Korea Investment CORP Invests $37.03 Million in Old Dominion Freight Line, Inc. $ODFL

Korea Investment CORP purchased a new position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 170,957 shares of the transportation company’s stock, valued at approximately $37,029,000. Korea Investment CORP owned 0.08% of Old Dominion Freight Line at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of ODFL. Bell Investment Advisors Inc acquired a new position in Old Dominion Freight Line during the second quarter worth $25,000. Annis Gardner Whiting Capital Advisors LLC grew its holdings in Old Dominion Freight Line by 80.5% in the first quarter. Annis Gardner Whiting Capital Advisors LLC now owns 139 shares of the transportation company’s stock valued at $27,000 after purchasing an additional 62 shares during the last quarter. Reflection Asset Management purchased a new position in shares of Old Dominion Freight Line in the fourth quarter valued at $28,000. Evolution Wealth Management Inc. purchased a new position in shares of Old Dominion Freight Line in the first quarter valued at $29,000. Finally, DT Investment Partners LLC raised its stake in shares of Old Dominion Freight Line by 600.0% during the 4th quarter. DT Investment Partners LLC now owns 210 shares of the transportation company’s stock worth $33,000 after buying an additional 180 shares during the last quarter. 77.82% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on ODFL shares. Benchmark reiterated a “hold” rating on shares of Old Dominion Freight Line in a research report on Thursday, June 4th. Weiss Ratings upgraded shares of Old Dominion Freight Line from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, August 11th. Barclays lifted their target price on shares of Old Dominion Freight Line from $210.00 to $220.00 and gave the stock an “equal weight” rating in a research report on Thursday, June 25th. JPMorgan Chase & Co. upped their price target on shares of Old Dominion Freight Line from $197.00 to $234.00 and gave the company a “neutral” rating in a report on Monday, June 8th. Finally, Wells Fargo & Company upgraded shares of Old Dominion Freight Line from an “underweight” rating to an “overweight” rating and increased their price target for the company from $235.00 to $250.00 in a research report on Wednesday, July 8th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, thirteen have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, Old Dominion Freight Line has an average rating of “Hold” and an average price target of $226.55.

Old Dominion Freight Line Trading Up 1.0%

Old Dominion Freight Line stock opened at $206.47 on Friday. The stock has a 50-day moving average price of $220.21 and a 200 day moving average price of $210.45. Old Dominion Freight Line, Inc. has a 52 week low of $126.01 and a 52 week high of $252.03. The stock has a market cap of $42.81 billion, a PE ratio of 39.78, a P/E/G ratio of 3.59 and a beta of 1.18.

Old Dominion Freight Line (NASDAQ:ODFL) last released its earnings results on Wednesday, July 29th. The transportation company reported $1.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.54 by $0.14. The company had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.54 billion. Old Dominion Freight Line had a net margin of 19.44% and a return on equity of 24.87%. The firm’s quarterly revenue was up 10.4% on a year-over-year basis. During the same period in the prior year, the firm earned $1.27 EPS. On average, equities analysts predict that Old Dominion Freight Line, Inc. will post 5.78 EPS for the current year.

Old Dominion Freight Line Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 16th. Stockholders of record on Wednesday, September 2nd will be given a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date of this dividend is Wednesday, September 2nd. Old Dominion Freight Line’s payout ratio is currently 22.35%.

About Old Dominion Freight Line

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.