Sirios Capital Management L P Raises Stock Holdings in Old Dominion Freight Line, Inc. $ODFL

Sirios Capital Management L P increased its holdings in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 59.5% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 115,315 shares of the transportation company’s stock after acquiring an additional 43,007 shares during the quarter. Old Dominion Freight Line makes up about 2.1% of Sirios Capital Management L P’s holdings, making the stock its 16th largest position. Sirios Capital Management L P’s holdings in Old Dominion Freight Line were worth $16,234,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of ODFL. Norges Bank bought a new position in Old Dominion Freight Line in the 2nd quarter valued at $371,961,000. Boston Partners bought a new position in Old Dominion Freight Line during the third quarter valued at about $292,599,000. JPMorgan Chase & Co. grew its position in Old Dominion Freight Line by 21.3% during the third quarter. JPMorgan Chase & Co. now owns 3,544,588 shares of the transportation company’s stock valued at $499,007,000 after buying an additional 622,275 shares during the period. First Trust Advisors LP increased its holdings in Old Dominion Freight Line by 63.8% during the second quarter. First Trust Advisors LP now owns 1,521,054 shares of the transportation company’s stock worth $246,867,000 after buying an additional 592,605 shares during the last quarter. Finally, Vanguard Group Inc. increased its holdings in Old Dominion Freight Line by 2.2% during the third quarter. Vanguard Group Inc. now owns 23,252,921 shares of the transportation company’s stock worth $3,273,546,000 after buying an additional 494,674 shares during the last quarter. Hedge funds and other institutional investors own 77.82% of the company’s stock.

Old Dominion Freight Line Price Performance

NASDAQ ODFL opened at $180.75 on Friday. The company’s 50 day simple moving average is $186.93 and its two-hundred day simple moving average is $159.19. Old Dominion Freight Line, Inc. has a 1 year low of $126.01 and a 1 year high of $221.63. The stock has a market capitalization of $37.67 billion, a PE ratio of 37.42, a P/E/G ratio of 3.70 and a beta of 1.23.

Old Dominion Freight Line (NASDAQ:ODFL) last released its quarterly earnings results on Wednesday, February 4th. The transportation company reported $1.09 EPS for the quarter, beating analysts’ consensus estimates of $1.06 by $0.03. The firm had revenue of $1.31 billion during the quarter, compared to analyst estimates of $1.30 billion. Old Dominion Freight Line had a net margin of 18.62% and a return on equity of 24.03%. The business’s revenue for the quarter was down 5.7% on a year-over-year basis. During the same period in the previous year, the business earned $1.23 EPS. On average, research 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 disclosed a quarterly dividend, which will be paid on Wednesday, March 18th. Investors of record on Wednesday, March 4th will be paid a dividend of $0.29 per share. This is a positive change from Old Dominion Freight Line’s previous quarterly dividend of $0.28. This represents a $1.16 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend is Wednesday, March 4th. Old Dominion Freight Line’s dividend payout ratio is 24.02%.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Evercore boosted their target price on shares of Old Dominion Freight Line from $150.00 to $200.00 and gave the company an “in-line” rating in a research note on Thursday, February 5th. Rothschild & Co Redburn raised their price target on shares of Old Dominion Freight Line from $114.00 to $176.00 and gave the stock a “sell” rating in a research note on Friday, February 6th. Argus raised shares of Old Dominion Freight Line from a “hold” rating to a “buy” rating and set a $220.00 price target on the stock in a report on Thursday, February 12th. Benchmark reiterated a “hold” rating on shares of Old Dominion Freight Line in a research note on Wednesday, March 4th. Finally, Barclays set a $185.00 price objective on Old Dominion Freight Line in a report on Thursday, February 5th. Nine analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and four have issued a Sell rating to the company. According to MarketBeat, Old Dominion Freight Line presently has a consensus rating of “Hold” and a consensus price target of $191.08.

Insider Buying and Selling

In related news, Chairman David S. Congdon sold 52,000 shares of the business’s stock in a transaction dated 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 completion of the transaction, the chairman directly owned 712,800 shares in the company, valued at $138,832,056. The trade was a 6.80% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Bradley R. Gabosch sold 3,134 shares of the company’s stock in a transaction dated 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 owned 11,278 shares in the company, valued at $2,190,977.06. This represents a 21.75% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 80,134 shares of company stock worth $15,640,132 over the last ninety days. 10.00% of the stock is owned by corporate insiders.

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.