CIBC Private Wealth Group LLC Has $1.56 Billion Stock Holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

CIBC Private Wealth Group LLC cut its holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 1.4% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 8,686,237 shares of the transportation company’s stock after selling 119,392 shares during the period. Old Dominion Freight Line accounts for approximately 2.8% of CIBC Private Wealth Group LLC’s portfolio, making the stock its 6th biggest holding. CIBC Private Wealth Group LLC’s holdings in Old Dominion Freight Line were worth $1,559,875,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the business. Schroder Investment Management Group lifted its holdings in shares of Old Dominion Freight Line by 164.7% during the fourth quarter. Schroder Investment Management Group now owns 199,355 shares of the transportation company’s stock worth $35,342,000 after buying an additional 124,052 shares during the last quarter. Allstate Corp bought a new position in Old Dominion Freight Line during the fourth quarter worth $1,004,000. Pictet Asset Management Holding SA raised its stake in Old Dominion Freight Line by 11.2% during the 4th quarter. Pictet Asset Management Holding SA now owns 117,502 shares of the transportation company’s stock valued at $20,727,000 after purchasing an additional 11,823 shares during the last quarter. Norges Bank bought a new stake in Old Dominion Freight Line in the 4th quarter valued at $494,916,000. Finally, Caisse Des Depots ET Consignations acquired a new stake in Old Dominion Freight Line in the 4th quarter worth $465,000. Institutional investors and hedge funds own 77.82% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Evercore ISI upped their price objective on shares of Old Dominion Freight Line from $199.00 to $202.00 and gave the company an “in-line” rating in a research report on Thursday, February 6th. Jefferies Financial Group upped their price target on Old Dominion Freight Line from $185.00 to $190.00 and gave the company a “hold” rating in a report on Friday, January 10th. Citigroup decreased their price objective on Old Dominion Freight Line from $205.00 to $186.00 and set a “neutral” rating on the stock in a report on Tuesday, March 4th. StockNews.com lowered Old Dominion Freight Line from a “hold” rating to a “sell” rating in a research note on Saturday. Finally, Stephens reissued an “overweight” rating and issued a $240.00 price target on shares of Old Dominion Freight Line in a report on Thursday, February 6th. Two investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $201.40.

Old Dominion Freight Line Stock Performance

Old Dominion Freight Line stock opened at $164.85 on Friday. The stock has a 50-day simple moving average of $182.63 and a 200 day simple moving average of $193.55. The stock has a market capitalization of $35.04 billion, a price-to-earnings ratio of 30.08, a P/E/G ratio of 2.89 and a beta of 1.10. 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 12-month low of $157.67 and a 12-month high of $233.26.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its earnings results on Wednesday, February 5th. The transportation company reported $1.23 earnings per share for the quarter, topping 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%. On average, research analysts anticipate 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 company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 19th. Shareholders of record on Wednesday, March 5th were given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 0.68%. This is a positive change from Old Dominion Freight Line’s previous quarterly dividend of $0.26. The ex-dividend date was Wednesday, March 5th. Old Dominion Freight Line’s dividend payout ratio (DPR) is presently 18.98%.

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.