131,700 Shares in Old Dominion Freight Line, Inc. $ODFL Bought by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company purchased a new position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 131,700 shares of the transportation company’s stock, valued at approximately $28,527,000. The Manufacturers Life Insurance Company owned approximately 0.06% of Old Dominion Freight Line as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of ODFL. Bell Investment Advisors Inc purchased a new position in shares of Old Dominion Freight Line during the second quarter valued at about $25,000. Solstein Capital LLC purchased a new stake in shares of Old Dominion Freight Line in the second quarter worth about $26,000. Annis Gardner Whiting Capital Advisors LLC boosted its stake in Old Dominion Freight Line by 80.5% during the first quarter. Annis Gardner Whiting Capital Advisors LLC now owns 139 shares of the transportation company’s stock valued at $27,000 after buying an additional 62 shares during the last quarter. Reflection Asset Management bought a new position in Old Dominion Freight Line during the fourth quarter valued at approximately $28,000. Finally, Evolution Wealth Management Inc. purchased a new position in Old Dominion Freight Line during the 1st quarter valued at approximately $29,000. Hedge funds and other institutional investors own 77.82% of the company’s stock.

Insider Transactions at Old Dominion Freight Line

In other Old Dominion Freight Line news, SVP Cecil E. Jr. Overbey sold 19,952 shares of Old Dominion Freight Line stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $198.39, for a total value of $3,958,277.28. Following the transaction, the senior vice president owned 22,746 shares in the company, valued at $4,512,578.94. The trade was a 46.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 8.20% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Wells Fargo & Company raised Old Dominion Freight Line from an “underweight” rating to an “overweight” rating and lifted their price objective for the stock from $235.00 to $250.00 in a research note on Wednesday, July 8th. Susquehanna upped their price target on shares of Old Dominion Freight Line from $224.00 to $228.00 and gave the company a “neutral” rating in a research note on Tuesday, July 14th. Zacks Research raised shares of Old Dominion Freight Line from a “hold” rating to a “strong-buy” rating in a research note on Friday, July 31st. Rothschild & Co Redburn lowered their price target on shares of Old Dominion Freight Line from $176.00 to $172.00 and set a “sell” rating for the company in a report on Tuesday, May 12th. Finally, Raymond James Financial reiterated an “outperform” rating and issued a $241.00 price target (up from $224.00) on shares of Old Dominion Freight Line in a research report on Monday, July 13th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, thirteen have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $226.55.

Old Dominion Freight Line Stock Up 0.3%

Shares of NASDAQ:ODFL opened at $200.06 on Friday. The company has a market capitalization of $41.48 billion, a price-to-earnings ratio of 38.55, a price-to-earnings-growth ratio of 3.46 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. The firm has a 50 day moving average of $218.02 and a 200 day moving average of $210.60.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its earnings results on Wednesday, July 29th. The transportation company reported $1.68 earnings per share (EPS) for the quarter, beating the consensus estimate 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 business had revenue of $1.55 billion for the quarter, compared to analysts’ expectations of $1.54 billion. During the same quarter last year, the firm earned $1.27 EPS. The business’s revenue for the quarter was up 10.4% on a year-over-year basis. On average, sell-side analysts expect that Old Dominion Freight Line, Inc. will post 5.78 EPS for the current year.

Old Dominion Freight Line Announces Dividend

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 dividend of $0.29 per share. The ex-dividend date of this dividend is Wednesday, September 2nd. This represents a $1.16 dividend on an annualized basis and a yield of 0.6%. Old Dominion Freight Line’s dividend payout ratio (DPR) is presently 22.35%.

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.