Primecap Management Co. CA Decreases Position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Primecap Management Co. CA decreased its position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 8.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 43,200 shares of the transportation company’s stock after selling 4,100 shares during the quarter. Primecap Management Co. CA’s holdings in Old Dominion Freight Line were worth $7,620,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Oppenheimer & Co. Inc. purchased a new stake in Old Dominion Freight Line during the 3rd quarter valued at $271,000. Empowered Funds LLC lifted its holdings in shares of Old Dominion Freight Line by 6.0% during the third quarter. Empowered Funds LLC now owns 3,543 shares of the transportation company’s stock valued at $704,000 after purchasing an additional 199 shares in the last quarter. Mutual of America Capital Management LLC boosted its position in shares of Old Dominion Freight Line by 2.9% during the third quarter. Mutual of America Capital Management LLC now owns 26,182 shares of the transportation company’s stock valued at $5,201,000 after buying an additional 747 shares during the last quarter. Meeder Advisory Services Inc. increased its holdings in Old Dominion Freight Line by 8.5% in the 3rd quarter. Meeder Advisory Services Inc. now owns 3,835 shares of the transportation company’s stock worth $762,000 after buying an additional 301 shares in the last quarter. Finally, Caprock Group LLC raised its position in Old Dominion Freight Line by 9.7% in the 3rd quarter. Caprock Group LLC now owns 8,956 shares of the transportation company’s stock worth $1,779,000 after buying an additional 794 shares during the last quarter. Institutional investors own 77.82% of the company’s stock.

Old Dominion Freight Line Stock Performance

NASDAQ ODFL opened at $162.44 on Thursday. 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, Inc. has a twelve month low of $159.11 and a twelve month high of $233.26. The business has a 50-day moving average price of $185.00 and a 200-day moving average price of $194.72. The firm has a market cap of $34.53 billion, a price-to-earnings ratio of 29.64, a price-to-earnings-growth ratio of 2.89 and a beta of 1.10.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its quarterly earnings data on Wednesday, February 5th. The transportation company reported $1.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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, equities research analysts predict that Old Dominion Freight Line, Inc. will post 5.68 EPS for the current fiscal year.

Old Dominion Freight Line Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 19th. Shareholders of record on Wednesday, March 5th were issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 0.69%. The ex-dividend date of this dividend was Wednesday, March 5th. This is an increase from Old Dominion Freight Line’s previous quarterly dividend of $0.26. Old Dominion Freight Line’s dividend payout ratio is 18.98%.

Analyst Upgrades and Downgrades

ODFL has been the topic of a number of recent analyst reports. Bank of America dropped their price target on shares of Old Dominion Freight Line from $237.00 to $204.00 and set a “neutral” rating on the stock in a report on Thursday, January 16th. StockNews.com raised shares of Old Dominion Freight Line from a “sell” rating to a “hold” rating in a research report on Saturday, February 15th. Barclays lowered their price target on Old Dominion Freight Line from $210.00 to $195.00 and set an “equal weight” rating on the stock in a report on Monday, March 10th. Deutsche Bank Aktiengesellschaft started coverage on Old Dominion Freight Line in a report on Friday, March 7th. They issued a “buy” rating and a $236.00 price objective for the company. Finally, Stifel Nicolaus raised Old Dominion Freight Line from a “hold” rating to a “buy” rating and increased their target price for the company from $193.00 to $200.00 in a report on Monday, February 24th. One research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Old Dominion Freight Line has a consensus rating of “Hold” and an average price target of $202.65.

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.