JPMorgan Chase & Co. Has $499.01 Million Holdings in Old Dominion Freight Line, Inc. $ODFL

JPMorgan Chase & Co. grew its position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 21.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,544,588 shares of the transportation company’s stock after acquiring an additional 622,275 shares during the quarter. JPMorgan Chase & Co.’s holdings in Old Dominion Freight Line were worth $499,007,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently modified their holdings of ODFL. Norges Bank acquired a new stake in Old Dominion Freight Line in the 2nd quarter valued at $371,961,000. Boston Partners bought a new stake in Old Dominion Freight Line during the 3rd quarter valued at $292,599,000. Two Sigma Investments LP raised its holdings in Old Dominion Freight Line by 637.5% during the third quarter. Two Sigma Investments LP now owns 1,576,470 shares of the transportation company’s stock worth $221,935,000 after buying an additional 1,362,697 shares during the last quarter. CIBC Private Wealth Group LLC lifted its stake in shares of Old Dominion Freight Line by 21.6% in the third quarter. CIBC Private Wealth Group LLC now owns 4,366,843 shares of the transportation company’s stock valued at $614,764,000 after buying an additional 776,004 shares in the last quarter. Finally, First Trust Advisors LP lifted its stake in shares of Old Dominion Freight Line by 63.8% in the second quarter. First Trust Advisors LP now owns 1,521,054 shares of the transportation company’s stock valued at $246,867,000 after buying an additional 592,605 shares in the last quarter. 77.82% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. UBS Group reissued a “neutral” rating and set a $202.00 target price (up from $164.00) on shares of Old Dominion Freight Line in a research report on Thursday, February 5th. Zacks Research raised shares of Old Dominion Freight Line from a “strong sell” rating to a “hold” rating in a research report on Tuesday, February 10th. JPMorgan Chase & Co. lifted their price target on Old Dominion Freight Line from $168.00 to $182.00 and gave the company a “neutral” rating in a research note on Tuesday, March 10th. Stephens reissued an “overweight” rating and set a $232.00 price objective on shares of Old Dominion Freight Line in a report on Thursday, February 5th. Finally, Raymond James Financial increased their price objective on Old Dominion Freight Line from $180.00 to $213.00 and gave the stock an “outperform” rating in a research note on Friday, February 6th. Nine equities research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat.com, Old Dominion Freight Line has an average rating of “Hold” and a consensus target price of $191.08.

Old Dominion Freight Line Price Performance

ODFL opened at $184.43 on Wednesday. Old Dominion Freight Line, Inc. has a fifty-two week low of $126.01 and a fifty-two week high of $221.63. The firm has a market capitalization of $38.44 billion, a P/E ratio of 38.18, a PEG ratio of 3.83 and a beta of 1.23. The company’s 50-day moving average is $187.62 and its 200 day moving average is $159.73.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its quarterly earnings data on Wednesday, February 4th. The transportation company reported $1.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.06 by $0.03. The business had revenue of $1.31 billion during the quarter, compared to the consensus estimate of $1.30 billion. Old Dominion Freight Line had a net margin of 18.62% and a return on equity of 24.03%. The firm’s quarterly revenue was down 5.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.23 EPS. On average, equities research analysts expect that Old Dominion Freight Line, Inc. will post 5.68 earnings per share for the current year.

Old Dominion Freight Line Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, March 18th. Stockholders of record on Wednesday, March 4th will be issued a $0.29 dividend. This is a boost from Old Dominion Freight Line’s previous quarterly dividend of $0.28. This represents a $1.16 annualized dividend and a dividend yield of 0.6%. The ex-dividend date of this dividend is Wednesday, March 4th. Old Dominion Freight Line’s dividend payout ratio is currently 24.02%.

Insider Activity at Old Dominion Freight Line

In related news, Chairman David S. Congdon sold 52,000 shares of Old Dominion Freight Line stock in a transaction on Thursday, February 19th. The stock was sold at an average price of $194.77, for a total transaction of $10,128,040.00. Following the sale, the chairman directly owned 712,800 shares in the company, valued at approximately $138,832,056. This trade represents a 6.80% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Bradley R. Gabosch sold 3,134 shares of the business’s stock in a transaction on Wednesday, February 18th. The stock was sold at an average price of $194.27, for a total value of $608,842.18. Following the completion of the transaction, the director directly owned 11,278 shares in the company, valued at approximately $2,190,977.06. This represents a 21.75% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 80,134 shares of company stock valued at $15,640,132. 10.00% of the stock is owned by insiders.

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.