Meeder Advisory Services Inc. Purchases Shares of 3,771 Old Dominion Freight Line, Inc. $ODFL

Meeder Advisory Services Inc. acquired a new stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) during the 2nd quarter, Holdings Channel reports. The firm acquired 3,771 shares of the transportation company’s stock, valued at approximately $817,000.

A number of other hedge funds have also recently made changes to their positions in the business. Bell Investment Advisors Inc purchased a new stake in shares of Old Dominion Freight Line during the second quarter worth about $25,000. Annis Gardner Whiting Capital Advisors LLC lifted its holdings in Old Dominion Freight Line by 80.5% in the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 139 shares of the transportation company’s stock worth $27,000 after purchasing an additional 62 shares in the last quarter. Evolution Wealth Management Inc. purchased a new position in Old Dominion Freight Line in the 1st quarter worth approximately $29,000. Reflection Asset Management bought a new position in Old Dominion Freight Line in the 4th quarter worth approximately $28,000. Finally, Cassaday & Co Wealth Management LLC bought a new position in Old Dominion Freight Line in the 1st quarter worth approximately $39,000. Institutional investors own 77.82% of the company’s stock.

Old Dominion Freight Line Price Performance

NASDAQ ODFL opened at $205.08 on Thursday. Old Dominion Freight Line, Inc. has a 1-year low of $126.01 and a 1-year high of $252.03. The business has a 50 day simple moving average of $221.86 and a two-hundred day simple moving average of $210.26. The stock has a market capitalization of $42.53 billion, a PE ratio of 39.51, a P/E/G ratio of 3.61 and a beta of 1.18.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its quarterly earnings data on Wednesday, July 29th. The transportation company reported $1.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.54 by $0.14. The business had revenue of $1.55 billion for the quarter, compared to analysts’ expectations 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 for the quarter was up 10.4% on a year-over-year basis. During the same period in the prior year, the firm earned $1.27 EPS. On average, analysts anticipate that Old Dominion Freight Line, Inc. will post 5.78 EPS for the current fiscal year.

Old Dominion Freight Line Announces Dividend

The firm also recently declared 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 yield of 0.6%. The ex-dividend date is Wednesday, September 2nd. Old Dominion Freight Line’s payout ratio is currently 22.35%.

Analysts Set New Price Targets

ODFL has been the subject of a number of research analyst reports. Jefferies Financial Group reaffirmed a “hold” rating and set a $227.00 price objective on shares of Old Dominion Freight Line in a report on Thursday, July 30th. Wall Street Zen raised shares of Old Dominion Freight Line from a “hold” rating to a “buy” rating in a report on Saturday, August 8th. Truist Financial upped their target price on shares of Old Dominion Freight Line from $225.00 to $250.00 and gave the stock a “buy” rating in a research report on Wednesday, July 15th. Stifel Nicolaus set a $263.00 target price on shares of Old Dominion Freight Line and gave the company a “buy” rating in a research note on Thursday, July 30th. Finally, Zacks Research upgraded shares of Old Dominion Freight Line from a “hold” rating to a “strong-buy” rating in a report on Friday, July 31st. One investment 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 issued a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $226.55.

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.