Vident Advisory LLC Boosts Holdings in Old Dominion Freight Line, Inc. $ODFL

Key Points

• Vident Advisory LLC increased its stake in Old Dominion Freight Line by 315.5% in Q1, now owning 88,463 shares valued at approximately $14.64 million.
• Old Dominion reported $1.27 earnings per share for the last quarter, missing estimates, with revenues down 6.1% compared to the previous year.
• The company announced a quarterly dividend of $0.28 per share, representing a 0.7% yield, to be paid on September 17th.

Vident Advisory LLC grew its holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 315.5% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 88,463 shares of the transportation company's stock after buying an additional 67,173 shares during the period. Vident Advisory LLC's holdings in Old Dominion Freight Line were worth $14,636,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also modified their holdings of the company. Ameriprise Financial Inc. raised its position in shares of Old Dominion Freight Line by 2.9% in the fourth quarter. Ameriprise Financial Inc. now owns 1,267,640 shares of the transportation company's stock valued at $223,281,000 after buying an additional 35,778 shares during the last quarter. GAMMA Investing LLC grew its holdings in shares of Old Dominion Freight Line by 48.7% in the first quarter. GAMMA Investing LLC now owns 3,109 shares of the transportation company's stock valued at $514,000 after purchasing an additional 1,018 shares during the period. Wealth Enhancement Advisory Services LLC grew its holdings in shares of Old Dominion Freight Line by 9.5% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 17,595 shares of the transportation company's stock valued at $2,911,000 after purchasing an additional 1,529 shares during the period. Mercer Global Advisors Inc. ADV grew its holdings in shares of Old Dominion Freight Line by 93.5% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 15,396 shares of the transportation company's stock valued at $2,716,000 after purchasing an additional 7,439 shares during the period. Finally, Bayesian Capital Management LP grew its holdings in shares of Old Dominion Freight Line by 592.3% in the fourth quarter. Bayesian Capital Management LP now owns 9,000 shares of the transportation company's stock valued at $1,588,000 after purchasing an additional 7,700 shares during the period. 77.82% of the stock is currently owned by institutional investors and hedge funds.

Old Dominion Freight Line Stock Performance

Shares of ODFL traded down $1.07 during mid-day trading on Tuesday, reaching $149.90. 1,794,008 shares of the company's stock were exchanged, compared to its average volume of 1,849,668. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.38 and a quick ratio of 1.38. The stock has a market capitalization of $31.50 billion, a PE ratio of 29.28, a price-to-earnings-growth ratio of 3.50 and a beta of 1.23. The business's fifty day simple moving average is $157.89 and its 200-day simple moving average is $162.16. Old Dominion Freight Line, Inc. has a 52-week low of $140.91 and a 52-week high of $233.26.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last announced its earnings results 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). 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 analysts' expectations of $1.43 billion. During the same quarter last year, the business posted $1.48 earnings per share. The business's revenue was down 6.1% on a year-over-year basis. On average, equities research analysts expect that Old Dominion Freight Line, Inc. will post 5.68 earnings per share for the current year.

Old Dominion Freight Line Dividend Announcement

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 given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date is Wednesday, September 3rd. Old Dominion Freight Line's dividend payout ratio (DPR) is 21.88%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on ODFL shares. Truist Financial upped their price objective on shares of Old Dominion Freight Line from $175.00 to $180.00 and gave the company a "buy" rating in a report on Monday, June 30th. Wells Fargo & Company dropped their price objective on shares of Old Dominion Freight Line from $160.00 to $145.00 and set an "underweight" rating for the company in a report on Thursday, July 31st. Bank of America upped their price objective on shares of Old Dominion Freight Line from $167.00 to $183.00 and gave the company a "neutral" rating in a report on Friday, May 16th. UBS Group dropped their price objective on shares of Old Dominion Freight Line from $158.00 to $155.00 and set a "neutral" rating for the company in a report on Thursday, July 31st. Finally, Morgan Stanley dropped their price objective on shares of Old Dominion Freight Line from $170.00 to $165.00 and set an "equal weight" rating for the company in a report on Thursday, July 31st. Eight investment 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's stock. According to data from MarketBeat, the stock 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.