Cibc World Market Inc. Buys Shares of 15,739 Old Dominion Freight Line, Inc. $ODFL

Cibc World Market Inc. bought a new position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) during the second quarter, according to its most recent disclosure with the SEC. The firm bought 15,739 shares of the transportation company’s stock, valued at approximately $3,409,000.

Several other institutional investors and hedge funds also recently bought and sold shares of ODFL. BlackRock Inc. bought a new position in shares of Old Dominion Freight Line during the 2nd quarter valued at approximately $3,416,007,000. Norges Bank bought a new stake in Old Dominion Freight Line during the 4th quarter worth approximately $444,983,000. Bank of New York Mellon Corp bought a new stake in Old Dominion Freight Line during the 2nd quarter worth approximately $543,289,000. Boston Partners purchased a new position in Old Dominion Freight Line during the third quarter valued at approximately $292,599,000. Finally, Price T Rowe Associates Inc. MD lifted its holdings in Old Dominion Freight Line by 14.1% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 14,223,960 shares of the transportation company’s stock valued at $2,230,318,000 after purchasing an additional 1,761,511 shares in the last quarter. 77.82% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on ODFL. TD Cowen reiterated a “hold” rating on shares of Old Dominion Freight Line in a research report on Wednesday, June 3rd. JPMorgan Chase & Co. raised their price objective on shares of Old Dominion Freight Line from $197.00 to $234.00 and gave the company a “neutral” rating in a research report on Monday, June 8th. Susquehanna lifted their target price on shares of Old Dominion Freight Line from $224.00 to $228.00 and gave the company a “neutral” rating in a research note on Tuesday, July 14th. Stephens reaffirmed an “overweight” rating and issued a $240.00 target price (up from $232.00) on shares of Old Dominion Freight Line in a report on Thursday, April 30th. Finally, Wells Fargo & Company upgraded Old Dominion Freight Line from an “underweight” rating to an “overweight” rating and increased their price target for the stock from $235.00 to $250.00 in a research note on Wednesday, July 8th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, thirteen have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $226.55.

Old Dominion Freight Line Price Performance

ODFL stock opened at $199.43 on Thursday. Old Dominion Freight Line, Inc. has a 1-year low of $126.01 and a 1-year high of $252.03. The company has a market capitalization of $41.35 billion, a price-to-earnings ratio of 38.43, a PEG ratio of 3.45 and a beta of 1.18. The business has a 50 day simple moving average of $218.44 and a two-hundred day simple moving average of $210.62.

Old Dominion Freight Line (NASDAQ:ODFL) last released its quarterly earnings data on Wednesday, July 29th. The transportation company reported $1.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.54 by $0.14. The firm had revenue of $1.55 billion for the quarter, compared to analysts’ expectations of $1.54 billion. Old Dominion Freight Line had a net margin of 19.44% and a return on equity of 24.87%. The company’s revenue for the quarter was up 10.4% compared to the same quarter last year. During the same quarter last year, the business posted $1.27 earnings per share. Sell-side analysts anticipate that Old Dominion Freight Line, Inc. will post 5.78 EPS for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 16th. Investors of record on Wednesday, September 2nd will be paid a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend is Wednesday, September 2nd. Old Dominion Freight Line’s dividend payout ratio (DPR) is presently 22.35%.

Insiders Place Their Bets

In other Old Dominion Freight Line news, SVP Cecil E. Jr. Overbey sold 19,952 shares of Old Dominion Freight Line stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $198.39, for a total value of $3,958,277.28. Following the sale, the senior vice president directly owned 22,746 shares in the company, valued at approximately $4,512,578.94. The trade was a 46.73% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 8.20% of the company’s stock.

Old Dominion Freight Line Company 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.