Old Dominion Freight Line, Inc. $ODFL Position Raised by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA lifted its stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 50.4% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 162,415 shares of the transportation company’s stock after acquiring an additional 54,412 shares during the period. Pictet Asset Management Holding SA’s holdings in Old Dominion Freight Line were worth $28,279,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Private Advisor Group LLC increased its stake 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 worth $814,000 after purchasing an additional 55 shares during the period. Principle Wealth Partners LLC boosted its stake in Old Dominion Freight Line by 0.3% during the 3rd quarter. Principle Wealth Partners LLC now owns 19,577 shares of the transportation company’s stock valued at $3,403,000 after purchasing an additional 61 shares during the period. Annis Gardner Whiting Capital Advisors LLC boosted its stake in 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 purchasing an additional 62 shares during the period. Parkside Financial Bank & Trust boosted its stake in Old Dominion Freight Line by 13.9% during the 2nd quarter. Parkside Financial Bank & Trust now owns 526 shares of the transportation company’s stock valued at $114,000 after purchasing an additional 64 shares during the period. Finally, Cidel Asset Management Inc. grew its holdings in Old Dominion Freight Line by 6.0% in the 2nd quarter. Cidel Asset Management Inc. now owns 1,156 shares of the transportation company’s stock valued at $250,000 after buying an additional 65 shares during the last quarter. 77.82% of the stock is currently owned by institutional investors and hedge funds.

Old Dominion Freight Line Stock Performance

Shares of Old Dominion Freight Line stock opened at $170.50 on Thursday. The firm has a market cap of $35.13 billion, a P/E ratio of 30.67, a price-to-earnings-growth ratio of 2.75 and a beta of 1.14. The firm’s 50-day simple moving average is $179.29 and its 200-day simple moving average is $201.35. Old Dominion Freight Line, Inc. has a twelve month low of $126.01 and a twelve month high of $252.03.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its quarterly earnings results on Wednesday, October 28th. The transportation company reported $1.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.61 by $0.04. The firm had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.57 billion. Old Dominion Freight Line had a net margin of 20.08% and a return on equity of 25.92%. The company’s quarterly revenue was up 13.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.28 earnings per share. On average, equities analysts forecast that Old Dominion Freight Line, Inc. will post 5.93 earnings per share for the current fiscal year.

Old Dominion Freight Line Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 16th. Stockholders of record on Wednesday, December 2nd will be paid a $0.29 dividend. This represents a $1.16 annualized dividend and a dividend yield of 0.7%. The ex-dividend date is Wednesday, December 2nd. Old Dominion Freight Line’s dividend payout ratio is currently 20.86%.

Wall Street Analysts Forecast Growth

ODFL has been the subject of several research reports. Susquehanna reduced their price objective on Old Dominion Freight Line from $202.00 to $200.00 and set a “neutral” rating for the company in a research report on Friday, November 6th. Wells Fargo & Company dropped their target price on shares of Old Dominion Freight Line from $250.00 to $220.00 and set an “overweight” rating on the stock in a research report on Thursday, October 29th. Sanford C. Bernstein began coverage on shares of Old Dominion Freight Line in a research note on Thursday, September 10th. They set a “market perform” rating and a $200.00 target price for the company. Wolfe Research upgraded shares of Old Dominion Freight Line from an “underperform” rating to a “peer perform” rating in a research note on Wednesday, October 7th. Finally, Zacks Research downgraded shares of Old Dominion Freight Line from a “strong-buy” rating to a “hold” rating in a report on Monday, September 28th. Ten analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $217.22.

Insider Buying and Selling at Old Dominion Freight Line

In other news, SVP Cecil Overbey, Jr. sold 19,952 shares of the stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $198.39, for a total value of $3,958,277.28. Following the completion of the transaction, the senior vice president directly owned 22,746 shares of the company’s stock, valued at approximately $4,512,578.94. This represents a 46.73% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 8.20% of the company’s stock.

About Old Dominion Freight Line

Old Dominion Freight Line is a transportation and logistics company specializing in less-than-truckload (LTL) shipping. It combines freight from multiple customers in its network to transport shipments that do not require an entire truck, and provides pickup and delivery services for businesses. Founded in 1934 by Earl and Lillian Congdon, the company began with a single truck serving routes between Virginia and North Carolina. It has since expanded its service-center network across the United States, offering regional and national freight transportation.