Semanteon Capital Management LP Takes $392,000 Position in Old Dominion Freight Line, Inc. $ODFL

Semanteon Capital Management LP acquired a new stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 2,783 shares of the transportation company’s stock, valued at approximately $392,000.

Several other hedge funds have also recently bought and sold shares of the business. Norges Bank acquired a new stake in shares of Old Dominion Freight Line in the second quarter worth about $371,961,000. JPMorgan Chase & Co. raised its stake in shares of Old Dominion Freight Line by 21.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,544,588 shares of the transportation company’s stock valued at $499,007,000 after acquiring an additional 622,275 shares in the last quarter. First Trust Advisors LP lifted its holdings in Old Dominion Freight Line by 63.8% in the 2nd quarter. First Trust Advisors LP now owns 1,521,054 shares of the transportation company’s stock worth $246,867,000 after purchasing an additional 592,605 shares during the last quarter. Vanguard Group Inc. boosted its position in Old Dominion Freight Line by 2.2% during the third quarter. Vanguard Group Inc. now owns 23,252,921 shares of the transportation company’s stock worth $3,273,546,000 after purchasing an additional 494,674 shares during the period. Finally, Fisher Funds Management LTD bought a new stake in Old Dominion Freight Line during the third quarter worth approximately $65,951,000. 77.82% of the stock is owned by institutional investors and hedge funds.

Old Dominion Freight Line Price Performance

NASDAQ ODFL opened at $201.39 on Monday. The company’s fifty day moving average is $175.17 and its two-hundred day moving average is $154.38. Old Dominion Freight Line, Inc. has a 52-week low of $126.01 and a 52-week high of $208.74. The firm has a market capitalization of $42.11 billion, a price-to-earnings ratio of 41.70, a P/E/G ratio of 10.05 and a beta of 1.28.

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

Old Dominion Freight Line Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 18th. Stockholders of record on Wednesday, March 4th will be given a dividend of $0.29 per share. This is a boost from Old Dominion Freight Line’s previous quarterly dividend of $0.28. This represents a $1.16 dividend on an annualized basis 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 presently 23.19%.

Insider Activity at Old Dominion Freight Line

In related news, Director Bradley R. Gabosch sold 3,134 shares of the firm’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 $2,190,977.06. This trade represents a 21.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 10.00% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Wolfe Research set a $138.00 price objective on shares of Old Dominion Freight Line in a research note on Thursday, January 8th. Morgan Stanley reiterated an “overweight” rating and issued a $209.00 target price (up previously from $190.00) on shares of Old Dominion Freight Line in a report on Wednesday, February 4th. Bank of America set a $165.00 price target on shares of Old Dominion Freight Line in a report on Thursday, December 18th. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $195.00 price target on shares of Old Dominion Freight Line in a research report on Wednesday, February 4th. Finally, Raymond James Financial lifted their price objective on Old Dominion Freight Line from $180.00 to $213.00 and gave the stock an “outperform” rating in a research note on Friday, February 6th. Nine analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $189.88.

About Old Dominion Freight Line

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.