JPMorgan Chase & Co. Has $499.01 Million Stock Holdings in Old Dominion Freight Line, Inc. $ODFL

JPMorgan Chase & Co. boosted its stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 21.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,544,588 shares of the transportation company’s stock after purchasing an additional 622,275 shares during the period. JPMorgan Chase & Co. owned about 1.70% of Old Dominion Freight Line worth $499,007,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Truist Financial Corp increased its holdings in Old Dominion Freight Line by 12.9% in the 3rd quarter. Truist Financial Corp now owns 88,119 shares of the transportation company’s stock worth $12,405,000 after purchasing an additional 10,046 shares in the last quarter. Wilson Asset Management International PTY Ltd. bought a new stake in shares of Old Dominion Freight Line during the third quarter worth about $4,307,000. Atlantic Union Bankshares Corp acquired a new position in shares of Old Dominion Freight Line in the third quarter valued at approximately $1,999,000. Citigroup Inc. raised its holdings in Old Dominion Freight Line by 46.4% in the 3rd quarter. Citigroup Inc. now owns 1,040,681 shares of the transportation company’s stock valued at $146,507,000 after buying an additional 329,895 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings in Old Dominion Freight Line by 10.5% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 81,271 shares of the transportation company’s stock valued at $11,441,000 after buying an additional 7,709 shares during the last quarter. Institutional investors and hedge funds own 77.82% of the company’s stock.

Old Dominion Freight Line Stock Up 1.1%

Shares of NASDAQ ODFL opened at $184.43 on Wednesday. The company has a market capitalization of $38.44 billion, a PE ratio of 38.18, a P/E/G ratio of 3.83 and a beta of 1.23. Old Dominion Freight Line, Inc. has a twelve month low of $126.01 and a twelve month high of $221.63. The firm has a fifty day simple moving average of $187.62 and a 200 day simple moving average of $159.73.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its quarterly earnings results on Wednesday, February 4th. The transportation company reported $1.09 EPS for the quarter, beating 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 business had revenue of $1.31 billion for the quarter, compared to analysts’ expectations of $1.30 billion. During the same quarter in the prior year, the firm posted $1.23 earnings per share. The business’s quarterly revenue was down 5.7% compared to the same quarter last year. As a group, equities 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 firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 18th. Shareholders of record on Wednesday, March 4th will be issued a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date is Wednesday, March 4th. This is a positive change from Old Dominion Freight Line’s previous quarterly dividend of $0.28. Old Dominion Freight Line’s dividend payout ratio (DPR) is currently 24.02%.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. Stephens reaffirmed an “overweight” rating and set a $232.00 price target on shares of Old Dominion Freight Line in a research note on Thursday, February 5th. Zacks Research raised shares of Old Dominion Freight Line from a “strong sell” rating to a “hold” rating in a research note on Tuesday, February 10th. JPMorgan Chase & Co. raised their target price on Old Dominion Freight Line from $168.00 to $182.00 and gave the stock a “neutral” rating in a research report on Tuesday, March 10th. TD Cowen lifted their target price on Old Dominion Freight Line from $167.00 to $180.00 and gave the stock a “hold” rating in a report on Thursday, February 5th. Finally, Truist Financial set a $225.00 price target on Old Dominion Freight Line in a research report on Thursday, February 5th. Nine investment analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $191.08.

Insider Transactions at Old Dominion Freight Line

In related news, Chairman David S. Congdon sold 52,000 shares of the stock in a transaction on Thursday, February 19th. The shares were sold at an average price of $194.77, for a total transaction of $10,128,040.00. Following the transaction, the chairman directly owned 712,800 shares of the company’s stock, valued at $138,832,056. This represents a 6.80% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Earl E. Congdon sold 25,000 shares of the firm’s stock in a transaction on Thursday, February 26th. The stock was sold at an average price of $196.13, for a total transaction of $4,903,250.00. Following the completion of the sale, the insider owned 2,162,113 shares of the company’s stock, valued at $424,055,222.69. The trade was a 1.14% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 80,134 shares of company stock valued at $15,640,132 in the last quarter. 10.00% of the stock is currently owned by company insiders.

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.