Korea Investment CORP Makes New Investment in Old Dominion Freight Line, Inc. $ODFL

Korea Investment CORP acquired a new position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 170,957 shares of the transportation company’s stock, valued at approximately $37,029,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in ODFL. BlackRock Inc. acquired a new position in Old Dominion Freight Line in the second quarter valued at $3,416,007,000. Price T Rowe Associates Inc. MD increased its holdings in shares of Old Dominion Freight Line by 14.1% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 14,223,960 shares of the transportation company’s stock worth $2,230,318,000 after buying an additional 1,761,511 shares during the last quarter. State Street Corp raised its position in shares of Old Dominion Freight Line by 0.9% in the 4th quarter. State Street Corp now owns 7,746,286 shares of the transportation company’s stock worth $1,214,618,000 after buying an additional 70,736 shares during the period. Boston Partners raised its position in shares of Old Dominion Freight Line by 98.4% in the 4th quarter. Boston Partners now owns 4,122,696 shares of the transportation company’s stock worth $648,186,000 after buying an additional 2,044,434 shares during the period. Finally, T. Rowe Price Investment Management Inc. boosted its holdings in Old Dominion Freight Line by 11.0% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 3,680,719 shares of the transportation company’s stock valued at $577,137,000 after acquiring an additional 365,424 shares during the last quarter. Hedge funds and other institutional investors own 77.82% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on ODFL shares. Argus boosted their price target on Old Dominion Freight Line from $220.00 to $260.00 and gave the company a “buy” rating in a research report on Thursday, June 18th. The Goldman Sachs Group restated a “buy” rating and issued a $244.00 price objective on shares of Old Dominion Freight Line in a report on Wednesday, July 29th. BMO Capital Markets reaffirmed an “outperform” rating and issued a $230.00 price objective on shares of Old Dominion Freight Line in a research note on Thursday, June 4th. Robert W. Baird set a $229.00 target price on Old Dominion Freight Line and gave the stock a “neutral” rating in a report on Tuesday, April 28th. Finally, Wells Fargo & Company raised shares of Old Dominion Freight Line from an “underweight” rating to an “overweight” rating and increased their target price for the stock from $235.00 to $250.00 in a research report on Wednesday, July 8th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, thirteen have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $226.55.

Old Dominion Freight Line Trading Up 1.0%

Shares of Old Dominion Freight Line stock opened at $206.47 on Friday. Old Dominion Freight Line, Inc. has a twelve month low of $126.01 and a twelve month high of $252.03. The stock has a market cap of $42.81 billion, a price-to-earnings ratio of 39.78, a price-to-earnings-growth ratio of 3.59 and a beta of 1.18. The company has a fifty day moving average price of $220.21 and a 200 day moving average price of $210.45.

Old Dominion Freight Line (NASDAQ:ODFL) last released its quarterly earnings data on Wednesday, July 29th. The transportation company reported $1.68 EPS for the quarter, beating the consensus estimate of $1.54 by $0.14. The company had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.54 billion. Old Dominion Freight Line had a return on equity of 24.87% and a net margin of 19.44%.The firm’s revenue was up 10.4% compared to the same quarter last year. During the same period last year, the company posted $1.27 earnings per share. Analysts forecast that Old Dominion Freight Line, Inc. will post 5.78 earnings per share for the current year.

Old Dominion Freight Line Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 16th. Stockholders of record on Wednesday, September 2nd will be paid a $0.29 dividend. The ex-dividend date is Wednesday, September 2nd. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.6%. Old Dominion Freight Line’s dividend payout ratio (DPR) is 22.35%.

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.