Old Dominion Freight Line, Inc. $ODFL Shares Acquired by Principal Financial Group Inc.

Principal Financial Group Inc. increased its position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 43.7% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 601,586 shares of the transportation company’s stock after buying an additional 182,839 shares during the period. Principal Financial Group Inc.’s holdings in Old Dominion Freight Line were worth $117,550,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Reflection Asset Management purchased a new position in Old Dominion Freight Line in the fourth quarter worth approximately $28,000. Evolution Wealth Management Inc. purchased a new stake in shares of Old Dominion Freight Line in the 1st quarter valued at approximately $29,000. DT Investment Partners LLC raised its holdings in shares of Old Dominion Freight Line by 600.0% in the 4th quarter. DT Investment Partners LLC now owns 210 shares of the transportation company’s stock valued at $33,000 after purchasing an additional 180 shares in the last quarter. DV Equities LLC acquired a new stake in shares of Old Dominion Freight Line in the 4th quarter valued at $40,000. Finally, Torren Management LLC acquired a new stake in shares of Old Dominion Freight Line in the 4th quarter valued at $41,000. Institutional investors and hedge funds own 77.82% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently commented on ODFL. Stifel Nicolaus boosted their target price on shares of Old Dominion Freight Line from $228.00 to $232.00 in a research note on Thursday, April 30th. Jefferies Financial Group raised their price target on Old Dominion Freight Line from $230.00 to $250.00 and gave the company a “hold” rating in a research note on Tuesday, June 9th. UBS Group lifted their price target on Old Dominion Freight Line from $216.00 to $224.00 and gave the stock a “neutral” rating in a report on Tuesday, July 7th. Citigroup raised Old Dominion Freight Line from a “sell” rating to a “neutral” rating and set a $228.00 price objective for the company in a research report on Thursday, July 9th. Finally, Truist Financial raised their target price on Old Dominion Freight Line from $225.00 to $250.00 and gave the stock a “buy” rating in a research report on Wednesday. Ten investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $222.00.

Insider Buying and Selling at Old Dominion Freight Line

In other news, Director Greg C. Gantt sold 22,107 shares of the business’s stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $191.52, for a total value of $4,233,932.64. Following the completion of the sale, the director directly owned 88,551 shares of the company’s stock, valued at approximately $16,959,287.52. The trade was a 19.98% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 10.00% of the company’s stock.

Old Dominion Freight Line Price Performance

NASDAQ ODFL opened at $225.23 on Thursday. The firm’s fifty day moving average price is $220.29 and its 200 day moving average price is $201.40. Old Dominion Freight Line, Inc. has a 12 month low of $126.01 and a 12 month high of $252.03. The company has a market capitalization of $46.84 billion, a price-to-earnings ratio of 47.12, a price-to-earnings-growth ratio of 4.16 and a beta of 1.18.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its quarterly earnings results on Wednesday, April 29th. The transportation company reported $1.14 earnings per share for the quarter, beating analysts’ consensus estimates of $1.05 by $0.09. Old Dominion Freight Line had a net margin of 18.46% and a return on equity of 23.42%. The firm had revenue of $1.33 billion during the quarter, compared to analysts’ expectations of $1.31 billion. During the same period in the previous year, the company earned $1.19 earnings per share. Old Dominion Freight Line’s quarterly revenue was down 2.9% compared to the same quarter last year. As a group, sell-side analysts forecast that Old Dominion Freight Line, Inc. will post 5.51 earnings per share for the current year.

Old Dominion Freight Line Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 17th. Stockholders of record on Wednesday, June 3rd were given a dividend of $0.29 per share. The ex-dividend date was Wednesday, June 3rd. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.5%. Old Dominion Freight Line’s payout ratio is 24.27%.

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.