Commerce Bank Invests $802,000 in Old Dominion Freight Line, Inc. $ODFL

Commerce Bank bought a new position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) during the second quarter, Holdings Channel.com reports. The fund bought 3,702 shares of the transportation company’s stock, valued at approximately $802,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Bogart Wealth LLC lifted its stake in Old Dominion Freight Line by 9.9% during the first quarter. Bogart Wealth LLC now owns 511 shares of the transportation company’s stock valued at $100,000 after purchasing an additional 46 shares during the last quarter. Private Advisor Group LLC increased its holdings in shares of Old Dominion Freight Line by 1.3% in the first quarter. Private Advisor Group LLC now owns 4,164 shares of the transportation company’s stock valued at $814,000 after buying an additional 55 shares in the last quarter. Keybank National Association OH increased its holdings in shares of Old Dominion Freight Line by 2.3% in the first quarter. Keybank National Association OH now owns 2,450 shares of the transportation company’s stock valued at $479,000 after buying an additional 56 shares in the last quarter. Deseret Mutual Benefit Administrators lifted its position in shares of Old Dominion Freight Line by 9.7% during the 4th quarter. Deseret Mutual Benefit Administrators now owns 645 shares of the transportation company’s stock valued at $101,000 after acquiring an additional 57 shares during the last quarter. Finally, Annis Gardner Whiting Capital Advisors LLC lifted its position in shares of Old Dominion Freight Line by 80.5% during the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 139 shares of the transportation company’s stock valued at $27,000 after acquiring an additional 62 shares during the last quarter. 77.82% of the stock is currently owned by institutional investors.

Old Dominion Freight Line Stock Up 0.5%

Shares of NASDAQ:ODFL opened at $199.43 on Thursday. The company’s fifty day moving average is $218.44 and its two-hundred day moving average is $210.62. The company has a market cap of $41.35 billion, a P/E ratio of 38.43, a price-to-earnings-growth ratio of 3.45 and a beta of 1.18. Old Dominion Freight Line, Inc. has a 12-month low of $126.01 and a 12-month high of $252.03.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its earnings results on Wednesday, July 29th. The transportation company reported $1.68 EPS for the quarter, topping the consensus estimate of $1.54 by $0.14. Old Dominion Freight Line had a return on equity of 24.87% and a net margin of 19.44%.The business had revenue of $1.55 billion during the quarter, compared to analysts’ expectations of $1.54 billion. During the same quarter last year, the firm posted $1.27 earnings per share. Old Dominion Freight Line’s revenue was up 10.4% compared to the same quarter last year. Equities research analysts anticipate that Old Dominion Freight Line, Inc. will post 5.78 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, September 16th. Investors of record on Wednesday, September 2nd will be paid a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend is Wednesday, September 2nd. Old Dominion Freight Line’s dividend payout ratio is currently 22.35%.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. Argus lifted their target price on Old Dominion Freight Line from $220.00 to $260.00 and gave the stock a “buy” rating in a report on Thursday, June 18th. The Goldman Sachs Group reaffirmed a “buy” rating and set a $244.00 target price on shares of Old Dominion Freight Line in a report on Wednesday, July 29th. Jefferies Financial Group reiterated a “hold” rating and issued a $227.00 price target on shares of Old Dominion Freight Line in a research report on Thursday, July 30th. TD Cowen reissued a “hold” rating on shares of Old Dominion Freight Line in a research note on Wednesday, June 3rd. Finally, UBS Group restated a “neutral” rating and set a $228.00 price objective (up from $224.00) on shares of Old Dominion Freight Line in a report on Thursday, July 30th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, thirteen have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $226.55.

Insider Buying and Selling

In other Old Dominion Freight Line news, SVP Cecil E. Jr. Overbey sold 19,952 shares of the firm’s stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $198.39, for a total transaction of $3,958,277.28. Following the completion of the sale, the senior vice president directly owned 22,746 shares in the company, valued at approximately $4,512,578.94. This trade represents a 46.73% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 8.20% of the company’s stock.

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.