Whittier Trust Co. Buys 8,423 Shares of Old Dominion Freight Line, Inc. $ODFL

Whittier Trust Co. raised its position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 8.4% in the first quarter, according to its most recent filing with the SEC. The firm owned 108,136 shares of the transportation company’s stock after purchasing an additional 8,423 shares during the quarter. Whittier Trust Co.’s holdings in Old Dominion Freight Line were worth $21,863,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD raised its holdings in Old Dominion Freight Line by 14.1% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 14,223,960 shares of the transportation company’s stock worth $2,230,318,000 after purchasing an additional 1,761,511 shares during the last quarter. State Street Corp increased its position in shares of Old Dominion Freight Line by 0.9% during the fourth quarter. State Street Corp now owns 7,746,286 shares of the transportation company’s stock worth $1,214,618,000 after buying an additional 70,736 shares during the period. CIBC Private Wealth Group LLC increased its position in shares of Old Dominion Freight Line by 21.6% during the third quarter. CIBC Private Wealth Group LLC now owns 4,366,843 shares of the transportation company’s stock worth $614,764,000 after buying an additional 776,004 shares during the period. Boston Partners raised its stake in Old Dominion Freight Line by 98.4% during the fourth quarter. Boston Partners now owns 4,122,696 shares of the transportation company’s stock worth $648,186,000 after buying an additional 2,044,434 shares during the last quarter. Finally, T. Rowe Price Investment Management Inc. raised its stake in Old Dominion Freight Line by 11.0% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 3,680,719 shares of the transportation company’s stock worth $577,137,000 after buying an additional 365,424 shares during the last quarter. Institutional investors and hedge funds own 77.82% of the company’s stock.

Analysts Set New Price Targets

ODFL has been the topic of several recent analyst reports. Jefferies Financial Group boosted their target price on shares of Old Dominion Freight Line from $230.00 to $250.00 and gave the company a “hold” rating in a report on Tuesday, June 9th. Stephens reissued an “overweight” rating and issued a $240.00 price objective (up from $232.00) on shares of Old Dominion Freight Line in a research report on Thursday, April 30th. Robert W. Baird set a $229.00 price objective on Old Dominion Freight Line and gave the company a “neutral” rating in a research note on Tuesday, April 28th. 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. Finally, Morgan Stanley set a $235.00 target price on Old Dominion Freight Line and gave the company an “overweight” rating in a research report on Thursday, April 30th. Ten analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, Old Dominion Freight Line has a consensus rating of “Hold” and a consensus target price of $218.57.

Old Dominion Freight Line Price Performance

Old Dominion Freight Line stock opened at $217.65 on Monday. The company has a market capitalization of $45.26 billion, a PE ratio of 45.53, a PEG ratio of 4.36 and a beta of 1.18. Old Dominion Freight Line, Inc. has a 12-month low of $126.01 and a 12-month high of $252.03. The firm’s fifty day moving average is $218.55 and its 200 day moving average is $197.68.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its quarterly earnings results on Wednesday, April 29th. The transportation company reported $1.14 EPS for the quarter, topping analysts’ consensus estimates of $1.05 by $0.09. Old Dominion Freight Line had a net margin of 18.46% and a return on equity of 23.42%. The business had revenue of $1.33 billion during the quarter, compared to analysts’ expectations of $1.31 billion. During the same period last year, the company posted $1.19 earnings per share. The business’s quarterly revenue was down 2.9% on a year-over-year basis. Sell-side analysts expect that Old Dominion Freight Line, Inc. will post 5.44 EPS for the current fiscal year.

Old Dominion Freight Line Announces Dividend

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

Insider Activity

In other news, Director Greg C. Gantt sold 22,107 shares of the firm’s stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $191.52, for a total value of $4,233,932.64. Following the completion of the sale, the director directly owned 88,551 shares in the company, valued at $16,959,287.52. This trade represents a 19.98% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 10.00% of the stock is owned by company insiders.

Old Dominion Freight Line Profile

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.