9,615 Shares in Old Dominion Freight Line, Inc. $ODFL Purchased by Pullen Investment Management LLC

Pullen Investment Management LLC acquired a new stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 9,615 shares of the transportation company’s stock, valued at approximately $1,879,000.

Several other hedge funds have also recently added to or reduced their stakes in the business. Citigroup Inc. lifted its stake in Old Dominion Freight Line by 46.4% in the 3rd quarter. Citigroup Inc. now owns 1,040,681 shares of the transportation company’s stock valued at $146,507,000 after buying an additional 329,895 shares in the last quarter. Value Partners Investments Inc. increased its position 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 buying an additional 5,610 shares in the last quarter. Waterfront Wealth Inc. purchased a new position in Old Dominion Freight Line during the fourth quarter worth $1,430,000. Quantum Capital Management LLC NJ raised its holdings in shares of Old Dominion Freight Line by 26.2% in the third quarter. Quantum Capital Management LLC NJ now owns 594,391 shares of the transportation company’s stock worth $83,678,000 after acquiring an additional 123,271 shares during the last quarter. Finally, Baillie Gifford & Co. acquired a new position in shares of Old Dominion Freight Line in the fourth quarter worth $13,322,000. 77.82% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have recently issued reports on the company. Citigroup downgraded Old Dominion Freight Line from a “neutral” rating to a “sell” rating and upped their price objective for the company from $225.00 to $228.00 in a research report on Monday, June 15th. Weiss Ratings reiterated a “hold (c)” rating on shares of Old Dominion Freight Line in a research report on Tuesday, April 14th. Stifel Nicolaus boosted their target price on shares of Old Dominion Freight Line from $228.00 to $232.00 in a research note on Thursday, April 30th. Barclays set a $210.00 target price on shares of Old Dominion Freight Line and gave the company an “equal weight” rating in a report on Thursday, April 30th. Finally, Stephens reaffirmed an “overweight” rating and set a $240.00 price target (up from $232.00) on shares of Old Dominion Freight Line in a research note on Thursday, April 30th. Eight investment analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $217.30.

Old Dominion Freight Line Price Performance

ODFL stock opened at $221.04 on Friday. The stock has a market capitalization of $45.97 billion, a price-to-earnings ratio of 46.24, a price-to-earnings-growth ratio of 4.44 and a beta of 1.17. Old Dominion Freight Line, Inc. has a 52-week low of $126.01 and a 52-week high of $252.03. The stock’s fifty day simple moving average is $217.66 and its 200-day simple moving average is $192.73.

Old Dominion Freight Line (NASDAQ:ODFL) last released its earnings results on Wednesday, April 29th. The transportation company reported $1.14 EPS for the quarter, beating 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 during the quarter, compared to analyst estimates of $1.31 billion. During the same period in the prior year, the firm posted $1.19 earnings per share. The business’s quarterly revenue was down 2.9% compared to the same quarter last year. As a group, analysts anticipate that Old Dominion Freight Line, Inc. will post 5.43 earnings per share for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 17th. Stockholders of record on Wednesday, June 3rd were paid a dividend of $0.29 per share. The ex-dividend date of this dividend was Wednesday, June 3rd. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.5%. Old Dominion Freight Line’s dividend payout ratio is currently 24.27%.

Insider Activity at Old Dominion Freight Line

In related news, Director Greg C. Gantt sold 22,107 shares of the business’s stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $191.52, for a total value of $4,233,932.64. Following the completion of the sale, the director directly owned 88,551 shares in the company, valued at approximately $16,959,287.52. The trade was a 19.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 10.00% of the stock is currently owned by corporate insiders.

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.