Principal Financial Group Inc. Raises Stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Principal Financial Group Inc. lifted its stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 26.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 421,140 shares of the transportation company's stock after buying an additional 89,395 shares during the period. Principal Financial Group Inc. owned approximately 0.19% of Old Dominion Freight Line worth $83,655,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Benjamin Edwards Inc. purchased a new position in Old Dominion Freight Line in the 2nd quarter worth approximately $25,000. Atwood & Palmer Inc. grew its holdings in shares of Old Dominion Freight Line by 3,700.0% in 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 during the last quarter. Washington Trust Advisors Inc. increased its stake in shares of Old Dominion Freight Line by 138.3% in the first quarter. Washington Trust Advisors Inc. now owns 143 shares of the transportation company's stock worth $31,000 after buying an additional 83 shares during the period. Versant Capital Management Inc raised its holdings in Old Dominion Freight Line by 1,630.0% during the 2nd quarter. Versant Capital Management Inc now owns 173 shares of the transportation company's stock valued at $31,000 after buying an additional 163 shares during the last quarter. Finally, LRI Investments LLC boosted its position in Old Dominion Freight Line by 73.1% during the 2nd quarter. LRI Investments LLC now owns 187 shares of the transportation company's stock valued at $33,000 after buying an additional 79 shares during the period. Hedge funds and other institutional investors own 77.82% of the company's stock.

Old Dominion Freight Line Stock Up 1.4 %

Old Dominion Freight Line stock traded up $3.20 during trading hours on Friday, hitting $226.11. The stock had a trading volume of 1,092,606 shares, compared to its average volume of 1,576,737. The stock's 50-day moving average price is $197.95 and its 200-day moving average price is $189.99. Old Dominion Freight Line, Inc. has a 12-month low of $165.49 and a 12-month high of $231.36. The company has a quick ratio of 1.46, a current ratio of 1.33 and a debt-to-equity ratio of 0.01. The stock has a market capitalization of $48.27 billion, a P/E ratio of 39.53, a price-to-earnings-growth ratio of 6.37 and a beta of 0.99.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last announced its quarterly earnings data on Wednesday, October 23rd. The transportation company reported $1.43 earnings per share for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to analyst estimates of $1.49 billion. During the same period in the previous year, the business earned $1.54 EPS. The firm's revenue for the quarter was down 3.0% on a year-over-year basis. Equities research analysts anticipate that Old Dominion Freight Line, Inc. will post 5.46 EPS for the current fiscal year.

Old Dominion Freight Line Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Wednesday, December 4th will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 0.46%. The ex-dividend date of this dividend is Wednesday, December 4th. Old Dominion Freight Line's dividend payout ratio is currently 18.18%.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on ODFL shares. Barclays decreased their price objective on shares of Old Dominion Freight Line from $195.00 to $190.00 and set an "equal weight" rating on the stock in a research report on Thursday, October 24th. JPMorgan Chase & Co. lowered their price target on Old Dominion Freight Line from $193.00 to $189.00 and set a "neutral" rating for the company in a research report on Friday, September 6th. Citigroup assumed coverage on Old Dominion Freight Line in a research report on Wednesday, October 9th. They issued a "neutral" rating and a $206.00 price objective on the stock. The Goldman Sachs Group decreased their target price on Old Dominion Freight Line from $228.00 to $216.00 and set a "neutral" rating for the company in a report on Wednesday, October 9th. Finally, Susquehanna cut their price target on shares of Old Dominion Freight Line from $225.00 to $218.00 and set a "positive" rating on the stock in a report on Thursday, October 24th. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Old Dominion Freight Line currently has an average rating of "Hold" and an average price target of $196.39.

Insider Activity

In related news, Chairman David S. Congdon sold 10,000 shares of the firm's stock in a transaction that occurred on 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. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Old Dominion Freight Line news, Director Greg C. Gantt sold 7,000 shares of the business's stock in a transaction dated 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 sale, the director now directly owns 97,890 shares in the company, valued at $19,584,852.30. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Chairman David S. Congdon sold 10,000 shares of the company's stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $195.17, for a total transaction of $1,951,700.00. Following the sale, the chairman now directly owns 1,391,621 shares of the company's stock, valued at $271,602,670.57. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 46,975 shares of company stock valued at $9,386,158 in the last 90 days. 9.90% of the stock is currently owned by insiders.

About Old Dominion Freight Line

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.