Norges Bank Acquires New Holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Norges Bank purchased a new position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 2,805,647 shares of the transportation company's stock, valued at approximately $494,916,000. Norges Bank owned 1.31% of Old Dominion Freight Line as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently modified their holdings of ODFL. Whipplewood Advisors LLC acquired a new stake in Old Dominion Freight Line in the fourth quarter worth about $35,000. Synergy Asset Management LLC acquired a new position in shares of Old Dominion Freight Line during the fourth quarter valued at approximately $41,000. Murphy & Mullick Capital Management Corp bought a new stake in Old Dominion Freight Line during the fourth quarter worth approximately $51,000. Brown Brothers Harriman & Co. lifted its position in Old Dominion Freight Line by 398.1% in the third quarter. Brown Brothers Harriman & Co. now owns 269 shares of the transportation company's stock worth $53,000 after purchasing an additional 215 shares during the period. Finally, Versant Capital Management Inc boosted its stake in Old Dominion Freight Line by 45.5% during the 4th quarter. Versant Capital Management Inc now owns 352 shares of the transportation company's stock valued at $62,000 after purchasing an additional 110 shares in the last quarter. Institutional investors own 77.82% of the company's stock.

Old Dominion Freight Line Stock Up 0.4 %

ODFL stock traded up $0.60 during mid-day trading on Monday, hitting $165.45. The stock had a trading volume of 1,608,342 shares, compared to its average volume of 1,625,938. Old Dominion Freight Line, Inc. has a 1-year low of $157.67 and a 1-year high of $233.26. The company has a fifty day moving average of $182.63 and a 200 day moving average of $193.59. 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 has a market capitalization of $35.17 billion, a price-to-earnings ratio of 30.19, a PEG ratio of 2.89 and a beta of 1.10.

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Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last released its quarterly earnings data on Wednesday, February 5th. The transportation company reported $1.23 EPS for the quarter, topping analysts' consensus estimates of $1.17 by $0.06. Old Dominion Freight Line had a return on equity of 28.02% and a net margin of 20.40%. On average, equities analysts expect 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 disclosed a quarterly dividend, which was paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th were paid a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 0.68%. The ex-dividend date was Wednesday, March 5th. This is a positive change from Old Dominion Freight Line's previous quarterly dividend of $0.26. Old Dominion Freight Line's payout ratio is presently 18.98%.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. Stifel Nicolaus upgraded Old Dominion Freight Line from a "hold" rating to a "buy" rating and upped their price objective for the company from $193.00 to $200.00 in a report on Monday, February 24th. Stephens reiterated an "overweight" rating and issued a $240.00 target price on shares of Old Dominion Freight Line in a report on Thursday, February 6th. Morgan Stanley raised their target price on shares of Old Dominion Freight Line from $165.00 to $170.00 and gave the stock an "equal weight" rating in a report on Thursday, February 6th. The Goldman Sachs Group upped their price target on Old Dominion Freight Line from $213.00 to $235.00 and gave the company a "neutral" rating in a report on Thursday, December 12th. Finally, Citigroup reduced their price objective on Old Dominion Freight Line from $205.00 to $186.00 and set a "neutral" rating for the company in a research note on Tuesday, March 4th. Two equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $200.20.

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.