Financial Advocates Investment Management Grows Stake in Old Dominion Freight Line, Inc. $ODFL

Financial Advocates Investment Management increased its position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 15.9% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,791 shares of the transportation company’s stock after acquiring an additional 382 shares during the period. Financial Advocates Investment Management’s holdings in Old Dominion Freight Line were worth $453,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. T. Rowe Price Investment Management Inc. boosted its position in Old Dominion Freight Line by 79.5% in the first quarter. T. Rowe Price Investment Management Inc. now owns 2,599,005 shares of the transportation company’s stock worth $430,006,000 after purchasing an additional 1,151,221 shares during the last quarter. Nuveen LLC purchased a new stake in shares of Old Dominion Freight Line during the 1st quarter valued at about $151,107,000. JPMorgan Chase & Co. lifted its stake in shares of Old Dominion Freight Line by 45.1% in the 1st quarter. JPMorgan Chase & Co. now owns 2,429,750 shares of the transportation company’s stock worth $402,002,000 after purchasing an additional 754,796 shares during the period. Citigroup Inc. boosted its holdings in shares of Old Dominion Freight Line by 149.5% in the second quarter. Citigroup Inc. now owns 710,786 shares of the transportation company’s stock worth $115,360,000 after buying an additional 425,846 shares during the last quarter. Finally, Vanguard Group Inc. grew its position in Old Dominion Freight Line by 1.9% during the first quarter. Vanguard Group Inc. now owns 22,666,405 shares of the transportation company’s stock valued at $3,750,157,000 after buying an additional 416,097 shares during the period. Hedge funds and other institutional investors own 77.82% of the company’s stock.

Old Dominion Freight Line Trading Up 0.4%

Shares of Old Dominion Freight Line stock opened at $134.91 on Friday. Old Dominion Freight Line, Inc. has a fifty-two week low of $126.01 and a fifty-two week high of $228.72. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.38 and a current ratio of 1.20. The company has a market capitalization of $28.21 billion, a P/E ratio of 27.14, a P/E/G ratio of 3.22 and a beta of 1.22. The company has a fifty day moving average of $137.61 and a 200 day moving average of $151.08.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its quarterly earnings results on Wednesday, October 29th. The transportation company reported $1.28 EPS for the quarter, beating analysts’ consensus estimates of $1.22 by $0.06. The business had revenue of $1.41 billion for the quarter, compared to analysts’ expectations of $1.41 billion. Old Dominion Freight Line had a return on equity of 24.92% and a net margin of 18.97%.The business’s quarterly revenue was down 4.3% on a year-over-year basis. During the same period last year, the firm earned $1.43 earnings per share. On average, sell-side analysts anticipate that Old Dominion Freight Line, Inc. will post 5.68 earnings per share 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 issued a $0.28 dividend. The ex-dividend date of this dividend is Wednesday, December 3rd. This represents a $1.12 dividend on an annualized basis and a yield of 0.8%. Old Dominion Freight Line’s payout ratio is currently 22.54%.

Analyst Upgrades and Downgrades

ODFL has been the topic of several recent research reports. Wall Street Zen upgraded shares of Old Dominion Freight Line from a “sell” rating to a “hold” rating in a research report on Saturday, November 1st. Wells Fargo & Company reduced their price objective on Old Dominion Freight Line from $145.00 to $138.00 and set an “underweight” rating for the company in a research note on Thursday, October 30th. Morgan Stanley decreased their target price on Old Dominion Freight Line from $170.00 to $165.00 and set an “equal weight” rating on the stock in a report on Thursday, July 31st. Wolfe Research boosted their price target on Old Dominion Freight Line from $129.00 to $140.00 in a report on Tuesday, October 7th. Finally, Rothschild Redb upgraded Old Dominion Freight Line to a “strong sell” rating in a research report on Wednesday. Eight investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $157.27.

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.