Jupiter Topco LLC Invests $4.47 Million in Old Dominion Freight Line, Inc. $ODFL

Jupiter Topco LLC bought a new position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 20,630 shares of the transportation company’s stock, valued at approximately $4,467,000.

A number of other hedge funds also recently modified their holdings of ODFL. BlackRock Inc. acquired a new stake in shares of Old Dominion Freight Line during the 2nd quarter worth approximately $3,416,007,000. Norges Bank bought a new position in Old Dominion Freight Line in the fourth quarter valued at approximately $444,983,000. Bank of New York Mellon Corp acquired a new position in Old Dominion Freight Line during the second quarter valued at approximately $543,289,000. Boston Partners acquired a new position in Old Dominion Freight Line during the third quarter valued at approximately $292,599,000. Finally, Price T Rowe Associates Inc. MD lifted its stake in Old Dominion Freight Line by 14.1% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 14,223,960 shares of the transportation company’s stock worth $2,230,318,000 after purchasing an additional 1,761,511 shares during the last quarter. Institutional investors own 77.82% of the company’s stock.

Insiders Place Their Bets

In other Old Dominion Freight Line news, SVP Cecil E. Jr. Overbey sold 19,952 shares of the company’s stock in a transaction dated 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 owned 22,746 shares of the company’s stock, valued at $4,512,578.94. This represents a 46.73% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 8.20% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on ODFL shares. Benchmark reaffirmed a “hold” rating on shares of Old Dominion Freight Line in a report on Thursday, June 4th. Zacks Research raised Old Dominion Freight Line from a “hold” rating to a “strong-buy” rating in a report on Friday, July 31st. Morgan Stanley restated an “equal weight” rating and set a $245.00 price objective (up from $235.00) on shares of Old Dominion Freight Line in a research report on Monday, July 6th. UBS Group reaffirmed a “neutral” rating and issued a $228.00 price objective (up from $224.00) on shares of Old Dominion Freight Line in a research note on Thursday, July 30th. Finally, Susquehanna lifted their target price on Old Dominion Freight Line from $224.00 to $228.00 and gave the company a “neutral” rating in a research report on Tuesday, July 14th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, thirteen have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $226.55.

Old Dominion Freight Line Price Performance

Shares of NASDAQ:ODFL opened at $199.96 on Tuesday. Old Dominion Freight Line, Inc. has a one year low of $126.01 and a one year high of $252.03. The company has a market cap of $41.46 billion, a price-to-earnings ratio of 38.53, a PEG ratio of 3.45 and a beta of 1.18. The firm has a 50 day simple moving average of $217.18 and a 200 day simple moving average of $210.66.

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

Old Dominion Freight Line Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 16th. Investors of record on Wednesday, September 2nd will be given a dividend of $0.29 per share. The ex-dividend date is Wednesday, September 2nd. This represents a $1.16 dividend on an annualized basis and a yield of 0.6%. 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.