Old Dominion Freight Line, Inc. $ODFL Shares Acquired by Parnassus Investments LLC

Parnassus Investments LLC increased its position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 116.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 383,487 shares of the transportation company’s stock after buying an additional 205,910 shares during the period. Parnassus Investments LLC owned about 0.18% of Old Dominion Freight Line worth $60,131,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. JPMorgan Chase & Co. grew its holdings in Old Dominion Freight Line by 21.3% in the third quarter. JPMorgan Chase & Co. now owns 3,544,588 shares of the transportation company’s stock valued at $499,007,000 after purchasing an additional 622,275 shares during the period. Citigroup Inc. grew its holdings in Old Dominion Freight Line by 46.4% in the third quarter. Citigroup Inc. now owns 1,040,681 shares of the transportation company’s stock valued at $146,507,000 after purchasing an additional 329,895 shares during the period. Value Partners Investments Inc. grew its holdings in Old Dominion Freight Line by 38.7% in the fourth quarter. Value Partners Investments Inc. now owns 20,103 shares of the transportation company’s stock valued at $3,157,000 after purchasing an additional 5,610 shares during the period. Quantum Capital Management LLC NJ grew its holdings in Old Dominion Freight Line by 26.2% in the third quarter. Quantum Capital Management LLC NJ now owns 594,391 shares of the transportation company’s stock valued at $83,678,000 after purchasing an additional 123,271 shares during the period. Finally, Baillie Gifford & Co. purchased a new stake in Old Dominion Freight Line in the fourth quarter valued at approximately $13,322,000. 77.82% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms recently issued reports on ODFL. BMO Capital Markets restated an “outperform” rating and issued a $230.00 target price on shares of Old Dominion Freight Line in a report on Thursday, June 4th. TD Cowen restated a “hold” rating on shares of Old Dominion Freight Line in a report on Wednesday, June 3rd. Raymond James Financial restated an “outperform” rating and issued a $224.00 target price on shares of Old Dominion Freight Line in a report on Thursday, April 30th. 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. Finally, Wells Fargo & Company set a $235.00 price objective on shares of Old Dominion Freight Line and gave the stock an “equal weight” rating in a research note on Friday, June 5th. Eight research analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $215.43.

Old Dominion Freight Line Stock Up 5.0%

ODFL opened at $247.76 on Friday. Old Dominion Freight Line, Inc. has a 52-week low of $126.01 and a 52-week high of $252.03. The company has a 50 day moving average of $214.24 and a two-hundred day moving average of $189.13. The company has a market cap of $51.53 billion, a P/E ratio of 51.83, a P/E/G ratio of 4.78 and a beta of 1.17.

Old Dominion Freight Line (NASDAQ:ODFL) last released its quarterly earnings data on Wednesday, April 29th. The transportation company reported $1.14 earnings per share (EPS) for the quarter, topping the consensus estimate 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 company had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.31 billion. During the same period in the previous year, the firm earned $1.19 earnings per share. Old Dominion Freight Line’s revenue for the quarter was down 2.9% on a year-over-year basis. Research analysts anticipate that Old Dominion Freight Line, Inc. will post 5.38 earnings per share for the current year.

Old Dominion Freight Line Announces Dividend

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

Insider Buying and Selling at Old Dominion Freight Line

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

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.