CIBC Asset Management Inc Has $13.85 Million Position in Old Dominion Freight Line, Inc. $ODFL

CIBC Asset Management Inc lifted its position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 29.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 88,343 shares of the transportation company’s stock after purchasing an additional 20,217 shares during the period. CIBC Asset Management Inc’s holdings in Old Dominion Freight Line were worth $13,852,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the company. Goldman Sachs Group Inc. increased its position in Old Dominion Freight Line by 23.9% during the fourth quarter. Goldman Sachs Group Inc. now owns 3,314,157 shares of the transportation company’s stock worth $519,660,000 after buying an additional 639,769 shares during the last quarter. Westpac Banking Corp lifted its position in shares of Old Dominion Freight Line by 1,035.3% in the fourth quarter. Westpac Banking Corp now owns 14,475 shares of the transportation company’s stock valued at $2,270,000 after buying an additional 13,200 shares during the last quarter. Bridges Investment Management Inc. boosted its stake in shares of Old Dominion Freight Line by 0.6% during the 4th quarter. Bridges Investment Management Inc. now owns 691,568 shares of the transportation company’s stock worth $108,438,000 after acquiring an additional 3,943 shares during the period. Calton & Associates Inc. bought a new position in shares of Old Dominion Freight Line during the 4th quarter worth approximately $762,000. Finally, Dynasty Wealth Management LLC acquired a new position in shares of Old Dominion Freight Line during the 4th quarter worth approximately $765,000. 77.82% of the stock is owned by institutional investors.

Analysts Set New Price Targets

ODFL has been the topic of a number of research analyst reports. Deutsche Bank Aktiengesellschaft cut Old Dominion Freight Line from a “buy” rating to a “hold” rating and set a $205.00 price target on the stock. in a research note on Thursday, February 5th. Wolfe Research upped their price objective on shares of Old Dominion Freight Line from $183.00 to $185.00 and gave the company an “underperform” rating in a report on Tuesday, April 7th. TD Cowen reissued a “hold” rating on shares of Old Dominion Freight Line in a research report on Wednesday. UBS Group raised their target price on shares of Old Dominion Freight Line from $202.00 to $216.00 and gave the stock a “neutral” rating in a research note on Thursday, April 30th. Finally, Rothschild & Co Redburn reduced their target price on shares of Old Dominion Freight Line from $176.00 to $172.00 and set a “sell” rating for the company in a report on Tuesday, May 12th. Eight analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $207.08.

Insider Buying and Selling at Old Dominion Freight Line

In related news, Director Greg C. Gantt sold 22,107 shares of the stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $191.52, for a total transaction of $4,233,932.64. Following the sale, the director owned 88,551 shares in the company, valued at approximately $16,959,287.52. This trade represents a 19.98% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 10.00% of the company’s stock.

Old Dominion Freight Line Stock Performance

ODFL opened at $245.52 on Friday. Old Dominion Freight Line, Inc. has a 52-week low of $126.01 and a 52-week high of $245.78. The firm has a market cap of $51.06 billion, a P/E ratio of 51.36, a price-to-earnings-growth ratio of 4.81 and a beta of 1.17. The business’s fifty day moving average is $208.81 and its 200-day moving average is $185.09.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its quarterly earnings results on Wednesday, April 29th. The transportation company reported $1.14 EPS for the quarter, beating analysts’ consensus estimates of $1.05 by $0.09. Old Dominion Freight Line had a return on equity of 23.42% and a net margin of 18.46%.The business had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.31 billion. During the same quarter 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% compared to the same quarter last year. On average, research analysts predict that Old Dominion Freight Line, Inc. will post 5.35 earnings per share for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

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 given 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 payout ratio is presently 24.27%.

Old Dominion Freight Line 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.