Adage Capital Partners GP L.L.C. Increases Stock Position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Adage Capital Partners GP L.L.C. raised its holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 12.0% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 165,500 shares of the transportation company's stock after purchasing an additional 17,688 shares during the quarter. Adage Capital Partners GP L.L.C. owned 0.08% of Old Dominion Freight Line worth $29,194,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently bought and sold shares of ODFL. Geode Capital Management LLC grew its stake in shares of Old Dominion Freight Line by 2.0% during the 4th quarter. Geode Capital Management LLC now owns 4,927,383 shares of the transportation company's stock worth $870,311,000 after acquiring an additional 96,410 shares during the period. Norges Bank bought a new position in Old Dominion Freight Line in the 4th quarter worth about $494,916,000. Capital World Investors boosted its stake in Old Dominion Freight Line by 1.1% in the 4th quarter. Capital World Investors now owns 2,510,101 shares of the transportation company's stock worth $442,784,000 after purchasing an additional 27,367 shares during the period. First Trust Advisors LP boosted its stake in Old Dominion Freight Line by 13.6% in the 4th quarter. First Trust Advisors LP now owns 1,547,441 shares of the transportation company's stock worth $272,969,000 after purchasing an additional 185,500 shares during the period. Finally, T. Rowe Price Investment Management Inc. boosted its stake in Old Dominion Freight Line by 1,575.9% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,447,784 shares of the transportation company's stock worth $255,390,000 after purchasing an additional 1,361,397 shares during the period. Institutional investors own 77.82% of the company's stock.

Analyst Upgrades and Downgrades

ODFL has been the subject of several analyst reports. Stephens restated an "overweight" rating and issued a $180.00 target price (down previously from $200.00) on shares of Old Dominion Freight Line in a research note on Thursday, April 24th. UBS Group cut their target price on Old Dominion Freight Line from $196.00 to $158.00 and set a "neutral" rating for the company in a research note on Tuesday, April 8th. Morgan Stanley set a $185.00 target price on Old Dominion Freight Line in a research note on Wednesday, April 2nd. Jefferies Financial Group cut their target price on Old Dominion Freight Line from $195.00 to $165.00 and set a "hold" rating for the company in a research note on Wednesday, April 9th. Finally, Citigroup raised Old Dominion Freight Line from a "neutral" rating to a "buy" rating and lowered their price target for the company from $186.00 to $183.00 in a report on Tuesday, April 8th. Two investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Old Dominion Freight Line currently has an average rating of "Hold" and a consensus target price of $183.37.

Old Dominion Freight Line Trading Down 1.8 %

Shares of Old Dominion Freight Line stock traded down $2.82 during trading on Thursday, reaching $150.46. The company's stock had a trading volume of 572,551 shares, compared to its average volume of 1,676,283. Old Dominion Freight Line, Inc. has a 52-week low of $144.90 and a 52-week high of $233.26. The company has a market cap of $31.92 billion, a price-to-earnings ratio of 27.52, a PEG ratio of 2.89 and a beta of 1.25. The firm's 50-day moving average is $162.75 and its two-hundred day moving average is $186.71. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.01.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last announced its quarterly earnings data on Wednesday, April 23rd. The transportation company reported $1.19 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.14 by $0.05. Old Dominion Freight Line had a net margin of 20.40% and a return on equity of 28.02%. The company had revenue of $1.37 billion during the quarter, compared to analysts' expectations of $1.38 billion. During the same quarter in the prior year, the company earned $1.34 EPS. The firm's revenue was down 5.8% on a year-over-year basis. On average, sell-side analysts anticipate that Old Dominion Freight Line, Inc. will post 5.68 earnings per share for the current year.

Old Dominion Freight Line Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 19th. Shareholders of record on Wednesday, March 5th were given a dividend of $0.28 per share. The ex-dividend date of this dividend was Wednesday, March 5th. This represents a $1.12 annualized dividend and a yield of 0.74%. This is a boost from Old Dominion Freight Line's previous quarterly dividend of $0.26. Old Dominion Freight Line's dividend payout ratio is presently 21.01%.

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.