Clearbridge Investments LLC Boosts Holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Clearbridge Investments LLC grew its stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 39.1% during the 2nd quarter, Holdings Channel reports. The firm owned 698,154 shares of the transportation company’s stock after purchasing an additional 196,350 shares during the quarter. Clearbridge Investments LLC’s holdings in Old Dominion Freight Line were worth $123,294,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Vanguard Group Inc. boosted its holdings in Old Dominion Freight Line by 100.9% in the 1st quarter. Vanguard Group Inc. now owns 21,795,649 shares of the transportation company’s stock worth $4,780,004,000 after buying an additional 10,944,520 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Old Dominion Freight Line by 117.0% in the first quarter. Price T Rowe Associates Inc. MD now owns 13,726,847 shares of the transportation company’s stock worth $3,010,435,000 after acquiring an additional 7,401,526 shares during the last quarter. Capital Research Global Investors increased its position in shares of Old Dominion Freight Line by 59.0% during the first quarter. Capital Research Global Investors now owns 6,592,594 shares of the transportation company’s stock worth $1,445,822,000 after purchasing an additional 2,447,121 shares in the last quarter. Capital World Investors increased its position in shares of Old Dominion Freight Line by 101.0% during the first quarter. Capital World Investors now owns 2,443,770 shares of the transportation company’s stock worth $535,943,000 after purchasing an additional 1,228,116 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. raised its stake in Old Dominion Freight Line by 283.5% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 1,103,558 shares of the transportation company’s stock valued at $242,021,000 after purchasing an additional 815,817 shares during the last quarter. Hedge funds and other institutional investors own 77.82% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Morgan Stanley dropped their target price on shares of Old Dominion Freight Line from $174.00 to $168.00 and set an “equal weight” rating for the company in a report on Monday, July 8th. Barclays dropped their price objective on shares of Old Dominion Freight Line from $205.00 to $195.00 and set an “equal weight” rating for the company in a research note on Wednesday, June 12th. Raymond James increased their price objective on shares of Old Dominion Freight Line from $190.00 to $209.00 and gave the company an “outperform” rating in a report on Thursday, July 25th. JPMorgan Chase & Co. lowered their target price on Old Dominion Freight Line from $193.00 to $189.00 and set a “neutral” rating on the stock in a report on Friday, September 6th. Finally, Stephens reaffirmed an “overweight” rating and issued a $214.00 price target on shares of Old Dominion Freight Line in a report on Thursday, September 5th. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $201.83.

Old Dominion Freight Line Trading Down 2.0 %

NASDAQ ODFL opened at $194.75 on Wednesday. Old Dominion Freight Line, Inc. has a 12 month low of $165.49 and a 12 month high of $227.80. The stock has a market capitalization of $42.32 billion, a P/E ratio of 34.29, a PEG ratio of 4.08 and a beta of 0.99. The firm’s 50-day moving average is $196.31 and its two-hundred day moving average is $194.57. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.46 and a quick ratio of 1.46.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its quarterly earnings data on Wednesday, July 24th. The transportation company reported $1.48 EPS for the quarter, topping the consensus estimate of $1.45 by $0.03. Old Dominion Freight Line had a net margin of 21.38% and a return on equity of 30.33%. The firm had revenue of $1.50 billion for the quarter, compared to analyst estimates of $1.50 billion. During the same period in the prior year, the business posted $1.33 EPS. The business’s revenue for the quarter was up 6.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Old Dominion Freight Line, Inc. will post 5.62 earnings per share for the current year.

Old Dominion Freight Line Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 18th. Stockholders of record on Wednesday, September 4th were given a dividend of $0.26 per share. The ex-dividend date of this dividend was Wednesday, September 4th. This represents a $1.04 annualized dividend and a dividend yield of 0.53%. Old Dominion Freight Line’s dividend payout ratio is currently 18.31%.

Insider Activity

In related news, Chairman David S. Congdon sold 10,000 shares of the stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $195.17, for a total transaction of $1,951,700.00. Following the transaction, the chairman now owns 1,391,621 shares of the company’s stock, valued at approximately $271,602,670.57. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other Old Dominion Freight Line news, Chairman David S. Congdon sold 10,000 shares of the business’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $195.17, for a total transaction of $1,951,700.00. Following the sale, the chairman now directly owns 1,391,621 shares in the company, valued at $271,602,670.57. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman David S. Congdon sold 29,975 shares of the stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $201.30, for a total transaction of $6,033,967.50. Following the sale, the chairman now directly owns 1,401,621 shares in the company, valued at approximately $282,146,307.30. The disclosure for this sale can be found here. Insiders own 9.90% of the company’s stock.

Old Dominion Freight Line Profile

Old Dominion Freight Line, Inc operates as a less-than-truckload motor carrier in the United States and North America. The company offers regional, inter-regional, and national less-than-truckload services, as well as expedited transportation. It also provides various value-added services, including container drayage, truckload brokerage, and supply chain consulting.