Harvest Fund Management Co. Ltd Has $2.45 Million Position in Old Dominion Freight Line, Inc. $ODFL

Harvest Fund Management Co. Ltd boosted its stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 21.0% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 15,612 shares of the transportation company’s stock after buying an additional 2,713 shares during the quarter. Harvest Fund Management Co. Ltd’s holdings in Old Dominion Freight Line were worth $2,447,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Westside Investment Management Inc. lifted its stake in shares of Old Dominion Freight Line by 100.0% in the 3rd quarter. Westside Investment Management Inc. now owns 196 shares of the transportation company’s stock valued at $27,000 after purchasing an additional 98 shares during the period. DT Investment Partners LLC lifted its stake in shares of Old Dominion Freight Line by 600.0% in the 4th 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. Raiffeisen Bank International AG acquired a new position in shares of Old Dominion Freight Line in the 3rd quarter valued at about $37,000. Torren Management LLC acquired a new position in shares of Old Dominion Freight Line in the 4th quarter valued at about $41,000. Finally, Kohmann Bosshard Financial Services LLC acquired a new position in shares of Old Dominion Freight Line in the 4th quarter valued at about $50,000. 77.82% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Greg C. Gantt sold 22,107 shares of the company’s stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $191.52, for a total transaction of $4,233,932.64. Following the transaction, the director directly owned 88,551 shares of the company’s stock, valued at approximately $16,959,287.52. This represents a 19.98% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 10.00% of the company’s stock.

Old Dominion Freight Line Stock Performance

ODFL stock opened at $242.57 on Friday. The stock’s 50 day simple moving average is $209.88 and its 200 day simple moving average is $185.49. Old Dominion Freight Line, Inc. has a fifty-two week low of $126.01 and a fifty-two week high of $249.14. The company has a market cap of $50.45 billion, a P/E ratio of 50.75, a price-to-earnings-growth ratio of 4.98 and a beta of 1.17.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its quarterly earnings results on Wednesday, April 29th. The transportation company reported $1.14 earnings per share for the quarter, topping analysts’ consensus estimates of $1.05 by $0.09. Old Dominion Freight Line had a return on equity of 23.42% and a net margin of 18.46%.The business had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.31 billion. During the same period in the prior year, the business earned $1.19 EPS. The firm’s revenue for the quarter was down 2.9% on a year-over-year basis. Equities analysts predict that Old Dominion Freight Line, Inc. will post 5.37 earnings per share for the current year.

Old Dominion Freight Line Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 17th. Investors of record on Wednesday, June 3rd will be paid a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date of this dividend is Wednesday, June 3rd. Old Dominion Freight Line’s dividend payout ratio is 24.27%.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. Wolfe Research boosted their price objective on Old Dominion Freight Line from $183.00 to $185.00 and gave the company an “underperform” rating in a research note on Tuesday, April 7th. Susquehanna boosted their price objective on Old Dominion Freight Line from $205.00 to $224.00 and gave the company a “neutral” rating in a research note on Tuesday. Wells Fargo & Company set a $235.00 price objective on Old Dominion Freight Line and gave the company an “equal weight” rating in a research note on Friday. TD Cowen reissued a “hold” rating on shares of Old Dominion Freight Line in a research note on Wednesday. Finally, Raymond James Financial reissued an “outperform” rating and issued a $224.00 price objective on shares of Old Dominion Freight Line in a research note on Thursday, April 30th. Eight analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $208.33.

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.