AXQ Capital LP Purchases New Holdings in Old Dominion Freight Line, Inc. $ODFL

AXQ Capital LP acquired a new stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 6,251 shares of the transportation company’s stock, valued at approximately $880,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Financial Gravity Companies Inc. purchased a new stake in shares of Old Dominion Freight Line during the second quarter worth approximately $26,000. Rossby Financial LCC acquired a new position in Old Dominion Freight Line in the 2nd quarter valued at $28,000. E Fund Management Hong Kong Co. Ltd. raised its position in Old Dominion Freight Line by 175.7% during the 3rd quarter. E Fund Management Hong Kong Co. Ltd. now owns 193 shares of the transportation company’s stock worth $27,000 after buying an additional 123 shares during the last quarter. Westside Investment Management Inc. raised its position in Old Dominion Freight Line by 100.0% during the 3rd quarter. Westside Investment Management Inc. now owns 196 shares of the transportation company’s stock worth $27,000 after buying an additional 98 shares during the last quarter. Finally, Raiffeisen Bank International AG acquired a new stake in shares of Old Dominion Freight Line in the 3rd quarter worth $37,000. 77.82% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. BMO Capital Markets reissued an “outperform” rating on shares of Old Dominion Freight Line in a report on Thursday. Stifel Nicolaus set a $217.00 target price on Old Dominion Freight Line in a research report on Thursday, February 5th. Robert W. Baird downgraded Old Dominion Freight Line from a “neutral” rating to an “underperform” rating and increased their target price for the stock from $166.00 to $204.00 in a research note on Thursday, February 5th. Morgan Stanley reissued an “overweight” rating and issued a $209.00 price target (up from $190.00) on shares of Old Dominion Freight Line in a report on Wednesday, February 4th. Finally, UBS Group reaffirmed a “neutral” rating and set a $202.00 price objective (up previously from $164.00) on shares of Old Dominion Freight Line in a report on Thursday, February 5th. Nine equities research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and four have given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $189.88.

Insider Buying and Selling

In other Old Dominion Freight Line news, Chairman David S. Congdon sold 52,000 shares of the firm’s stock in a transaction on 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 owned 712,800 shares of the company’s stock, valued at approximately $138,832,056. This trade represents a 6.80% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Bradley R. Gabosch sold 3,134 shares of the business’s stock in a transaction on 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 directly owned 11,278 shares of the company’s stock, valued at approximately $2,190,977.06. This trade represents a 21.75% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 10.00% of the company’s stock.

Old Dominion Freight Line Stock Performance

ODFL opened at $193.88 on Tuesday. The company has a market cap of $40.54 billion, a price-to-earnings ratio of 40.14, a PEG ratio of 10.05 and a beta of 1.28. Old Dominion Freight Line, Inc. has a one year low of $126.01 and a one year high of $208.74. The business’s fifty day moving average is $175.90 and its two-hundred day moving average is $154.73.

Old Dominion Freight Line (NASDAQ:ODFL) last released its quarterly earnings results on Wednesday, February 4th. The transportation company reported $1.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.06 by $0.03. The business had revenue of $1.31 billion during the quarter, compared to the consensus estimate of $1.30 billion. Old Dominion Freight Line had a return on equity of 24.03% and a net margin of 18.62%.The business’s revenue was down 5.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.23 EPS. On average, analysts predict that Old Dominion Freight Line, Inc. will post 5.68 EPS for the current fiscal year.

Old Dominion Freight Line Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 18th. Stockholders of record on Wednesday, March 4th will be given a $0.29 dividend. This is a boost from Old Dominion Freight Line’s previous quarterly dividend of $0.28. This represents a $1.16 annualized dividend and a dividend yield of 0.6%. The ex-dividend date is Wednesday, March 4th. Old Dominion Freight Line’s dividend payout ratio (DPR) is currently 23.19%.

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.