Old Dominion Freight Line, Inc. (NASDAQ:ODFL) Short Interest Up 36.0% in January

Old Dominion Freight Line, Inc. (NASDAQ:ODFL) saw a significant growth in short interest in January. As of January 30th, there was short interest totaling 15,108,424 shares, a growth of 36.0% from the January 15th total of 11,109,972 shares. Approximately 8.0% of the shares of the stock are short sold. Based on an average daily volume of 1,912,407 shares, the days-to-cover ratio is currently 7.9 days. Based on an average daily volume of 1,912,407 shares, the days-to-cover ratio is currently 7.9 days. Approximately 8.0% of the shares of the stock are short sold.

Institutional Investors Weigh In On Old Dominion Freight Line

A number of institutional investors have recently made changes to their positions in ODFL. Brighton Jones LLC raised its position in 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 valued at $275,000 after purchasing an additional 79 shares during the period. Empowered Funds LLC grew its stake in shares of Old Dominion Freight Line by 134.9% in the first quarter. Empowered Funds LLC now owns 10,213 shares of the transportation company’s stock valued at $1,690,000 after buying an additional 5,866 shares in the last quarter. Blue Trust Inc. raised its holdings in shares of Old Dominion Freight Line by 65.5% in the 2nd quarter. Blue Trust Inc. now owns 412 shares of the transportation company’s stock valued at $67,000 after buying an additional 163 shares during the period. Concurrent Investment Advisors LLC increased its stake in Old Dominion Freight Line by 15.2% during the second quarter. Concurrent Investment Advisors LLC now owns 3,157 shares of the transportation company’s stock worth $512,000 after purchasing an additional 416 shares during the period. Finally, CWM LLC lifted its holdings in Old Dominion Freight Line by 52.0% during the 2nd quarter. CWM LLC now owns 15,165 shares of the transportation company’s stock worth $2,461,000 after buying an additional 5,186 shares in the last quarter. 77.82% of the stock is currently owned by institutional investors and hedge funds.

Old Dominion Freight Line Price Performance

Shares of ODFL traded down $0.03 during mid-day trading on Tuesday, reaching $193.18. The stock had a trading volume of 941,401 shares, compared to its average volume of 2,425,590. Old Dominion Freight Line has a 52-week low of $126.01 and a 52-week high of $209.61. The firm has a market cap of $40.39 billion, a price-to-earnings ratio of 40.04, a P/E/G ratio of 9.65 and a beta of 1.28. The business’s fifty day moving average is $171.99 and its 200 day moving average is $152.97.

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

Old Dominion Freight Line Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 18th. Investors of record on Wednesday, March 4th will be given 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 of this dividend 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 is 24.02%.

Analyst Ratings Changes

Several brokerages recently commented on ODFL. Zacks Research raised shares of Old Dominion Freight Line from a “strong sell” rating to a “hold” rating in a report on Tuesday, February 10th. Benchmark reissued a “hold” rating on shares of Old Dominion Freight Line in a research note on Wednesday, December 3rd. Barclays set a $185.00 price target on shares of Old Dominion Freight Line in a research note on Thursday, February 5th. Truist Financial set a $225.00 price objective on Old Dominion Freight Line in a research note on Thursday, February 5th. Finally, UBS Group reaffirmed a “neutral” rating and issued a $202.00 price target (up from $164.00) on shares of Old Dominion Freight Line in a research note on Thursday, February 5th. Nine research 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. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $189.88.

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.