Eventide Asset Management LLC Grows Holdings in Old Dominion Freight Line, Inc. $ODFL

Eventide Asset Management LLC grew its holdings in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 0.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 610,644 shares of the transportation company’s stock after buying an additional 3,965 shares during the quarter. Old Dominion Freight Line accounts for about 1.5% of Eventide Asset Management LLC’s investment portfolio, making the stock its 12th largest holding. Eventide Asset Management LLC owned about 0.29% of Old Dominion Freight Line worth $95,807,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in ODFL. JPMorgan Chase & Co. lifted its stake 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 worth $499,007,000 after purchasing an additional 622,275 shares during the last quarter. Citigroup Inc. lifted its stake in Old Dominion Freight Line by 46.4% during the third quarter. Citigroup Inc. now owns 1,040,681 shares of the transportation company’s stock worth $146,507,000 after purchasing an additional 329,895 shares during the last quarter. Value Partners Investments Inc. lifted its stake in Old Dominion Freight Line by 38.7% during the fourth quarter. Value Partners Investments Inc. now owns 20,103 shares of the transportation company’s stock worth $3,157,000 after purchasing an additional 5,610 shares during the last quarter. Quantum Capital Management LLC NJ lifted its stake in Old Dominion Freight Line by 26.2% during the third quarter. Quantum Capital Management LLC NJ now owns 594,391 shares of the transportation company’s stock worth $83,678,000 after purchasing an additional 123,271 shares during the last quarter. Finally, Waterfront Wealth Inc. bought a new position in Old Dominion Freight Line during the fourth quarter worth $1,430,000. 77.82% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Old Dominion Freight Line news, Director Greg C. Gantt sold 22,107 shares of the stock in a transaction on Monday, May 4th. The stock was sold at an average price of $191.52, for a total value of $4,233,932.64. Following the sale, the director directly owned 88,551 shares of the company’s stock, valued at $16,959,287.52. This trade represents a 19.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 10.00% of the stock is owned by corporate insiders.

Old Dominion Freight Line Price Performance

Shares of NASDAQ ODFL opened at $245.75 on Friday. Old Dominion Freight Line, Inc. has a 1-year low of $126.01 and a 1-year high of $252.03. The business’s fifty day moving average price is $215.16 and its two-hundred day moving average price is $189.53. The firm has a market capitalization of $51.11 billion, a PE ratio of 51.41, a P/E/G ratio of 4.97 and a beta of 1.17.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its earnings results on Wednesday, April 29th. The transportation company reported $1.14 earnings per share for the quarter, topping the consensus estimate 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 firm had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.31 billion. During the same period last year, the company earned $1.19 earnings per share. The firm’s revenue for the quarter was down 2.9% on a year-over-year basis. Equities research analysts expect that Old Dominion Freight Line, Inc. will post 5.38 earnings per share for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 17th. Shareholders of record on Wednesday, June 3rd will be given a $0.29 dividend. The ex-dividend date of this dividend is Wednesday, June 3rd. This represents a $1.16 annualized dividend and a yield of 0.5%. Old Dominion Freight Line’s dividend payout ratio (DPR) is currently 24.27%.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on ODFL shares. Evercore set a $219.00 price objective on Old Dominion Freight Line in a research note on Thursday, April 30th. Wolfe Research raised their price objective on Old Dominion Freight Line from $183.00 to $185.00 and gave the stock an “underperform” rating in a research note on Tuesday, April 7th. Wells Fargo & Company set a $235.00 price objective on Old Dominion Freight Line and gave the stock an “equal weight” rating in a research note on Friday, June 5th. Jefferies Financial Group raised their price objective on Old Dominion Freight Line from $230.00 to $250.00 and gave the stock a “hold” rating in a research note on Tuesday, June 9th. Finally, Robert W. Baird set a $229.00 price objective on Old Dominion Freight Line and gave the stock a “neutral” rating in a research note on Tuesday, April 28th. Eight equities research analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, Old Dominion Freight Line currently has a consensus rating of “Hold” and an average price target of $215.43.

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.