E Fund Management Co. Ltd. Invests $1.73 Million in Old Dominion Freight Line, Inc. $ODFL

E Fund Management Co. Ltd. purchased a new stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) in the second quarter, Holdings Channel.com reports. The fund purchased 7,999 shares of the transportation company’s stock, valued at approximately $1,733,000.

Other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. bought a new position in shares of Old Dominion Freight Line in the second quarter worth about $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 stake in shares of Old Dominion Freight Line during the second quarter worth $543,289,000. Boston Partners acquired a new position in shares of Old Dominion Freight Line during the 3rd quarter worth about $292,599,000. Finally, Price T Rowe Associates Inc. MD increased its stake in Old Dominion Freight Line by 14.1% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 14,223,960 shares of the transportation company’s stock valued at $2,230,318,000 after purchasing an additional 1,761,511 shares in the last quarter. Institutional investors own 77.82% of the company’s stock.

Old Dominion Freight Line Stock Performance

Shares of ODFL opened at $205.08 on Thursday. The business’s 50 day moving average price is $221.86 and its two-hundred day moving average price is $210.26. The firm has a market cap of $42.53 billion, a PE ratio of 39.51, a price-to-earnings-growth ratio of 3.61 and a beta of 1.18. Old Dominion Freight Line, Inc. has a 52-week low of $126.01 and a 52-week high of $252.03.

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, beating analysts’ consensus estimates of $1.54 by $0.14. Old Dominion Freight Line had a return on equity of 24.87% and a net margin of 19.44%.The company had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.54 billion. During the same quarter last year, the company earned $1.27 earnings per share. The company’s revenue for the quarter was up 10.4% on a year-over-year basis. Research analysts predict that Old Dominion Freight Line, Inc. will post 5.78 EPS for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The business 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 $0.29 dividend. This represents a $1.16 annualized dividend and a dividend yield of 0.6%. The ex-dividend date is Wednesday, September 2nd. Old Dominion Freight Line’s dividend payout ratio is 22.35%.

Analyst Ratings Changes

ODFL has been the topic of several research analyst reports. Robert W. Baird set a $229.00 target price on shares of Old Dominion Freight Line and gave the stock a “neutral” rating in a report on Tuesday, April 28th. Weiss Ratings raised Old Dominion Freight Line from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday, August 11th. Wall Street Zen upgraded shares of Old Dominion Freight Line from a “hold” rating to a “buy” rating in a research note on Saturday, August 8th. Argus increased their price target on Old Dominion Freight Line from $220.00 to $260.00 and gave the company a “buy” rating in a research note on Thursday, June 18th. Finally, Raymond James Financial restated an “outperform” rating and set a $241.00 price objective (up from $224.00) on shares of Old Dominion Freight Line in a research report on Monday, July 13th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, thirteen have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $226.55.

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.