Old Dominion Freight Line, Inc. $ODFL Shares Acquired by Rafferty Asset Management LLC

Rafferty Asset Management LLC lifted its position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 12.4% in the 3rd quarter, Holdings Channel.com reports. The fund owned 106,610 shares of the transportation company’s stock after acquiring an additional 11,782 shares during the period. Rafferty Asset Management LLC’s holdings in Old Dominion Freight Line were worth $15,009,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in ODFL. Financial Gravity Companies Inc. acquired a new position in Old Dominion Freight Line in the second quarter worth $26,000. E Fund Management Hong Kong Co. Ltd. lifted its position in shares of Old Dominion Freight Line by 175.7% in the 3rd quarter. E Fund Management Hong Kong Co. Ltd. now owns 193 shares of the transportation company’s stock worth $27,000 after buying an additional 123 shares during the last quarter. Westside Investment Management Inc. boosted its holdings in shares of Old Dominion Freight Line by 100.0% in the 3rd quarter. Westside Investment Management Inc. now owns 196 shares of the transportation company’s stock valued at $27,000 after buying an additional 98 shares during the period. Raiffeisen Bank International AG acquired a new position in shares of Old Dominion Freight Line in the 3rd quarter valued at about $37,000. Finally, Zions Bancorporation National Association UT grew its position in shares of Old Dominion Freight Line by 273.5% during the 3rd quarter. Zions Bancorporation National Association UT now owns 437 shares of the transportation company’s stock valued at $62,000 after buying an additional 320 shares during the last quarter. 77.82% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on ODFL. Wolfe Research set a $138.00 target price on shares of Old Dominion Freight Line in a report on Thursday, January 8th. Robert W. Baird downgraded Old Dominion Freight Line from a “neutral” rating to an “underperform” rating and raised their price target for the stock from $166.00 to $204.00 in a report on Thursday, February 5th. Wells Fargo & Company boosted their price objective on Old Dominion Freight Line from $138.00 to $165.00 and gave the company an “underweight” rating in a research report on Thursday, February 5th. Barclays set a $185.00 price objective on Old Dominion Freight Line in a research note on Thursday, February 5th. Finally, Stephens reiterated an “overweight” rating and issued a $232.00 target price on shares of Old Dominion Freight Line in a research note on Thursday, February 5th. Nine equities research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and four have given a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $189.88.

Old Dominion Freight Line Trading Up 2.4%

Old Dominion Freight Line stock opened at $203.05 on Friday. Old Dominion Freight Line, Inc. has a 52 week low of $126.01 and a 52 week high of $208.74. The stock has a market cap of $42.32 billion, a price-to-earnings ratio of 42.04, a PEG ratio of 10.13 and a beta of 1.28. The company’s 50-day moving average price is $179.12 and its two-hundred day moving average price is $156.11.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its quarterly earnings results on Wednesday, February 4th. The transportation company reported $1.09 earnings per share for the quarter, topping analysts’ consensus estimates of $1.06 by $0.03. Old Dominion Freight Line had a net margin of 18.62% and a return on equity of 24.03%. The company had revenue of $1.31 billion during the quarter, compared to analyst estimates of $1.30 billion. During the same period in the prior year, the business posted $1.23 EPS. The business’s revenue for the quarter was down 5.7% compared to the same quarter last year. Research analysts expect that Old Dominion Freight Line, Inc. will post 5.68 earnings per share for the current fiscal year.

Old Dominion Freight Line Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 18th. Shareholders of record on Wednesday, March 4th will be paid a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date of this dividend is Wednesday, March 4th. This is an increase from Old Dominion Freight Line’s previous quarterly dividend of $0.28. Old Dominion Freight Line’s dividend payout ratio is 23.19%.

Insider Activity

In other news, Chairman David S. Congdon sold 52,000 shares of the business’s stock in a transaction on Thursday, February 19th. The stock was sold at an average price of $194.77, for a total value of $10,128,040.00. Following the sale, the chairman owned 712,800 shares of the company’s stock, valued at approximately $138,832,056. The trade was a 6.80% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Bradley R. Gabosch sold 3,134 shares of the company’s stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $194.27, for a total value of $608,842.18. Following the completion of the sale, the director owned 11,278 shares of the company’s stock, valued at approximately $2,190,977.06. This trade represents a 21.75% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 80,134 shares of company stock worth $15,640,132. 10.00% of the stock is owned by company insiders.

Old Dominion Freight Line Company 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.