K.J. Harrison & Partners Inc Buys Shares of 7,181 Old Dominion Freight Line, Inc. $ODFL

K.J. Harrison & Partners Inc purchased a new stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) in the third quarter, according to its most recent filing with the SEC. The firm purchased 7,181 shares of the transportation company’s stock, valued at approximately $1,010,000.

Several other institutional investors have also modified their holdings of ODFL. Vanguard Group Inc. increased its stake in Old Dominion Freight Line by 2.2% in the 3rd quarter. Vanguard Group Inc. now owns 23,252,921 shares of the transportation company’s stock valued at $3,273,546,000 after purchasing an additional 494,674 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in Old Dominion Freight Line by 21.3% in the third quarter. JPMorgan Chase & Co. now owns 3,544,588 shares of the transportation company’s stock valued at $499,007,000 after purchasing an additional 622,275 shares during the last quarter. Norges Bank acquired a new stake in Old Dominion Freight Line in the second quarter valued at $371,961,000. Lazard Asset Management LLC increased its position in shares of Old Dominion Freight Line by 11.6% in the second quarter. Lazard Asset Management LLC now owns 1,933,480 shares of the transportation company’s stock valued at $313,802,000 after buying an additional 200,681 shares in the last quarter. Finally, Ameriprise Financial Inc. raised its stake in shares of Old Dominion Freight Line by 9.7% during the 2nd quarter. Ameriprise Financial Inc. now owns 1,549,766 shares of the transportation company’s stock worth $251,046,000 after buying an additional 137,068 shares during the last quarter. Hedge funds and other institutional investors own 77.82% of the company’s stock.

Analyst Upgrades and Downgrades

ODFL has been the topic of a number of research reports. The Goldman Sachs Group reissued a “buy” rating and issued a $195.00 price objective on shares of Old Dominion Freight Line in a research note on Wednesday, February 4th. Stephens reiterated an “overweight” rating and issued a $232.00 price target on shares of Old Dominion Freight Line in a research report on Thursday, February 5th. Benchmark reissued a “hold” rating on shares of Old Dominion Freight Line in a research note on Wednesday, December 3rd. Evercore upped their target price on Old Dominion Freight Line from $150.00 to $200.00 and gave the company an “in-line” rating in a research note on Thursday, February 5th. Finally, Raymond James Financial increased their target price on Old Dominion Freight Line from $180.00 to $213.00 and gave the company an “outperform” rating in a report on Friday, February 6th. Nine equities research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and four have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $189.88.

Old Dominion Freight Line Stock Up 3.5%

Shares of Old Dominion Freight Line stock opened at $198.37 on Friday. Old Dominion Freight Line, Inc. has a fifty-two week low of $126.01 and a fifty-two week high of $208.74. The business’s fifty day moving average is $178.21 and its two-hundred day moving average is $155.65. The firm has a market cap of $41.35 billion, a PE ratio of 41.07, a P/E/G ratio of 9.56 and a beta of 1.28.

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

Old Dominion Freight Line Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, March 18th. Investors of record on Wednesday, March 4th will be given a $0.29 dividend. This is a boost from Old Dominion Freight Line’s previous quarterly dividend of $0.28. This represents a $1.16 annualized dividend and a dividend yield of 0.6%. The ex-dividend date of this dividend is Wednesday, March 4th. Old Dominion Freight Line’s dividend payout ratio is 23.19%.

Insider Buying and Selling

In other news, Director Bradley R. Gabosch sold 3,134 shares of the business’s stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $194.27, for a total transaction of $608,842.18. Following the completion of the sale, the director directly owned 11,278 shares of the company’s stock, valued at $2,190,977.06. The trade was a 21.75% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Chairman David S. Congdon sold 52,000 shares of the company’s stock in a transaction on Thursday, February 19th. The stock was sold at an average price of $194.77, for a total value of $10,128,040.00. Following the sale, the chairman owned 712,800 shares of the company’s stock, valued at approximately $138,832,056. The trade was a 6.80% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 10.00% of the stock is currently owned by insiders.

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.