Geode Capital Management LLC Grows Stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Geode Capital Management LLC lifted its stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 6.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,830,973 shares of the transportation company's stock after purchasing an additional 275,236 shares during the period. Geode Capital Management LLC owned 2.26% of Old Dominion Freight Line worth $959,005,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. M&T Bank Corp increased its stake in Old Dominion Freight Line by 2.1% during the 3rd quarter. M&T Bank Corp now owns 25,329 shares of the transportation company's stock valued at $5,031,000 after purchasing an additional 520 shares in the last quarter. Nomura Asset Management Co. Ltd. lifted its position in Old Dominion Freight Line by 7.4% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 86,772 shares of the transportation company's stock valued at $17,236,000 after acquiring an additional 5,957 shares in the last quarter. Zacks Investment Management boosted its stake in Old Dominion Freight Line by 60.0% during the 3rd quarter. Zacks Investment Management now owns 8,906 shares of the transportation company's stock valued at $1,769,000 after purchasing an additional 3,340 shares during the last quarter. National Bank of Canada FI boosted its stake in Old Dominion Freight Line by 350.7% during the 3rd quarter. National Bank of Canada FI now owns 319,596 shares of the transportation company's stock valued at $63,485,000 after purchasing an additional 248,682 shares during the last quarter. Finally, Wellington Management Group LLP increased its holdings in shares of Old Dominion Freight Line by 109.5% in the 3rd quarter. Wellington Management Group LLP now owns 1,435,228 shares of the transportation company's stock worth $285,094,000 after purchasing an additional 750,073 shares in the last quarter. Hedge funds and other institutional investors own 77.82% of the company's stock.

Old Dominion Freight Line Price Performance

ODFL traded down $1.77 during trading on Thursday, hitting $203.04. 1,083,309 shares of the company traded hands, compared to its average volume of 1,529,900. The company has a market cap of $43.35 billion, a PE ratio of 35.50, a P/E/G ratio of 4.25 and a beta of 1.00. Old Dominion Freight Line, Inc. has a 1 year low of $165.49 and a 1 year high of $233.26. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.01. The stock's 50-day simple moving average is $208.96 and its two-hundred day simple moving average is $195.74.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last announced its quarterly earnings results on Wednesday, October 23rd. The transportation company reported $1.43 earnings per share for the quarter, topping the consensus estimate of $1.42 by $0.01. Old Dominion Freight Line had a net margin of 21.03% and a return on equity of 29.40%. The company had revenue of $1.47 billion for the quarter, compared to analysts' expectations of $1.49 billion. During the same quarter in the previous year, the business posted $1.54 earnings per share. Old Dominion Freight Line's quarterly revenue was down 3.0% on a year-over-year basis. As a group, sell-side analysts anticipate that Old Dominion Freight Line, Inc. will post 5.43 earnings per share for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The business 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 of this dividend is Wednesday, December 4th. This represents a $1.04 annualized dividend and a yield of 0.51%. Old Dominion Freight Line's payout ratio is presently 18.18%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on ODFL. Wells Fargo & Company decreased their target price on 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. Benchmark reaffirmed a "hold" rating on shares of Old Dominion Freight Line in a research report on Wednesday, September 11th. The Goldman Sachs Group raised their price target on Old Dominion Freight Line from $213.00 to $235.00 and gave the stock a "neutral" rating in a research note on Thursday. BMO Capital Markets lowered their target price on Old Dominion Freight Line from $210.00 to $205.00 and set a "market perform" rating on the stock in a report on Thursday, October 24th. Finally, Argus downgraded Old Dominion Freight Line from a "buy" rating to a "hold" rating in a research note on Tuesday, November 12th. One analyst has rated the stock with a sell rating, fourteen have given a hold rating, four have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $204.00.

Insider Activity

In related news, Director Greg C. Gantt sold 7,000 shares of the business's stock in a transaction on Monday, October 28th. The stock was sold at an average price of $200.07, for a total transaction of $1,400,490.00. Following the completion of the transaction, the director now owns 97,890 shares in the company, valued at $19,584,852.30. The trade was a 6.67 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Leo H. Suggs sold 3,000 shares of the company's stock in a transaction on Friday, November 8th. The shares were sold at an average price of $225.44, for a total value of $676,320.00. Following the completion of the transaction, the director now directly owns 7,383 shares in the company, valued at $1,664,423.52. This trade represents a 28.89 % decrease in their position. The disclosure for this sale can be found here. Insiders own 9.90% of the company's stock.

Old Dominion Freight Line 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.