CIBC Asset Management Inc Raises Position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

CIBC Asset Management Inc grew its holdings in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 8.1% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 67,004 shares of the transportation company's stock after purchasing an additional 5,041 shares during the period. CIBC Asset Management Inc's holdings in Old Dominion Freight Line were worth $13,310,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the business. Foundations Investment Advisors LLC boosted its holdings in shares of Old Dominion Freight Line by 0.6% in the 2nd quarter. Foundations Investment Advisors LLC now owns 9,124 shares of the transportation company's stock valued at $1,611,000 after purchasing an additional 54 shares in the last quarter. Conning Inc. increased its stake in shares of Old Dominion Freight Line by 5.8% in the second quarter. Conning Inc. now owns 1,164 shares of the transportation company's stock valued at $206,000 after buying an additional 64 shares during the period. B. Riley Wealth Advisors Inc. increased its position in Old Dominion Freight Line by 4.6% during the 1st quarter. B. Riley Wealth Advisors Inc. now owns 1,492 shares of the transportation company's stock valued at $327,000 after purchasing an additional 66 shares during the period. Quent Capital LLC raised its stake in Old Dominion Freight Line by 5.5% during the second quarter. Quent Capital LLC now owns 1,277 shares of the transportation company's stock worth $226,000 after buying an additional 67 shares during the last quarter. Finally, Brighton Jones LLC raised its position in shares of Old Dominion Freight Line by 5.0% in the 3rd quarter. Brighton Jones LLC now owns 1,480 shares of the transportation company's stock worth $294,000 after acquiring an additional 71 shares in the last quarter. 77.82% of the stock is owned by institutional investors.

Old Dominion Freight Line Stock Performance

Shares of ODFL traded down $7.86 during mid-day trading on Friday, hitting $215.57. The stock had a trading volume of 1,683,188 shares, compared to its average volume of 1,643,691. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.33 and a quick ratio of 1.33. The firm has a market cap of $46.02 billion, a P/E ratio of 37.69, a PEG ratio of 4.51 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 $233.26. The business has a fifty day moving average price of $201.32 and a 200-day moving average price of $191.36.

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 (EPS) for the quarter, beating analysts' consensus estimates of $1.42 by $0.01. The business had revenue of $1.47 billion for the quarter, compared to analysts' expectations of $1.49 billion. Old Dominion Freight Line had a return on equity of 29.40% and a net margin of 21.03%. The firm's quarterly revenue was down 3.0% compared to the same quarter last year. During the same period in the previous year, the business posted $1.54 EPS. On average, equities research analysts expect that Old Dominion Freight Line, Inc. will post 5.43 EPS for the current year.

Old Dominion Freight Line Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Wednesday, December 4th will be paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.48%. The ex-dividend date is Wednesday, December 4th. Old Dominion Freight Line's payout ratio is currently 18.18%.

Wall Street Analysts Forecast Growth

ODFL has been the subject of a number of research reports. 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 report on Thursday, October 24th. Citigroup upped their target price on shares of Old Dominion Freight Line from $201.00 to $241.00 and gave the stock a "neutral" rating in a report on Tuesday, November 12th. Stephens reissued an "overweight" rating and issued a $214.00 price objective on shares of Old Dominion Freight Line in a research note on Thursday, September 5th. Robert W. Baird dropped their target price on Old Dominion Freight Line from $204.00 to $200.00 and set an "outperform" rating on the stock in a report on Thursday, October 24th. Finally, JPMorgan Chase & Co. decreased their price target on Old Dominion Freight Line from $193.00 to $189.00 and set a "neutral" rating for the company in a report on Friday, September 6th. One analyst has rated the stock with a sell rating, fifteen have given a hold rating, four have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, Old Dominion Freight Line has a consensus rating of "Hold" and an average price target of $200.00.

Insider Buying and Selling

In other Old Dominion Freight Line news, Director Greg C. Gantt sold 7,000 shares of Old Dominion Freight Line 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 transaction, the director now owns 97,890 shares of the company's stock, valued at $19,584,852.30. The trade was a 6.67 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman David S. Congdon sold 10,000 shares of Old Dominion Freight Line 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 of the company's stock, valued at approximately $271,602,670.57. This trade represents a 0.71 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 49,975 shares of company stock valued at $10,062,478. Company 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.