Janney Montgomery Scott LLC Raises Stock Position in Old Dominion Freight Line, Inc. $ODFL

Janney Montgomery Scott LLC lifted its position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 7.2% in the first quarter, Holdings Channel reports. The firm owned 40,426 shares of the transportation company’s stock after buying an additional 2,720 shares during the period. Janney Montgomery Scott LLC’s holdings in Old Dominion Freight Line were worth $7,899,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Price T Rowe Associates Inc. MD increased its holdings in Old Dominion Freight Line by 14.1% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 14,223,960 shares of the transportation company’s stock worth $2,230,318,000 after purchasing an additional 1,761,511 shares during the period. State Street Corp grew its position in shares of Old Dominion Freight Line by 0.9% during the 4th quarter. State Street Corp now owns 7,746,286 shares of the transportation company’s stock worth $1,214,618,000 after buying an additional 70,736 shares in the last quarter. CIBC Private Wealth Group LLC grew its position in shares of Old Dominion Freight Line by 21.6% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 4,366,843 shares of the transportation company’s stock worth $614,764,000 after buying an additional 776,004 shares in the last quarter. Boston Partners increased its stake in shares of Old Dominion Freight Line by 98.4% during the fourth quarter. Boston Partners now owns 4,122,696 shares of the transportation company’s stock valued at $648,186,000 after buying an additional 2,044,434 shares during the period. Finally, T. Rowe Price Investment Management Inc. increased its stake in shares of Old Dominion Freight Line by 11.0% during the fourth 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 buying an additional 365,424 shares during the period. Institutional investors own 77.82% of the company’s stock.

Old Dominion Freight Line Price Performance

ODFL opened at $217.65 on Friday. The business’s 50-day moving average is $218.55 and its two-hundred day moving average is $197.40. Old Dominion Freight Line, Inc. has a 1 year low of $126.01 and a 1 year high of $252.03. The firm has a market capitalization of $45.26 billion, a PE ratio of 45.53, a price-to-earnings-growth ratio of 4.36 and a beta of 1.18.

Old Dominion Freight Line (NASDAQ:ODFL) last released 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 business had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.31 billion. During the same period last year, the business earned $1.19 EPS. The company’s revenue was down 2.9% compared to the same quarter last year. As a group, sell-side analysts expect that Old Dominion Freight Line, Inc. will post 5.44 EPS for the current year.

Old Dominion Freight Line Announces Dividend

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

Analyst Ratings Changes

ODFL has been the subject of a number of research reports. Susquehanna upped their price objective on shares of Old Dominion Freight Line from $205.00 to $224.00 and gave the stock a “neutral” rating in a research note on Tuesday, June 2nd. Raymond James Financial reissued an “outperform” rating and set a $224.00 target price on shares of Old Dominion Freight Line in a research report on Thursday, April 30th. Wells Fargo & Company set a $235.00 price target on shares of Old Dominion Freight Line and gave the company an “equal weight” rating in a report on Friday, June 5th. TD Cowen reaffirmed a “hold” rating on shares of Old Dominion Freight Line in a research report on Wednesday, June 3rd. Finally, Stifel Nicolaus increased their price objective on shares of Old Dominion Freight Line from $228.00 to $232.00 in a research note on Thursday, April 30th. Ten investment analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $218.57.

Insider Transactions at Old Dominion Freight Line

In other news, Director Greg C. Gantt sold 22,107 shares of the stock in a transaction on Monday, May 4th. The stock was sold at an average price of $191.52, for a total transaction of $4,233,932.64. Following the completion of the sale, the director owned 88,551 shares in the company, valued at approximately $16,959,287.52. This represents a 19.98% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 10.00% 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.