Meeder Asset Management Inc. Boosts Stock Position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Meeder Asset Management Inc. grew its holdings in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 1,843.2% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 719 shares of the transportation company’s stock after acquiring an additional 682 shares during the quarter. Meeder Asset Management Inc.’s holdings in Old Dominion Freight Line were worth $127,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in the business. State Street Corp lifted its position in Old Dominion Freight Line by 3.8% in 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. Geode Capital Management LLC increased its stake in shares of Old Dominion Freight Line by 6.0% in the third quarter. Geode Capital Management LLC now owns 4,830,973 shares of the transportation company’s stock worth $959,005,000 after buying an additional 275,236 shares during the period. Norges Bank bought a new stake in Old Dominion Freight Line during the 4th quarter valued at $494,916,000. Wellington Management Group LLP boosted its position in Old Dominion Freight Line by 109.5% during the 3rd quarter. Wellington Management Group LLP now owns 1,435,228 shares of the transportation company’s stock valued at $285,094,000 after buying an additional 750,073 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its holdings in Old Dominion Freight Line by 3.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,250,236 shares of the transportation company’s stock worth $220,542,000 after acquiring an additional 46,570 shares during the last quarter. Hedge funds and other institutional investors own 77.82% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Deutsche Bank Aktiengesellschaft began coverage on shares of Old Dominion Freight Line in a report on Friday, March 7th. They set a “buy” rating and a $236.00 target price for the company. Bank of America dropped their price objective on Old Dominion Freight Line from $237.00 to $204.00 and set a “neutral” rating for the company in a report on Thursday, January 16th. Truist Financial initiated coverage on Old Dominion Freight Line in a research note on Thursday, March 13th. They set a “buy” rating and a $220.00 target price on the stock. JPMorgan Chase & Co. upped their price objective on shares of Old Dominion Freight Line from $186.00 to $205.00 and gave the stock a “neutral” rating in a report on Friday, December 6th. Finally, Stephens restated an “overweight” rating and issued a $240.00 price objective on shares of Old Dominion Freight Line in a report on Thursday, February 6th. Two equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Old Dominion Freight Line currently has an average rating of “Hold” and an average price target of $200.20.

Old Dominion Freight Line Price Performance

Shares of NASDAQ ODFL opened at $167.09 on Wednesday. The firm has a market cap of $35.51 billion, a P/E ratio of 30.49, a PEG ratio of 2.89 and a beta of 1.10. Old Dominion Freight Line, Inc. has a twelve month low of $157.67 and a twelve 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. The company has a 50 day moving average of $181.68 and a 200 day moving average of $193.23.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its quarterly earnings results 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, research analysts expect 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 announced a quarterly dividend, which was paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th were issued a $0.28 dividend. The ex-dividend date of this dividend was Wednesday, March 5th. This represents a $1.12 annualized dividend and a yield of 0.67%. This is a boost from Old Dominion Freight Line’s previous quarterly dividend of $0.26. Old Dominion Freight Line’s dividend payout ratio (DPR) is currently 18.98%.

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.