Farmers & Merchants Investments Inc. Grows Stock Position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Farmers & Merchants Investments Inc. boosted its holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 100.0% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 124 shares of the transportation company’s stock after acquiring an additional 62 shares during the period. Farmers & Merchants Investments Inc.’s holdings in Old Dominion Freight Line were worth $27,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Jones Financial Companies Lllp grew its position in Old Dominion Freight Line by 22.5% in the 4th quarter. Jones Financial Companies Lllp now owns 147 shares of the transportation company’s stock valued at $60,000 after acquiring an additional 27 shares in the last quarter. Lido Advisors LLC raised its stake in shares of Old Dominion Freight Line by 3.1% in the third quarter. Lido Advisors LLC now owns 969 shares of the transportation company’s stock valued at $397,000 after acquiring an additional 29 shares in the last quarter. Avantax Advisory Services Inc. raised its stake in shares of Old Dominion Freight Line by 1.1% in the fourth quarter. Avantax Advisory Services Inc. now owns 2,704 shares of the transportation company’s stock valued at $1,096,000 after acquiring an additional 30 shares in the last quarter. Drive Wealth Management LLC raised its stake in shares of Old Dominion Freight Line by 5.3% in the fourth quarter. Drive Wealth Management LLC now owns 778 shares of the transportation company’s stock valued at $316,000 after acquiring an additional 39 shares in the last quarter. Finally, Ballentine Partners LLC raised its stake in shares of Old Dominion Freight Line by 5.5% in the fourth quarter. Ballentine Partners LLC now owns 772 shares of the transportation company’s stock valued at $313,000 after acquiring an additional 40 shares in the last quarter. 77.82% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

ODFL has been the subject of a number of analyst reports. Wells Fargo & Company assumed coverage on shares of Old Dominion Freight Line in a research note on Friday, June 7th. They set an “underweight” rating and a $175.00 target price for the company. Barclays cut their target price on Old Dominion Freight Line from $205.00 to $195.00 and set an “equal weight” rating on the stock in a research report on Wednesday, June 12th. Raymond James lowered their price target on Old Dominion Freight Line from $215.00 to $190.00 and set an “outperform” rating for the company in a report on Monday, June 24th. TD Cowen cut their price objective on shares of Old Dominion Freight Line from $209.00 to $206.00 and set a “hold” rating on the stock in a report on Friday, April 26th. Finally, JPMorgan Chase & Co. reduced their target price on Old Dominion Freight Line from $231.00 to $219.00 and set a “neutral” rating for the company in a report on Thursday, April 25th. One investment 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. According to data from MarketBeat, Old Dominion Freight Line presently has a consensus rating of “Hold” and a consensus price target of $201.18.

Old Dominion Freight Line Price Performance

Shares of ODFL traded up $2.14 during mid-day trading on Tuesday, hitting $180.84. The company’s stock had a trading volume of 633,847 shares, compared to its average volume of 1,586,745. The company has a current ratio of 2.29, a quick ratio of 2.29 and a debt-to-equity ratio of 0.01. Old Dominion Freight Line, Inc. has a 1-year low of $165.49 and a 1-year high of $227.80. The firm has a market capitalization of $39.29 billion, a P/E ratio of 31.46, a P/E/G ratio of 2.30 and a beta of 1.00. The firm has a 50-day simple moving average of $178.47 and a 200 day simple moving average of $200.05.

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

Old Dominion Freight Line Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 19th. Shareholders of record on Wednesday, June 5th were given a dividend of $0.26 per share. The ex-dividend date of this dividend was Wednesday, June 5th. This represents a $1.04 annualized dividend and a dividend yield of 0.58%. Old Dominion Freight Line’s payout ratio is currently 18.31%.

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.