Raymond James Financial Inc. Makes New $114.45 Million Investment in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Raymond James Financial Inc. purchased a new position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 648,804 shares of the transportation company's stock, valued at approximately $114,449,000. Raymond James Financial Inc. owned approximately 0.30% of Old Dominion Freight Line as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Whipplewood Advisors LLC purchased a new position in Old Dominion Freight Line in the fourth quarter valued at about $35,000. Synergy Asset Management LLC acquired a new position in shares of Old Dominion Freight Line in the 4th quarter valued at approximately $41,000. RPg Family Wealth Advisory LLC purchased a new position in shares of Old Dominion Freight Line during the 3rd quarter valued at approximately $45,000. Brown Brothers Harriman & Co. grew its position in shares of Old Dominion Freight Line by 398.1% during the third quarter. Brown Brothers Harriman & Co. now owns 269 shares of the transportation company's stock worth $53,000 after buying an additional 215 shares in the last quarter. Finally, Versant Capital Management Inc increased its stake in shares of Old Dominion Freight Line by 45.5% in the fourth quarter. Versant Capital Management Inc now owns 352 shares of the transportation company's stock worth $62,000 after buying an additional 110 shares during the last quarter. Hedge funds and other institutional investors own 77.82% of the company's stock.

Wall Street Analysts Forecast Growth

ODFL has been the topic of a number of research analyst reports. Evercore ISI increased their price objective on shares of Old Dominion Freight Line from $199.00 to $202.00 and gave the company an "in-line" rating in a research note on Thursday, February 6th. Argus cut shares of Old Dominion Freight Line from a "buy" rating to a "hold" rating in a research report on Tuesday, November 12th. Wells Fargo & Company decreased their price target on Old Dominion Freight Line from $195.00 to $185.00 and set an "underweight" rating for the company in a research note on Tuesday, January 7th. JPMorgan Chase & Co. upped their price objective on Old Dominion Freight Line from $186.00 to $205.00 and gave the company a "neutral" rating in a research note on Friday, December 6th. Finally, Susquehanna reiterated a "neutral" rating and issued a $195.00 target price (down previously from $218.00) on shares of Old Dominion Freight Line in a research report on Tuesday, January 7th. One equities research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $201.74.

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Old Dominion Freight Line Price Performance

ODFL stock traded down $2.46 during trading on Wednesday, hitting $164.58. The company had a trading volume of 1,827,347 shares, compared to its average volume of 1,553,936. The firm has a market capitalization of $34.98 billion, a price-to-earnings ratio of 30.03, a P/E/G ratio of 2.89 and a beta of 1.10. 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 business has a 50 day moving average of $186.91 and a 200 day moving average of $196.03. Old Dominion Freight Line, Inc. has a fifty-two week low of $164.46 and a fifty-two week high of $233.26.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last posted its quarterly earnings data on Wednesday, February 5th. The transportation company reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.17 by $0.06. Old Dominion Freight Line had a net margin of 20.40% and a return on equity of 28.02%. As a group, research analysts predict that Old Dominion Freight Line, Inc. will post 5.68 earnings per share for the current year.

Old Dominion Freight Line Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 5th will be issued a $0.28 dividend. This is a positive change from Old Dominion Freight Line's previous quarterly dividend of $0.26. The ex-dividend date of this dividend is Wednesday, March 5th. This represents a $1.12 annualized dividend and a dividend yield of 0.68%. Old Dominion Freight Line's dividend payout ratio is 18.98%.

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.