ING Groep NV Takes $2.05 Million Position in Old Dominion Freight Line, Inc. $ODFL

ING Groep NV acquired a new position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) during the 3rd quarter, HoldingsChannel.com reports. The firm acquired 14,525 shares of the transportation company’s stock, valued at approximately $2,045,000.

Other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. raised its position in Old Dominion Freight Line by 0.4% in the second quarter. Vanguard Group Inc. now owns 22,758,247 shares of the transportation company’s stock valued at $3,693,663,000 after purchasing an additional 91,842 shares during the period. JPMorgan Chase & Co. boosted its position in shares of Old Dominion Freight Line by 20.3% during the second quarter. JPMorgan Chase & Co. now owns 2,922,313 shares of the transportation company’s stock worth $474,292,000 after buying an additional 492,563 shares during the period. Norges Bank acquired a new stake in shares of Old Dominion Freight Line in the second quarter valued at $371,961,000. Lazard Asset Management LLC raised its holdings in shares of Old Dominion Freight Line by 11.6% in the 2nd quarter. Lazard Asset Management LLC now owns 1,933,480 shares of the transportation company’s stock valued at $313,802,000 after buying an additional 200,681 shares during the period. Finally, Ameriprise Financial Inc. raised its holdings in shares of Old Dominion Freight Line by 9.7% in the 2nd quarter. Ameriprise Financial Inc. now owns 1,549,766 shares of the transportation company’s stock valued at $251,046,000 after buying an additional 137,068 shares during the period. Hedge funds and other institutional investors own 77.82% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on ODFL shares. Zacks Research upgraded Old Dominion Freight Line from a “strong sell” rating to a “hold” rating in a report on Tuesday. The Goldman Sachs Group reissued a “buy” rating and set a $195.00 price target on shares of Old Dominion Freight Line in a research report on Wednesday, February 4th. Wells Fargo & Company lifted their price objective on shares of Old Dominion Freight Line from $138.00 to $165.00 and gave the company an “underweight” rating in a report on Thursday, February 5th. Morgan Stanley reaffirmed an “overweight” rating and set a $209.00 target price (up from $190.00) on shares of Old Dominion Freight Line in a research note on Wednesday, February 4th. Finally, TD Cowen increased their target price on shares of Old Dominion Freight Line from $167.00 to $180.00 and gave the stock a “hold” rating in a report on Thursday, February 5th. Nine investment analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $189.88.

Old Dominion Freight Line Stock Up 4.2%

Shares of NASDAQ:ODFL opened at $193.21 on Friday. Old Dominion Freight Line, Inc. has a fifty-two week low of $126.01 and a fifty-two week high of $209.61. The firm’s 50 day moving average price is $171.16 and its 200 day moving average price is $152.69. The stock has a market cap of $40.40 billion, a price-to-earnings ratio of 40.00, a price-to-earnings-growth ratio of 9.26 and a beta of 1.28.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its quarterly earnings data on Wednesday, February 4th. The transportation company reported $1.09 EPS for the quarter, beating analysts’ consensus estimates of $1.06 by $0.03. Old Dominion Freight Line had a net margin of 18.62% and a return on equity of 24.03%. The company had revenue of $1.31 billion for the quarter, compared to the consensus estimate of $1.30 billion. During the same period in the prior year, the firm posted $1.23 EPS. The company’s quarterly revenue was down 5.7% compared to the same quarter last year. On average, equities analysts anticipate that Old Dominion Freight Line, Inc. will post 5.68 EPS 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. Investors of record on Wednesday, March 4th will be issued a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 0.6%. This is a boost from Old Dominion Freight Line’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend is Wednesday, March 4th. Old Dominion Freight Line’s dividend payout ratio is currently 24.02%.

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.