Old Dominion Freight Line, Inc. $ODFL Shares Acquired by The Manufacturers Life Insurance Company

Key Points

• The Manufacturers Life Insurance Company increased its stake in Old Dominion Freight Line by 26.4%, owning 186,651 shares valued at approximately $30.9 million.
• Old Dominion Freight Line reported a net margin of 19.42% for the last quarter but missed earnings expectations with an EPS of $1.27.
• The company announced a quarterly dividend of $0.28 per share, representing a 0.7% yield and a payout ratio of 21.88%.

The Manufacturers Life Insurance Company increased its holdings in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 26.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 186,651 shares of the transportation company's stock after buying an additional 38,969 shares during the period. The Manufacturers Life Insurance Company owned about 0.09% of Old Dominion Freight Line worth $30,881,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Vanguard Group Inc. lifted its position in shares of Old Dominion Freight Line by 1.9% during the 1st quarter. Vanguard Group Inc. now owns 22,666,405 shares of the transportation company's stock valued at $3,750,157,000 after buying an additional 416,097 shares in the last quarter. Invesco Ltd. lifted its holdings in Old Dominion Freight Line by 1.3% in the 1st quarter. Invesco Ltd. now owns 4,272,231 shares of the transportation company's stock valued at $706,841,000 after purchasing an additional 53,079 shares in the last quarter. T. Rowe Price Investment Management Inc. lifted its holdings in Old Dominion Freight Line by 79.5% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 2,599,005 shares of the transportation company's stock valued at $430,006,000 after purchasing an additional 1,151,221 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in Old Dominion Freight Line by 45.1% in the 1st quarter. JPMorgan Chase & Co. now owns 2,429,750 shares of the transportation company's stock valued at $402,002,000 after purchasing an additional 754,796 shares in the last quarter. Finally, Ameriprise Financial Inc. increased its stake in shares of Old Dominion Freight Line by 11.4% in the 1st quarter. Ameriprise Financial Inc. now owns 1,412,698 shares of the transportation company's stock worth $232,955,000 after acquiring an additional 145,058 shares during the last quarter. Hedge funds and other institutional investors own 77.82% of the company's stock.

Analysts Set New Price Targets

A number of analysts have issued reports on ODFL shares. Susquehanna cut their target price 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. Stifel Nicolaus lowered their target price on Old Dominion Freight Line from $183.00 to $168.00 and set a "buy" rating for the company in a report on Thursday, July 31st. Baird R W upgraded Old Dominion Freight Line to a "hold" rating in a report on Tuesday, July 1st. JPMorgan Chase & Co. lowered their target price on Old Dominion Freight Line from $158.00 to $146.00 and set a "neutral" rating for the company in a report on Tuesday, July 8th. Finally, Truist Financial lifted 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. Eight research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Old Dominion Freight Line presently has a consensus rating of "Hold" and an average price target of $167.62.

Old Dominion Freight Line Stock Up 1.3%

ODFL stock traded up $1.90 during trading on Friday, hitting $150.71. 1,891,065 shares of the company's stock were exchanged, compared to its average volume of 1,795,873. The stock has a market capitalization of $31.67 billion, a price-to-earnings ratio of 29.44, a PEG ratio of 3.45 and a beta of 1.23. Old Dominion Freight Line, Inc. has a 52-week low of $140.71 and a 52-week high of $233.26. The business has a 50-day moving average price of $156.90 and a two-hundred day moving average price of $161.18. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.04.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last released its quarterly 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). The firm had revenue of $1.41 billion for the quarter, compared to analyst estimates of $1.43 billion. Old Dominion Freight Line had a return on equity of 25.94% and a net margin of 19.42%.The company's quarterly revenue was down 6.1% on a year-over-year basis. During the same period last year, the firm earned $1.48 EPS. As a group, equities research analysts expect that Old Dominion Freight Line, Inc. will post 5.68 EPS for the current year.

Old Dominion Freight Line Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 17th. Shareholders of record on Wednesday, September 3rd will be given 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 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.