Avity Investment Management Inc. Purchases 10,132 Shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Avity Investment Management Inc. raised its position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 100.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 20,264 shares of the transportation company’s stock after acquiring an additional 10,132 shares during the quarter. Avity Investment Management Inc.’s holdings in Old Dominion Freight Line were worth $4,444,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in ODFL. LPL Financial LLC boosted its position in shares of Old Dominion Freight Line by 11.8% during the 3rd quarter. LPL Financial LLC now owns 43,585 shares of the transportation company’s stock worth $17,832,000 after purchasing an additional 4,585 shares in the last quarter. Cary Street Partners Investment Advisory LLC lifted its position in Old Dominion Freight Line by 14.6% in the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 235 shares of the transportation company’s stock valued at $96,000 after acquiring an additional 30 shares in the last quarter. Meeder Advisory Services Inc. lifted its position in Old Dominion Freight Line by 4.6% in the 3rd quarter. Meeder Advisory Services Inc. now owns 1,321 shares of the transportation company’s stock valued at $540,000 after acquiring an additional 58 shares in the last quarter. Vinva Investment Management Ltd bought a new position in Old Dominion Freight Line in the 3rd quarter valued at about $1,036,000. Finally, Treasurer of the State of North Carolina lifted its position in Old Dominion Freight Line by 0.4% in the 3rd quarter. Treasurer of the State of North Carolina now owns 44,603 shares of the transportation company’s stock valued at $18,249,000 after acquiring an additional 160 shares in the last quarter. Institutional investors own 77.82% of the company’s stock.

Old Dominion Freight Line Price Performance

NASDAQ:ODFL traded up $2.23 during trading hours on Friday, hitting $176.60. The stock had a trading volume of 3,118,740 shares, compared to its average volume of 1,731,722. The company has a 50 day simple moving average of $179.13 and a two-hundred day simple moving average of $200.02. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.29 and a quick ratio of 2.29. Old Dominion Freight Line, Inc. has a one year low of $165.49 and a one year high of $227.80. The firm has a market capitalization of $38.37 billion, a price-to-earnings ratio of 31.09, a P/E/G ratio of 2.27 and a beta of 1.02.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its quarterly earnings results on Wednesday, April 24th. The transportation company reported $1.34 EPS for the quarter, beating the consensus estimate of $1.33 by $0.01. Old Dominion Freight Line had a net margin of 21.19% and a return on equity of 30.12%. The firm had revenue of $1.46 billion during the quarter, compared to the consensus estimate of $1.47 billion. Research analysts forecast that Old Dominion Freight Line, Inc. will post 5.96 earnings per share for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 19th. Stockholders of record on Wednesday, June 5th were issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.59%. The ex-dividend date was Wednesday, June 5th. Old Dominion Freight Line’s dividend payout ratio is currently 18.31%.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on ODFL. Bank of America dropped their price target on shares of Old Dominion Freight Line from $205.00 to $192.00 and set a “neutral” rating on the stock in a research report on Thursday, June 6th. Wells Fargo & Company began coverage on shares of Old Dominion Freight Line in a research note on Friday, June 7th. They issued an “underweight” rating and a $175.00 price objective for the company. JPMorgan Chase & Co. decreased their price objective on shares of Old Dominion Freight Line from $231.00 to $219.00 and set a “neutral” rating for the company in a research note on Thursday, April 25th. BMO Capital Markets began coverage on shares of Old Dominion Freight Line in a research note on Wednesday, June 5th. They issued an “outperform” rating and a $210.00 price objective for the company. Finally, Raymond James decreased 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 note on Monday, June 24th. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $201.18.

Old Dominion Freight Line Company 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.