Private Advisor Group LLC Buys New Shares in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Private Advisor Group LLC bought a new stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 3,705 shares of the transportation company’s stock, valued at approximately $1,263,000.

Other institutional investors have also added to or reduced their stakes in the company. Ascent Group LLC grew its stake in shares of Old Dominion Freight Line by 12.7% during the first quarter. Ascent Group LLC now owns 6,732 shares of the transportation company’s stock valued at $2,295,000 after buying an additional 761 shares during the last quarter. Vanguard Personalized Indexing Management LLC grew its stake in shares of Old Dominion Freight Line by 6.2% during the first quarter. Vanguard Personalized Indexing Management LLC now owns 11,302 shares of the transportation company’s stock valued at $3,852,000 after buying an additional 661 shares during the last quarter. Resources Investment Advisors LLC. bought a new position in shares of Old Dominion Freight Line during the first quarter valued at about $257,000. Qsemble Capital Management LP purchased a new stake in shares of Old Dominion Freight Line during the first quarter worth about $443,000. Finally, Credit Suisse AG boosted its holdings in shares of Old Dominion Freight Line by 3.5% during the first quarter. Credit Suisse AG now owns 181,703 shares of the transportation company’s stock worth $61,932,000 after purchasing an additional 6,117 shares during the period. Institutional investors own 72.14% of the company’s stock.

Insider Activity at Old Dominion Freight Line

In related news, Director Thomas A. Stith III sold 225 shares of Old Dominion Freight Line stock in a transaction on Friday, August 11th. The shares were sold at an average price of $411.66, for a total transaction of $92,623.50. Following the transaction, the director now owns 1,342 shares in the company, valued at approximately $552,447.72. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other Old Dominion Freight Line news, Director Thomas A. Stith III sold 225 shares of the business’s stock in a transaction on Friday, August 11th. The shares were sold at an average price of $411.66, for a total value of $92,623.50. Following the sale, the director now owns 1,342 shares in the company, valued at approximately $552,447.72. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Steven W. Hartsell sold 403 shares of the business’s stock in a transaction on Thursday, August 10th. The stock was sold at an average price of $405.33, for a total transaction of $163,347.99. Following the completion of the sale, the senior vice president now owns 491 shares in the company, valued at approximately $199,017.03. The disclosure for this sale can be found here. 10.40% of the stock is owned by corporate insiders.

Old Dominion Freight Line Trading Up 0.1 %

NASDAQ:ODFL opened at $409.04 on Monday. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 0.02. Old Dominion Freight Line, Inc. has a 12 month low of $240.00 and a 12 month high of $429.24. The company has a market cap of $44.70 billion, a PE ratio of 35.54, a price-to-earnings-growth ratio of 4.86 and a beta of 1.12. The company has a 50 day simple moving average of $386.60 and a two-hundred day simple moving average of $349.42.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its quarterly earnings results on Wednesday, July 26th. The transportation company reported $2.65 earnings per share for the quarter, topping the consensus estimate of $2.63 by $0.02. The business had revenue of $1.41 billion for the quarter, compared to analysts’ expectations of $1.44 billion. Old Dominion Freight Line had a net margin of 21.49% and a return on equity of 34.58%. The company’s revenue was down 15.2% compared to the same quarter last year. During the same quarter last year, the company posted $3.30 EPS. Research analysts forecast that Old Dominion Freight Line, Inc. will post 10.65 earnings per share for the current year.

Old Dominion Freight Line announced that its board has authorized a share repurchase program on Wednesday, July 26th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the transportation company to repurchase up to 6.9% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its stock is undervalued.

Old Dominion Freight Line Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 20th. Stockholders of record on Wednesday, September 6th will be paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 0.39%. The ex-dividend date is Tuesday, September 5th. Old Dominion Freight Line’s dividend payout ratio is presently 13.90%.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Barclays raised their price objective on shares of Old Dominion Freight Line from $375.00 to $410.00 and gave the stock an “equal weight” rating in a report on Friday, July 28th. Bank of America upgraded shares of Old Dominion Freight Line from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $331.00 to $391.00 in a report on Tuesday, June 27th. Credit Suisse Group raised their price objective on shares of Old Dominion Freight Line from $304.00 to $375.00 in a report on Thursday, July 27th. 3M reiterated a “maintains” rating on shares of Old Dominion Freight Line in a report on Friday, June 30th. Finally, Wells Fargo & Company lifted their target price on shares of Old Dominion Freight Line from $425.00 to $465.00 in a report on Thursday, July 27th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $365.60.

Old Dominion Freight Line Profile

Old Dominion Freight Line, Inc operates as a less-than-truckload (LTL) motor carrier in the United States and North America. It provides regional, inter-regional, and national LTL services, including expedited transportation. The company also offers various value-added services, such as container drayage, truckload brokerage, and supply chain consulting.