares of the transportation company's stock valued at $11,954,000 after buying an additional 186 shares during the period. Banco Bilbao Vizcaya Argentaria S.A. boosted its position in Old Dominion Freight Line by 4.4% during the first quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 4,039 shares of the transportation company's stock valued at $668,000 after acquiring an additional 172 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S boosted its position in Old Dominion Freight Line by 17.2% during the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 6,806 shares of the transportation company's stock valued at $1,126,000 after acquiring an additional 999 shares during the last quarter. Finally, Korea Investment CORP grew its holdings in Old Dominion Freight Line by 0.4% during the 1st quarter. Korea Investment CORP now owns 108,878 shares of the transportation company's stock worth $18,014,000 after acquiring an additional 472 shares during the period. Institutional investors and hedge funds own 77.82% of the company's stock.

Old Dominion Freight Line Stock Up 6.3%

Shares of Old Dominion Freight Line stock traded up $9.38 during trading hours on Friday, reaching $159.13. The company's stock had a trading volume of 1,962,314 shares, compared to its average volume of 2,233,569. Old Dominion Freight Line, Inc. has a one year low of $140.91 and a one year high of $233.26. The company has a market capitalization of $33.44 billion, a P/E ratio of 31.08, a P/E/G ratio of 3.47 and a beta of 1.24. The stock's fifty day simple moving average is $158.50 and its two-hundred day simple moving average is $164.71. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.38 and a current ratio of 1.38.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last posted its earnings results on Wednesday, July 30th. The transportation company reported $1.27 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 the consensus estimate of $1.43 billion. During the same period in the previous year, the firm earned $1.48 earnings per share. The company's revenue was down 6.1% on a year-over-year basis. On average, research analysts forecast that Old Dominion Freight Line, Inc. will post 5.68 earnings per share for the current year.

Old Dominion Freight Line Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 17th. Stockholders of record on Wednesday, September 3rd will be paid a $0.28 dividend. The ex-dividend date of this dividend is Wednesday, September 3rd. This represents a $1.12 annualized dividend and a dividend yield of 0.7%. Old Dominion Freight Line's dividend payout ratio is 21.88%.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. Truist Financial boosted their price objective on Old Dominion Freight Line from $175.00 to $180.00 and gave the company a "buy" rating in a research note on Monday, June 30th. Evercore ISI lowered their target price on Old Dominion Freight Line from $164.00 to $156.00 and set an "in-line" rating for the company in a report on Thursday, April 24th. Wall Street Zen raised Old Dominion Freight Line from a "sell" rating to a "hold" rating in a research note on Friday, May 30th. Wells Fargo & Company cut their price target on Old Dominion Freight Line from $160.00 to $145.00 and set an "underweight" rating on the stock in a report on Thursday, July 31st. Finally, The Goldman Sachs Group upgraded shares of Old Dominion Freight Line from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $190.00 to $200.00 in a research note on Monday, June 2nd. 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 stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average 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.