HRT Financial LP Invests $30.81 Million in Old Dominion Freight Line, Inc. $ODFL

HRT Financial LP purchased a new stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 189,855 shares of the transportation company’s stock, valued at approximately $30,813,000.

A number of other hedge funds have also recently added to or reduced their stakes in ODFL. Brighton Jones LLC raised its stake in shares of Old Dominion Freight Line by 5.3% in the fourth quarter. Brighton Jones LLC now owns 1,559 shares of the transportation company’s stock worth $275,000 after acquiring an additional 79 shares during the last quarter. Benjamin Edwards Inc. raised its position in Old Dominion Freight Line by 3.1% in the 1st quarter. Benjamin Edwards Inc. now owns 2,368 shares of the transportation company’s stock worth $392,000 after purchasing an additional 71 shares during the last quarter. Public Sector Pension Investment Board raised its position in Old Dominion Freight Line by 9.4% in the 1st quarter. Public Sector Pension Investment Board now owns 24,998 shares of the transportation company’s stock worth $4,136,000 after purchasing an additional 2,140 shares during the last quarter. Russell Investments Group Ltd. boosted its position in Old Dominion Freight Line by 0.9% in the 1st quarter. Russell Investments Group Ltd. now owns 271,564 shares of the transportation company’s stock valued at $44,920,000 after buying an additional 2,388 shares during the last quarter. Finally, National Pension Service increased its stake in shares of Old Dominion Freight Line by 17.0% in the 1st quarter. National Pension Service now owns 297,819 shares of the transportation company’s stock valued at $49,274,000 after buying an additional 43,179 shares during the period. Institutional investors own 77.82% of the company’s stock.

Analyst Upgrades and Downgrades

ODFL has been the topic of several recent research reports. Rothschild & Co Redburn initiated coverage on Old Dominion Freight Line in a report on Wednesday, November 26th. They issued a “sell” rating and a $114.00 price target on the stock. Stephens reduced their target price on shares of Old Dominion Freight Line from $162.00 to $156.00 and set an “overweight” rating on the stock in a research note on Thursday, October 30th. Zacks Research raised shares of Old Dominion Freight Line from a “strong sell” rating to a “hold” rating in a research note on Thursday, November 13th. The Goldman Sachs Group cut their price objective on shares of Old Dominion Freight Line from $186.00 to $181.00 in a report on Thursday, October 30th. Finally, Evercore ISI lowered their target price on shares of Old Dominion Freight Line from $143.00 to $139.00 and set an “in-line” rating for the company in a report on Thursday, October 30th. Ten analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and four have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Old Dominion Freight Line currently has an average rating of “Hold” and a consensus price target of $154.48.

Old Dominion Freight Line Stock Performance

Shares of NASDAQ:ODFL opened at $159.49 on Friday. The firm’s 50 day simple moving average is $139.81 and its 200 day simple moving average is $149.69. Old Dominion Freight Line, Inc. has a fifty-two week low of $126.01 and a fifty-two week high of $209.61. The company has a market capitalization of $33.35 billion, a price-to-earnings ratio of 32.09, a P/E/G ratio of 4.15 and a beta of 1.27. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.20 and a quick ratio of 1.20.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its earnings results on Wednesday, October 29th. The transportation company reported $1.28 EPS for the quarter, beating the consensus estimate of $1.22 by $0.06. The firm had revenue of $1.41 billion during the quarter, compared to the consensus estimate of $1.41 billion. Old Dominion Freight Line had a net margin of 18.97% and a return on equity of 24.92%. The business’s quarterly revenue was down 4.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.43 earnings per share. As a group, sell-side analysts forecast that Old Dominion Freight Line, Inc. will post 5.68 earnings per share for the current year.

Old Dominion Freight Line Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 17th. Shareholders of record on Wednesday, December 3rd will be issued a dividend of $0.28 per share. The ex-dividend date is Wednesday, December 3rd. This represents a $1.12 annualized dividend and a yield of 0.7%. Old Dominion Freight Line’s payout ratio is currently 22.54%.

About Old Dominion Freight Line

Old Dominion Freight Line, Inc operates as a less-than-truckload motor carrier in the United States and North America. The company offers regional, inter-regional, and national less-than-truckload services, as well as expedited transportation. It also provides various value-added services, including container drayage, truckload brokerage, and supply chain consulting.