Connor Clark & Lunn Investment Management Ltd. Takes Position in Old Dominion Freight Line, Inc. $ODFL

Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) in the second quarter, Holdings Channel reports. The firm acquired 59,395 shares of the transportation company’s stock, valued at approximately $12,865,000.

Several other large investors have also recently added to or reduced their stakes in ODFL. Bell Investment Advisors Inc purchased a new position in Old Dominion Freight Line in the 2nd quarter valued at approximately $25,000. Annis Gardner Whiting Capital Advisors LLC increased its position in shares of 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 worth $27,000 after acquiring an additional 62 shares during the period. Reflection Asset Management acquired a new stake in shares of Old Dominion Freight Line in the fourth quarter valued at $28,000. Evolution Wealth Management Inc. acquired a new stake in shares of Old Dominion Freight Line in the first quarter valued at $29,000. Finally, DT Investment Partners LLC boosted its holdings in Old Dominion Freight Line by 600.0% in the fourth quarter. DT Investment Partners LLC now owns 210 shares of the transportation company’s stock valued at $33,000 after purchasing an additional 180 shares during the period. 77.82% of the stock is owned by hedge funds and other institutional investors.

Old Dominion Freight Line Trading Down 1.6%

Shares of ODFL stock opened at $198.34 on Wednesday. The company has a market cap of $41.13 billion, a P/E ratio of 38.22, a PEG ratio of 3.50 and a beta of 1.18. The firm has a fifty day moving average price of $218.82 and a 200 day moving average price of $210.64. Old Dominion Freight Line, Inc. has a 12 month low of $126.01 and a 12 month high of $252.03.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its quarterly earnings results on Wednesday, July 29th. The transportation company reported $1.68 earnings per share for the quarter, beating analysts’ consensus estimates of $1.54 by $0.14. The company 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%.Old Dominion Freight Line’s quarterly revenue was up 10.4% on a year-over-year basis. During the same period last year, the firm earned $1.27 earnings per share. On average, equities analysts forecast that Old Dominion Freight Line, Inc. will post 5.78 EPS for the current year.

Old Dominion Freight Line Announces Dividend

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

Wall Street Analyst Weigh In

Several research firms recently commented on ODFL. Stephens reissued an “overweight” rating and set a $240.00 target price (up from $232.00) on shares of Old Dominion Freight Line in a research note on Thursday, April 30th. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $244.00 price target on shares of Old Dominion Freight Line in a research report on Wednesday, July 29th. Robert W. Baird set a $229.00 price objective on Old Dominion Freight Line and gave the stock a “neutral” rating in a research report on Tuesday, April 28th. Barclays boosted their price objective on Old Dominion Freight Line from $210.00 to $220.00 and gave the stock an “equal weight” rating in a research report on Thursday, June 25th. Finally, Benchmark reaffirmed a “hold” rating on shares of Old Dominion Freight Line in a report on Thursday, June 4th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, thirteen have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, Old Dominion Freight Line 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.