Principal Financial Group Inc. increased its position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 26.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 421,140 shares of the transportation company's stock after purchasing an additional 89,395 shares during the period. Principal Financial Group Inc. owned 0.19% of Old Dominion Freight Line worth $83,655,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Washington Trust Advisors Inc. grew its stake in shares of Old Dominion Freight Line by 138.3% during the first quarter. Washington Trust Advisors Inc. now owns 143 shares of the transportation company's stock worth $31,000 after purchasing an additional 83 shares in the last quarter. Benjamin Edwards Inc. acquired a new position in shares of Old Dominion Freight Line during the second quarter worth $25,000. Atwood & Palmer Inc. grew its stake in shares of Old Dominion Freight Line by 3,700.0% during the second quarter. Atwood & Palmer Inc. now owns 152 shares of the transportation company's stock worth $27,000 after purchasing an additional 148 shares in the last quarter. Bell Investment Advisors Inc grew its stake in shares of Old Dominion Freight Line by 104.8% during the first quarter. Bell Investment Advisors Inc now owns 172 shares of the transportation company's stock worth $38,000 after purchasing an additional 88 shares in the last quarter. Finally, Crewe Advisors LLC acquired a new position in shares of Old Dominion Freight Line during the first quarter worth $38,000. Institutional investors and hedge funds own 77.82% of the company's stock.
A number of equities research analysts recently weighed in on ODFL shares. Benchmark reissued a "hold" rating on shares of Old Dominion Freight Line in a research report on Wednesday, September 11th. BMO Capital Markets reduced their price target on shares of Old Dominion Freight Line from $210.00 to $205.00 and set a "market perform" rating for the company in a research report on Thursday, October 24th. Bank of America reduced their price target on shares of Old Dominion Freight Line from $210.00 to $206.00 and set a "neutral" rating for the company in a research report on Friday, September 6th. Evercore ISI reduced their price target on shares of Old Dominion Freight Line from $199.00 to $188.00 and set an "in-line" rating for the company in a research report on Thursday, October 3rd. Finally, Wells Fargo & Company reduced their price target on shares of Old Dominion Freight Line from $170.00 to $160.00 and set an "underweight" rating for the company in a research report on Thursday, October 24th. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, four have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has an average rating of "Hold" and an average target price of $196.39.
Get Our Latest Analysis on Old Dominion Freight Line
In other Old Dominion Freight Line news, Director Greg C. Gantt sold 7,000 shares of the company's stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $200.07, for a total transaction of $1,400,490.00. Following the transaction, the director now directly owns 97,890 shares in the company, valued at approximately $19,584,852.30. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other Old Dominion Freight Line news, Director Greg C. Gantt sold 7,000 shares of the company's stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $200.07, for a total transaction of $1,400,490.00. Following the transaction, the director now directly owns 97,890 shares in the company, valued at approximately $19,584,852.30. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Chairman David S. Congdon sold 29,975 shares of the company'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 transaction, the chairman now owns 1,401,621 shares in the company, valued at $282,146,307.30. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 46,975 shares of company stock valued at $9,386,158 over the last ninety days. Corporate insiders own 9.90% of the company's stock.
NASDAQ ODFL opened at $226.11 on Friday. The stock has a market capitalization of $49.13 billion, a P/E ratio of 39.53, a P/E/G ratio of 6.49 and a beta of 0.99. Old Dominion Freight Line, Inc. has a 52-week low of $165.49 and a 52-week high of $231.36. The firm has a 50-day moving average price of $197.95 and a 200 day moving average price of $190.02. The company has a quick ratio of 1.46, a current ratio of 1.33 and a debt-to-equity ratio of 0.01.
Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last posted its quarterly earnings results on Wednesday, October 23rd. The transportation company reported $1.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.42 by $0.01. The firm had revenue of $1.47 billion during the quarter, compared to analysts' expectations of $1.49 billion. Old Dominion Freight Line had a net margin of 21.03% and a return on equity of 29.40%. The firm's revenue for the quarter was down 3.0% on a year-over-year basis. During the same period in the prior year, the company posted $1.54 earnings per share. Equities research analysts expect that Old Dominion Freight Line, Inc. will post 5.46 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Wednesday, December 4th will be issued a dividend of $0.26 per share. The ex-dividend date is Wednesday, December 4th. This represents a $1.04 annualized dividend and a yield of 0.46%. Old Dominion Freight Line's dividend payout ratio is currently 18.18%.
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.
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