Nissay Asset Management Corp Japan Acquires 3,200 Shares of Old Dominion Freight Line, Inc. $ODFL

Nissay Asset Management Corp Japan boosted its holdings in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 5.7% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 59,443 shares of the transportation company’s stock after buying an additional 3,200 shares during the period. Nissay Asset Management Corp Japan’s holdings in Old Dominion Freight Line were worth $12,875,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in ODFL. BlackRock Inc. bought a new stake in shares of Old Dominion Freight Line during the second quarter worth about $3,416,007,000. Price T Rowe Associates Inc. MD lifted its position in Old Dominion Freight Line by 14.1% in the 4th 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 acquiring an additional 1,761,511 shares in the last quarter. State Street Corp lifted its position in Old Dominion Freight Line by 0.9% in the 4th quarter. State Street Corp now owns 7,746,286 shares of the transportation company’s stock valued at $1,214,618,000 after acquiring an additional 70,736 shares in the last quarter. Boston Partners boosted its stake in Old Dominion Freight Line by 98.4% during the 4th quarter. Boston Partners now owns 4,122,696 shares of the transportation company’s stock valued at $648,186,000 after purchasing an additional 2,044,434 shares during the last quarter. Finally, T. Rowe Price Investment Management Inc. boosted its stake in Old Dominion Freight Line by 11.0% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 3,680,719 shares of the transportation company’s stock valued at $577,137,000 after purchasing an additional 365,424 shares during the last quarter. 77.82% of the stock is owned by institutional investors.

Old Dominion Freight Line Stock Performance

NASDAQ:ODFL opened at $198.63 on Friday. 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 price of $217.58 and a two-hundred day moving average price of $210.52. The firm has a market cap of $41.19 billion, a price-to-earnings ratio of 38.27, a price-to-earnings-growth ratio of 3.45 and a beta of 1.18.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its earnings results on Wednesday, July 29th. The transportation company reported $1.68 earnings per share for the quarter, topping analysts’ consensus estimates of $1.54 by $0.14. The firm had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.54 billion. Old Dominion Freight Line had a return on equity of 24.87% and a net margin of 19.44%.The company’s revenue was up 10.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.27 EPS. As a group, sell-side analysts forecast that Old Dominion Freight Line, Inc. will post 5.78 earnings per share for the current year.

Old Dominion Freight Line Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 16th. Shareholders of record on Wednesday, September 2nd will be given a $0.29 dividend. The ex-dividend date of this dividend is Wednesday, September 2nd. This represents a $1.16 annualized dividend and a yield of 0.6%. Old Dominion Freight Line’s payout ratio is currently 22.35%.

Analysts Set New Price Targets

Several analysts have recently commented on ODFL shares. Evercore reissued an “outperform” rating and issued a $243.00 price objective on shares of Old Dominion Freight Line in a research note on Thursday, July 30th. Wells Fargo & Company raised Old Dominion Freight Line from an “underweight” rating to an “overweight” rating and lifted their target price for the company from $235.00 to $250.00 in a research report on Wednesday, July 8th. UBS Group reiterated a “neutral” rating and set a $228.00 price target (up from $224.00) on shares of Old Dominion Freight Line in a report on Thursday, July 30th. Truist Financial increased their price target on Old Dominion Freight Line from $225.00 to $250.00 and gave the company a “buy” rating in a research report on Wednesday, July 15th. Finally, Zacks Research upgraded Old Dominion Freight Line from a “hold” rating to a “strong-buy” rating in a research note on Friday, July 31st. 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 company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $226.55.

Insiders Place Their Bets

In other Old Dominion Freight Line news, SVP Cecil E. Jr. Overbey sold 19,952 shares of the company’s stock in a transaction on 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 completion of the transaction, the senior vice president owned 22,746 shares in the company, valued at $4,512,578.94. This represents a 46.73% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 8.20% of the company’s stock.

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.