Rakuten Investment Management Inc. Invests $10.17 Million in Old Dominion Freight Line, Inc. $ODFL

Rakuten Investment Management Inc. purchased a new stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) during the 2nd quarter, Holdings Channel.com reports. The fund purchased 46,287 shares of the transportation company’s stock, valued at approximately $10,169,000.

A number of other hedge funds and other institutional investors have also modified their holdings of ODFL. Bell Investment Advisors Inc bought a new position in Old Dominion Freight Line in the 2nd quarter worth approximately $25,000. Solstein Capital LLC acquired a new position in Old Dominion Freight Line during the 2nd quarter worth $26,000. Annis Gardner Whiting Capital Advisors LLC boosted its position in Old Dominion Freight Line by 80.5% in the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 139 shares of the transportation company’s stock valued at $27,000 after buying an additional 62 shares during the last quarter. Reflection Asset Management bought a new position in Old Dominion Freight Line in the 4th quarter valued at $28,000. Finally, Evolution Wealth Management Inc. acquired a new stake in shares of Old Dominion Freight Line in the 1st quarter valued at $29,000. Institutional investors and hedge funds own 77.82% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on ODFL shares. Weiss Ratings downgraded Old Dominion Freight Line from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday. Wall Street Zen cut Old Dominion Freight Line from a “buy” rating to a “hold” rating in a report on Saturday. Benchmark reiterated a “hold” rating on shares of Old Dominion Freight Line in a research report on Thursday, June 4th. Stifel Nicolaus set a $263.00 price objective on Old Dominion Freight Line and gave the stock a “buy” rating in a report on Thursday, July 30th. Finally, UBS Group restated a “neutral” rating and set a $228.00 target price (up from $224.00) on shares of Old Dominion Freight Line in a research report on Thursday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, thirteen have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $226.55.

Insiders Place Their Bets

In related news, SVP Cecil E. Jr. Overbey sold 19,952 shares of the business’s stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $198.39, for a total transaction of $3,958,277.28. Following the completion of the transaction, the senior vice president owned 22,746 shares in the company, valued at approximately $4,512,578.94. The trade was a 46.73% 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. 8.20% of the stock is owned by insiders.

Old Dominion Freight Line Trading Down 0.7%

NASDAQ:ODFL opened at $198.63 on Friday. Old Dominion Freight Line, Inc. has a 1-year low of $126.01 and a 1-year high of $252.03. The business’s 50-day moving average price is $217.58 and its two-hundred day moving average price is $210.52. The firm has a market capitalization of $41.19 billion, a price-to-earnings ratio of 38.27, a PEG ratio of 3.45 and a beta of 1.18.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its earnings results on Wednesday, July 29th. The transportation company reported $1.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 return on equity of 24.87% and a net margin of 19.44%.The company’s revenue was up 10.4% compared to the same quarter last year. During the same quarter last year, the business earned $1.27 earnings per share. Sell-side analysts predict that Old Dominion Freight Line, Inc. will post 5.78 earnings per share for the current year.

Old Dominion Freight Line Announces Dividend

The company also recently disclosed 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. The ex-dividend date of this dividend is Wednesday, September 2nd. This represents a $1.16 annualized dividend and a yield of 0.6%. Old Dominion Freight Line’s dividend payout ratio (DPR) is presently 22.35%.

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.