Thoroughbred Financial Services LLC Takes Position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Thoroughbred Financial Services LLC acquired a new stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 6,463 shares of the transportation company’s stock, valued at approximately $1,141,000.

Several other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. lifted its stake in shares of Old Dominion Freight Line by 100.9% in the 1st quarter. Vanguard Group Inc. now owns 21,795,649 shares of the transportation company’s stock valued at $4,780,004,000 after purchasing an additional 10,944,520 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in Old Dominion Freight Line by 117.0% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 13,726,847 shares of the transportation company’s stock valued at $3,010,435,000 after acquiring an additional 7,401,526 shares during the period. Capital Research Global Investors boosted its holdings in Old Dominion Freight Line by 59.0% during the 1st quarter. Capital Research Global Investors now owns 6,592,594 shares of the transportation company’s stock valued at $1,445,822,000 after acquiring an additional 2,447,121 shares during the period. Bank of New York Mellon Corp boosted its holdings in Old Dominion Freight Line by 4.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 6,210,923 shares of the transportation company’s stock valued at $1,096,849,000 after acquiring an additional 270,538 shares during the period. Finally, Capital World Investors boosted its holdings in Old Dominion Freight Line by 101.0% during the 1st quarter. Capital World Investors now owns 2,443,770 shares of the transportation company’s stock valued at $535,943,000 after acquiring an additional 1,228,116 shares during the period. 77.82% of the stock is owned by institutional investors.

Old Dominion Freight Line Trading Up 0.7 %

ODFL opened at $192.61 on Monday. The firm has a market cap of $41.85 billion, a price-to-earnings ratio of 33.91, a PEG ratio of 3.92 and a beta of 0.99. The company has a current ratio of 1.46, a quick ratio of 1.46 and a debt-to-equity ratio of 0.01. Old Dominion Freight Line, Inc. has a 12 month low of $165.49 and a 12 month high of $227.80. The stock has a fifty day moving average price of $195.01 and a 200-day moving average price of $196.34.

Old Dominion Freight Line (NASDAQ:ODFL) last released its quarterly earnings results on Wednesday, July 24th. The transportation company reported $1.48 EPS for the quarter, topping the consensus estimate of $1.45 by $0.03. The firm had revenue of $1.50 billion during the quarter, compared to analyst estimates of $1.50 billion. Old Dominion Freight Line had a return on equity of 30.33% and a net margin of 21.38%. The business’s revenue for the quarter was up 6.1% compared to the same quarter last year. During the same period in the previous year, the company posted $1.33 EPS. As a group, equities research analysts anticipate that Old Dominion Freight Line, Inc. will post 5.64 earnings per share for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 18th. Investors of record on Wednesday, September 4th will be given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 0.54%. The ex-dividend date is Wednesday, September 4th. Old Dominion Freight Line’s dividend payout ratio is currently 18.31%.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on ODFL. Raymond James boosted their price objective on Old Dominion Freight Line from $190.00 to $209.00 and gave the company an “outperform” rating in a report on Thursday, July 25th. Barclays dropped their price objective on Old Dominion Freight Line from $205.00 to $195.00 and set an “equal weight” rating for the company in a report on Wednesday, June 12th. Evercore ISI restated an “in-line” rating and set a $196.00 price objective (down previously from $225.00) on shares of Old Dominion Freight Line in a report on Tuesday, June 25th. Morgan Stanley lowered their target price on Old Dominion Freight Line from $174.00 to $168.00 and set an “equal weight” rating for the company in a report on Monday, July 8th. Finally, Susquehanna lowered their target price on Old Dominion Freight Line from $245.00 to $210.00 and set a “positive” rating for the company in a report on Wednesday, June 12th. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Old Dominion Freight Line presently has an average rating of “Hold” and a consensus target price of $201.00.

Insider Activity at Old Dominion Freight Line

In related news, Chairman David S. Congdon sold 10,000 shares of the company’s stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $195.17, for a total transaction of $1,951,700.00. Following the transaction, the chairman now directly owns 1,391,621 shares of the company’s stock, valued at approximately $271,602,670.57. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Old Dominion Freight Line news, Chairman David S. Congdon sold 29,975 shares of the business’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $201.30, for a total transaction of $6,033,967.50. Following the sale, the chairman now owns 1,401,621 shares in the company, valued at approximately $282,146,307.30. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Chairman David S. Congdon sold 10,000 shares of the business’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $195.17, for a total value of $1,951,700.00. Following the sale, the chairman now owns 1,391,621 shares in the company, valued at approximately $271,602,670.57. The disclosure for this sale can be found here. 9.90% of the stock is currently owned by corporate insiders.

Old Dominion Freight Line Company Profile

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