Jag Capital Management LLC Takes $8.78 Million Position in Old Dominion Freight Line (ODFL)

Jag Capital Management LLC purchased a new position in Old Dominion Freight Line (NASDAQ:ODFL) in the first quarter, HoldingsChannel reports. The fund purchased 60,783 shares of the transportation company’s stock, valued at approximately $8,776,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of ODFL. Bank of New York Mellon Corp lifted its position in shares of Old Dominion Freight Line by 9.7% in the third quarter. Bank of New York Mellon Corp now owns 807,134 shares of the transportation company’s stock worth $130,159,000 after purchasing an additional 71,408 shares in the last quarter. Renaissance Technologies LLC purchased a new stake in shares of Old Dominion Freight Line in the third quarter worth approximately $18,130,000. Deutsche Bank AG lifted its position in shares of Old Dominion Freight Line by 2.7% in the third quarter. Deutsche Bank AG now owns 171,395 shares of the transportation company’s stock worth $27,635,000 after purchasing an additional 4,426 shares in the last quarter. Verition Fund Management LLC lifted its position in shares of Old Dominion Freight Line by 70.1% in the third quarter. Verition Fund Management LLC now owns 6,824 shares of the transportation company’s stock worth $1,100,000 after purchasing an additional 2,812 shares in the last quarter. Finally, Advisors Asset Management Inc. lifted its position in shares of Old Dominion Freight Line by 35.0% in the third quarter. Advisors Asset Management Inc. now owns 24,008 shares of the transportation company’s stock worth $3,872,000 after purchasing an additional 6,225 shares in the last quarter. 72.66% of the stock is owned by institutional investors and hedge funds.

In related news, SVP David J. Bates sold 1,951 shares of the firm’s stock in a transaction that occurred on Thursday, February 21st. The shares were sold at an average price of $151.84, for a total transaction of $296,239.84. Following the transaction, the senior vice president now owns 6,027 shares of the company’s stock, valued at $915,139.68. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 12.00% of the stock is currently owned by company insiders.

ODFL has been the subject of a number of research analyst reports. KeyCorp increased their price target on shares of Old Dominion Freight Line from $150.00 to $160.00 and gave the stock an “overweight” rating in a research report on Friday, February 8th. Credit Suisse Group reissued a “buy” rating and issued a $147.00 price target on shares of Old Dominion Freight Line in a research report on Tuesday, January 15th. Bank of America lowered shares of Old Dominion Freight Line from a “buy” rating to a “neutral” rating and increased their price target for the stock from $154.00 to $158.00 in a research report on Tuesday, February 26th. Cowen increased their price target on shares of Old Dominion Freight Line from $133.00 to $142.00 and gave the stock a “market perform” rating in a research report on Thursday, February 7th. Finally, BidaskClub raised shares of Old Dominion Freight Line from a “sell” rating to a “hold” rating in a research report on Saturday, January 19th. Nine analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $149.20.

ODFL traded down $1.27 during midday trading on Monday, hitting $152.47. 447,822 shares of the company’s stock traded hands, compared to its average volume of 489,439. The firm has a market cap of $12.56 billion, a PE ratio of 20.66, a PEG ratio of 2.25 and a beta of 1.44. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.98 and a current ratio of 1.98. Old Dominion Freight Line has a one year low of $115.00 and a one year high of $170.22.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its quarterly earnings data on Thursday, February 7th. The transportation company reported $1.95 earnings per share for the quarter, beating the consensus estimate of $1.74 by $0.21. The firm had revenue of $1.03 billion for the quarter, compared to analyst estimates of $1.02 billion. Old Dominion Freight Line had a net margin of 14.98% and a return on equity of 23.90%. The company’s revenue for the quarter was up 15.2% on a year-over-year basis. During the same quarter last year, the firm earned $2.39 earnings per share. On average, sell-side analysts anticipate that Old Dominion Freight Line will post 7.94 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 20th. Investors of record on Wednesday, March 6th were given a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 0.45%. The ex-dividend date was Tuesday, March 5th. This is a positive change from Old Dominion Freight Line’s previous quarterly dividend of $0.13. Old Dominion Freight Line’s dividend payout ratio (DPR) is presently 9.21%.

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Old Dominion Freight Line Company Profile

Old Dominion Freight Line, Inc operates as a less-than-truckload (LTL) motor carrier in the United States and North America. It provides regional, inter-regional, and national LTL services, including expedited transportation. The company also offers various value-added services, such as container drayage, truckload brokerage, and supply chain consulting.

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Institutional Ownership by Quarter for Old Dominion Freight Line (NASDAQ:ODFL)

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