MQS Management LLC Invests $371,000 in Old Dominion Freight Line, Inc. $ODFL

MQS Management LLC acquired a new position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 2,632 shares of the transportation company’s stock, valued at approximately $371,000.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Brighton Jones LLC increased its position in shares of Old Dominion Freight Line by 5.3% in the 4th quarter. Brighton Jones LLC now owns 1,559 shares of the transportation company’s stock valued at $275,000 after acquiring an additional 79 shares during the period. Empowered Funds LLC raised its holdings in shares of Old Dominion Freight Line by 134.9% during the first quarter. Empowered Funds LLC now owns 10,213 shares of the transportation company’s stock worth $1,690,000 after purchasing an additional 5,866 shares during the last quarter. Blue Trust Inc. lifted its position in Old Dominion Freight Line by 65.5% during the second quarter. Blue Trust Inc. now owns 412 shares of the transportation company’s stock valued at $67,000 after purchasing an additional 163 shares during the period. Concurrent Investment Advisors LLC boosted its holdings in Old Dominion Freight Line by 15.2% in the second quarter. Concurrent Investment Advisors LLC now owns 3,157 shares of the transportation company’s stock valued at $512,000 after purchasing an additional 416 shares during the last quarter. Finally, CWM LLC grew its holdings in Old Dominion Freight Line by 52.0% during the second quarter. CWM LLC now owns 15,165 shares of the transportation company’s stock worth $2,461,000 after acquiring an additional 5,186 shares during the period. 77.82% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have commented on ODFL shares. Citigroup restated a “neutral” rating and issued a $216.00 price objective (up previously from $196.00) on shares of Old Dominion Freight Line in a research report on Friday, February 6th. TD Cowen upped their price objective on shares of Old Dominion Freight Line from $167.00 to $180.00 and gave the stock a “hold” rating in a research report on Thursday, February 5th. UBS Group reissued a “neutral” rating and set a $202.00 target price (up from $164.00) on shares of Old Dominion Freight Line in a research note on Thursday, February 5th. Deutsche Bank Aktiengesellschaft lowered Old Dominion Freight Line from a “buy” rating to a “hold” rating and set a $205.00 price target for the company. in a research note on Thursday, February 5th. Finally, Truist Financial set a $225.00 price target on Old Dominion Freight Line in a report on Thursday, February 5th. Eight equities research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $188.57.

Old Dominion Freight Line Stock Performance

NASDAQ ODFL opened at $194.46 on Thursday. The business has a fifty day moving average price of $169.76 and a 200 day moving average price of $152.25. The company has a market cap of $40.66 billion, a P/E ratio of 40.26, a P/E/G ratio of 9.71 and a beta of 1.28. Old Dominion Freight Line, Inc. has a one year low of $126.01 and a one year high of $209.61.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its earnings results on Wednesday, February 4th. The transportation company reported $1.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.06 by $0.03. Old Dominion Freight Line had a return on equity of 24.03% and a net margin of 18.62%.The business had revenue of $1.31 billion during the quarter, compared to the consensus estimate of $1.30 billion. During the same period last year, the company earned $1.23 EPS. The company’s revenue for the quarter was down 5.7% on a year-over-year basis. As a group, sell-side analysts predict that Old Dominion Freight Line, Inc. will post 5.68 EPS for the current fiscal year.

Old Dominion Freight Line Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, March 18th. Shareholders of record on Wednesday, March 4th will be issued a $0.29 dividend. This represents a $1.16 annualized dividend and a 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 presently 23.19%.

Old Dominion Freight Line Company 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.