USS Investment Management Ltd Boosts Position in Old Dominion Freight Line, Inc. $ODFL

USS Investment Management Ltd increased its stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 7.7% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 42,020 shares of the transportation company’s stock after acquiring an additional 3,000 shares during the quarter. USS Investment Management Ltd’s holdings in Old Dominion Freight Line were worth $6,587,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. JPMorgan Chase & Co. increased its position in Old Dominion Freight Line by 21.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,544,588 shares of the transportation company’s stock valued at $499,007,000 after purchasing an additional 622,275 shares during the period. Citigroup Inc. increased its position in Old Dominion Freight Line by 46.4% during the 3rd quarter. Citigroup Inc. now owns 1,040,681 shares of the transportation company’s stock valued at $146,507,000 after purchasing an additional 329,895 shares during the period. Value Partners Investments Inc. increased its position in Old Dominion Freight Line by 38.7% during the 4th quarter. Value Partners Investments Inc. now owns 20,103 shares of the transportation company’s stock valued at $3,157,000 after purchasing an additional 5,610 shares during the period. Quantum Capital Management LLC NJ increased its position in Old Dominion Freight Line by 26.2% during the 3rd quarter. Quantum Capital Management LLC NJ now owns 594,391 shares of the transportation company’s stock valued at $83,678,000 after purchasing an additional 123,271 shares during the period. Finally, Waterfront Wealth Inc. purchased a new position in Old Dominion Freight Line during the 4th quarter valued at about $1,430,000. Hedge funds and other institutional investors own 77.82% of the company’s stock.

Old Dominion Freight Line Stock Down 3.4%

ODFL stock opened at $237.42 on Tuesday. The firm has a 50 day moving average of $215.95 and a 200 day moving average of $190.65. The stock has a market capitalization of $49.38 billion, a PE ratio of 49.67, a price-to-earnings-growth ratio of 4.97 and a beta of 1.17. Old Dominion Freight Line, Inc. has a 52 week low of $126.01 and a 52 week high of $252.03.

Old Dominion Freight Line (NASDAQ:ODFL) last released its earnings results on Wednesday, April 29th. The transportation company reported $1.14 EPS for the quarter, topping analysts’ consensus estimates of $1.05 by $0.09. The company had revenue of $1.33 billion during the quarter, compared to analysts’ expectations of $1.31 billion. Old Dominion Freight Line had a net margin of 18.46% and a return on equity of 23.42%. Old Dominion Freight Line’s revenue for the quarter was down 2.9% on a year-over-year basis. During the same period last year, the business earned $1.19 EPS. On average, equities research analysts expect that Old Dominion Freight Line, Inc. will post 5.38 earnings per share for the current year.

Old Dominion Freight Line Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 17th. Shareholders of record on Wednesday, June 3rd will be paid a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a yield of 0.5%. The ex-dividend date is Wednesday, June 3rd. Old Dominion Freight Line’s payout ratio is presently 24.27%.

Insider Buying and Selling

In other Old Dominion Freight Line news, Director Greg C. Gantt sold 22,107 shares of Old Dominion Freight Line stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $191.52, for a total transaction of $4,233,932.64. Following the completion of the sale, the director directly owned 88,551 shares in the company, valued at approximately $16,959,287.52. The trade was a 19.98% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 10.00% of the company’s stock.

Analyst Ratings Changes

A number of research firms have commented on ODFL. The Goldman Sachs Group set a $216.00 target price on shares of Old Dominion Freight Line and gave the company a “neutral” rating in a research report on Thursday, April 30th. BMO Capital Markets reissued an “outperform” rating and set a $230.00 target price on shares of Old Dominion Freight Line in a research report on Thursday, June 4th. TD Cowen reaffirmed a “hold” rating on shares of Old Dominion Freight Line in a research report on Wednesday, June 3rd. Susquehanna lifted their price objective on shares of Old Dominion Freight Line from $205.00 to $224.00 and gave the stock a “neutral” rating in a research report on Tuesday, June 2nd. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Old Dominion Freight Line in a research report on Tuesday, April 14th. Eight investment analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat, Old Dominion Freight Line currently has an average rating of “Hold” and an average target price of $215.57.

Old Dominion Freight Line 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.