Midwest Trust Co Purchases Shares of 40,545 Old Dominion Freight Line, Inc. $ODFL

Midwest Trust Co acquired a new stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 40,545 shares of the transportation company’s stock, valued at approximately $6,580,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in ODFL. Larson Financial Group LLC increased its position in Old Dominion Freight Line by 234.8% in the 1st quarter. Larson Financial Group LLC now owns 154 shares of the transportation company’s stock valued at $25,000 after buying an additional 108 shares in the last quarter. Rossby Financial LCC acquired a new stake in Old Dominion Freight Line in the second quarter valued at approximately $28,000. Zions Bancorporation National Association UT acquired a new stake in Old Dominion Freight Line in the first quarter valued at approximately $39,000. Chilton Capital Management LLC bought a new stake in shares of Old Dominion Freight Line during the second quarter valued at approximately $47,000. Finally, WPG Advisers LLC bought a new stake in shares of Old Dominion Freight Line during the first quarter valued at approximately $51,000. Institutional investors own 77.82% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. TD Cowen reduced their price target on shares of Old Dominion Freight Line from $159.00 to $154.00 in a research report on Thursday, October 30th. Wall Street Zen upgraded shares of Old Dominion Freight Line from a “sell” rating to a “hold” rating in a report on Saturday, November 1st. Weiss Ratings reiterated a “hold (c-)” rating on shares of Old Dominion Freight Line in a report on Wednesday, October 8th. Barclays decreased their target price on shares of Old Dominion Freight Line from $155.00 to $150.00 and set an “equal weight” rating for the company in a research report on Wednesday, October 1st. Finally, Stephens dropped their price target on shares of Old Dominion Freight Line from $162.00 to $156.00 and set an “overweight” rating on the stock in a research report on Thursday, October 30th. Eight analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Old Dominion Freight Line currently has a consensus rating of “Hold” and a consensus price target of $159.33.

Old Dominion Freight Line Stock Performance

Shares of ODFL stock opened at $139.90 on Monday. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.20 and a quick ratio of 1.38. The firm has a 50-day moving average of $141.53 and a 200-day moving average of $153.07. Old Dominion Freight Line, Inc. has a one year low of $133.69 and a one year high of $233.26. The company has a market cap of $29.40 billion, a P/E ratio of 28.15, a P/E/G ratio of 3.22 and a beta of 1.22.

Old Dominion Freight Line (NASDAQ:ODFL) last released its quarterly earnings results on Wednesday, October 29th. The transportation company reported $1.28 earnings per share for the quarter, topping the consensus estimate of $1.22 by $0.06. Old Dominion Freight Line had a net margin of 18.97% and a return on equity of 24.92%. The business had revenue of $1.41 billion for the quarter, compared to analysts’ expectations of $1.41 billion. During the same period in the previous year, the company earned $1.43 earnings per share. The firm’s revenue for the quarter was down 4.3% compared to the same quarter last year. Equities research analysts forecast that Old Dominion Freight Line, Inc. will post 5.68 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, December 17th. Investors of record on Wednesday, December 3rd will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date of this dividend is Wednesday, December 3rd. Old Dominion Freight Line’s dividend payout ratio (DPR) is presently 22.54%.

About Old Dominion Freight Line

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