Zacks Investment Management Acquires 3,340 Shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Zacks Investment Management lifted its stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 60.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 8,906 shares of the transportation company's stock after acquiring an additional 3,340 shares during the quarter. Zacks Investment Management's holdings in Old Dominion Freight Line were worth $1,769,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. National Bank of Canada FI raised its position in Old Dominion Freight Line by 350.7% in the third quarter. National Bank of Canada FI now owns 319,596 shares of the transportation company's stock worth $63,485,000 after acquiring an additional 248,682 shares in the last quarter. Wellington Management Group LLP raised its holdings in shares of Old Dominion Freight Line by 109.5% in the 3rd quarter. Wellington Management Group LLP now owns 1,435,228 shares of the transportation company's stock worth $285,094,000 after purchasing an additional 750,073 shares in the last quarter. Wahed Invest LLC raised its holdings in shares of Old Dominion Freight Line by 9.0% in the 3rd quarter. Wahed Invest LLC now owns 4,769 shares of the transportation company's stock worth $947,000 after purchasing an additional 393 shares in the last quarter. State Street Corp lifted its stake in Old Dominion Freight Line by 3.8% during the third quarter. State Street Corp now owns 7,633,531 shares of the transportation company's stock valued at $1,516,324,000 after purchasing an additional 279,946 shares during the last quarter. Finally, Stevens Capital Management LP bought a new stake in Old Dominion Freight Line during the third quarter worth approximately $244,000. Institutional investors own 77.82% of the company's stock.

Insiders Place Their Bets

In other Old Dominion Freight Line news, Director Leo H. Suggs sold 3,000 shares of the company's stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $225.44, for a total transaction of $676,320.00. Following the completion of the sale, the director now owns 7,383 shares of the company's stock, valued at $1,664,423.52. This represents a 28.89 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Greg C. Gantt sold 7,000 shares of Old Dominion Freight Line stock in a transaction that occurred on Monday, October 28th. The shares were 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 directly owns 97,890 shares in the company, valued at approximately $19,584,852.30. This represents a 6.67 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 9.90% of the company's stock.

Old Dominion Freight Line Stock Up 0.6 %

Shares of ODFL traded up $1.16 during midday trading on Tuesday, reaching $205.09. 1,454,297 shares of the stock were exchanged, compared to its average volume of 1,530,325. The company has a market cap of $43.79 billion, a price-to-earnings ratio of 35.65, a P/E/G ratio of 4.25 and a beta of 1.00. The firm has a 50 day simple moving average of $208.28 and a 200-day simple moving average of $195.40. Old Dominion Freight Line, Inc. has a 12-month low of $165.49 and a 12-month high of $233.26. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.01.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last issued its quarterly earnings data on Wednesday, October 23rd. The transportation company reported $1.43 earnings per share for the quarter, beating the consensus estimate of $1.42 by $0.01. The firm had revenue of $1.47 billion for the quarter, compared to analyst estimates of $1.49 billion. Old Dominion Freight Line had a net margin of 21.03% and a return on equity of 29.40%. The company's revenue for the quarter was down 3.0% on a year-over-year basis. During the same quarter last year, the firm earned $1.54 earnings per share. Research analysts forecast that Old Dominion Freight Line, Inc. will post 5.43 EPS for the current year.

Old Dominion Freight Line Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Wednesday, December 4th will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 0.51%. The ex-dividend date is Wednesday, December 4th. Old Dominion Freight Line's dividend payout ratio is presently 18.18%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. Citigroup increased their price objective on Old Dominion Freight Line from $201.00 to $241.00 and gave the company a "neutral" rating in a research report on Tuesday, November 12th. Barclays lifted their price target on Old Dominion Freight Line from $190.00 to $220.00 and gave the stock an "equal weight" rating in a research note on Wednesday, November 13th. Bank of America reduced their price objective on shares of Old Dominion Freight Line from $210.00 to $206.00 and set a "neutral" rating for the company in a research note on Friday, September 6th. The Goldman Sachs Group dropped their target price on shares of Old Dominion Freight Line from $228.00 to $216.00 and set a "neutral" rating on the stock in a research report on Wednesday, October 9th. Finally, Evercore ISI reduced their price target on shares of Old Dominion Freight Line from $199.00 to $188.00 and set an "in-line" rating for the company in a research report on Thursday, October 3rd. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $202.88.

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.