Resona Asset Management Co. Ltd. Acquires New Holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Resona Asset Management Co. Ltd. purchased a new stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 64,538 shares of the transportation company's stock, valued at approximately $11,419,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Avanza Fonder AB acquired a new position in Old Dominion Freight Line during the fourth quarter worth about $3,741,000. AustralianSuper Pty Ltd purchased a new stake in shares of Old Dominion Freight Line in the fourth quarter valued at $128,221,000. Toronto Dominion Bank boosted its position in shares of Old Dominion Freight Line by 77.7% in the third quarter. Toronto Dominion Bank now owns 98,061 shares of the transportation company's stock worth $19,479,000 after acquiring an additional 42,880 shares during the last quarter. Blueshift Asset Management LLC purchased a new stake in Old Dominion Freight Line in the fourth quarter valued at approximately $630,000. Finally, Board of the Pension Protection Fund acquired a new position in Old Dominion Freight Line during the fourth quarter worth approximately $600,000. Institutional investors and hedge funds own 77.82% of the company's stock.

Old Dominion Freight Line Price Performance

Shares of NASDAQ ODFL traded down $7.05 during trading on Friday, hitting $149.70. The company had a trading volume of 1,080,738 shares, compared to its average volume of 1,667,034. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.33 and a current ratio of 1.33. Old Dominion Freight Line, Inc. has a 52 week low of $145.79 and a 52 week high of $233.26. The company has a market cap of $31.82 billion, a P/E ratio of 27.28, a PEG ratio of 2.89 and a beta of 1.25. The business's 50-day moving average is $176.03 and its 200 day moving average is $190.80.

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Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last issued its earnings results on Wednesday, February 5th. The transportation company reported $1.23 EPS for the quarter, topping the consensus estimate 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%. Equities research analysts predict that Old Dominion Freight Line, Inc. will post 5.68 earnings per share for the current fiscal year.

Old Dominion Freight Line Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th were issued a dividend of $0.28 per share. This is a boost from Old Dominion Freight Line's previous quarterly dividend of $0.26. This represents a $1.12 annualized dividend and a dividend yield of 0.75%. The ex-dividend date was Wednesday, March 5th. Old Dominion Freight Line's dividend payout ratio (DPR) is currently 18.98%.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Truist Financial began coverage on Old Dominion Freight Line in a report on Thursday, March 13th. They set a "buy" rating and a $220.00 price objective for the company. Jefferies Financial Group reduced their price target on shares of Old Dominion Freight Line from $195.00 to $165.00 and set a "hold" rating on the stock in a research report on Wednesday. Raymond James dropped their price objective on shares of Old Dominion Freight Line from $215.00 to $190.00 and set an "outperform" rating for the company in a research report on Tuesday. Stephens restated an "overweight" rating and issued a $240.00 price target on shares of Old Dominion Freight Line in a report on Thursday, February 6th. Finally, StockNews.com downgraded Old Dominion Freight Line from a "hold" rating to a "sell" rating in a research note on Saturday, March 29th. Two investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $195.75.

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.