Profund Advisors LLC raised its stake in Old Dominion Freight Line (NASDAQ:ODFL) by 11.2% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 8,592 shares of the transportation company’s stock after acquiring an additional 863 shares during the period. Profund Advisors LLC’s holdings in Old Dominion Freight Line were worth $1,130,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Fieldpoint Private Securities LLC bought a new position in Old Dominion Freight Line in the third quarter valued at approximately $100,000. Salem Investment Counselors Inc. lifted its stake in Old Dominion Freight Line by 3,281.3% in the third quarter. Salem Investment Counselors Inc. now owns 1,082 shares of the transportation company’s stock valued at $118,000 after buying an additional 1,050 shares in the last quarter. Pinebridge Investments L.P. bought a new position in Old Dominion Freight Line in the third quarter valued at approximately $123,000. Livforsakringsbolaget Skandia Omsesidigt bought a new position in Old Dominion Freight Line in the fourth quarter valued at approximately $132,000. Finally, FDx Advisors Inc. bought a new position in Old Dominion Freight Line in the third quarter valued at approximately $204,000. 76.06% of the stock is currently owned by hedge funds and other institutional investors.
A number of brokerages have weighed in on ODFL. Bank of America lifted their price target on shares of Old Dominion Freight Line from $127.00 to $133.00 and gave the company an “underperform” rating in a research note on Thursday, March 8th. Zacks Investment Research lowered shares of Old Dominion Freight Line from a “strong-buy” rating to a “hold” rating in a research note on Thursday, March 8th. Cowen reissued a “market perform” rating and issued a $136.00 price objective (up previously from $113.00) on shares of Old Dominion Freight Line in a research report on Thursday, February 8th. ValuEngine lowered shares of Old Dominion Freight Line from a “buy” rating to a “hold” rating in a research report on Friday, December 1st. Finally, Morgan Stanley reissued an “overweight” rating and issued a $150.00 price objective (up previously from $99.00) on shares of Old Dominion Freight Line in a research report on Wednesday, February 21st. Three research analysts have rated the stock with a sell rating, eight have given a hold rating and four have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $129.58.
Old Dominion Freight Line (NASDAQ:ODFL) last announced its quarterly earnings data on Thursday, February 8th. The transportation company reported $1.12 EPS for the quarter, topping the Zacks’ consensus estimate of $1.11 by $0.01. The business had revenue of $891.12 million for the quarter, compared to analyst estimates of $879.00 million. Old Dominion Freight Line had a net margin of 13.81% and a return on equity of 17.37%. The firm’s revenue for the quarter was up 19.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.83 earnings per share. research analysts forecast that Old Dominion Freight Line will post 6.24 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 20th. Stockholders of record on Tuesday, March 6th will be given a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.35%. The ex-dividend date is Monday, March 5th. This is a positive change from Old Dominion Freight Line’s previous quarterly dividend of $0.10. Old Dominion Freight Line’s payout ratio is currently 9.25%.
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About Old Dominion Freight Line
Old Dominion Freight Line, Inc is a union-free motor carrier providing regional, inter-regional and national less-than-truckload (LTL) services. The Company’s LTL services include ground and air expedited transportation for time-sensitive shipments, consumer household pickup and delivery and freight delivery services throughout North America.
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