Brown Brothers Harriman & Co. Increases Position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Brown Brothers Harriman & Co. increased its holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 398.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 269 shares of the transportation company’s stock after acquiring an additional 215 shares during the period. Brown Brothers Harriman & Co.’s holdings in Old Dominion Freight Line were worth $53,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. DRW Securities LLC purchased a new position in Old Dominion Freight Line in the third quarter worth $371,000. Harvest Fund Management Co. Ltd raised its stake in shares of Old Dominion Freight Line by 50.2% during the 3rd quarter. Harvest Fund Management Co. Ltd now owns 9,875 shares of the transportation company’s stock worth $1,962,000 after purchasing an additional 3,300 shares during the period. Daiwa Securities Group Inc. boosted its holdings in shares of Old Dominion Freight Line by 54.6% in the 3rd quarter. Daiwa Securities Group Inc. now owns 61,140 shares of the transportation company’s stock worth $12,145,000 after buying an additional 21,590 shares during the last quarter. Summit Trail Advisors LLC grew its position in Old Dominion Freight Line by 25.6% during the third quarter. Summit Trail Advisors LLC now owns 2,566 shares of the transportation company’s stock valued at $510,000 after buying an additional 523 shares during the period. Finally, SevenBridge Financial Group LLC increased its holdings in Old Dominion Freight Line by 2.0% during the third quarter. SevenBridge Financial Group LLC now owns 2,611 shares of the transportation company’s stock worth $519,000 after buying an additional 50 shares during the last quarter. 77.82% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on ODFL shares. Susquehanna dropped their target price on shares of Old Dominion Freight Line from $225.00 to $218.00 and set a “positive” rating on the stock in a research note on Thursday, October 24th. Evercore ISI dropped their price objective on Old Dominion Freight Line from $199.00 to $188.00 and set an “in-line” rating on the stock in a research note on Thursday, October 3rd. Stifel Nicolaus lowered Old Dominion Freight Line from a “buy” rating to a “hold” rating and reduced their price objective for the company from $209.00 to $197.00 in a report on Monday, October 21st. JPMorgan Chase & Co. lowered their target price on Old Dominion Freight Line from $193.00 to $189.00 and set a “neutral” rating on the stock in a research note on Friday, September 6th. Finally, Robert W. Baird cut their price target on Old Dominion Freight Line from $204.00 to $200.00 and set an “outperform” rating for the company in a research note on Thursday, October 24th. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $200.41.

Insiders Place Their Bets

In other news, Director Greg C. Gantt sold 7,000 shares of the stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $200.07, for a total transaction of $1,400,490.00. Following the transaction, the director now directly owns 97,890 shares in the company, valued at approximately $19,584,852.30. This represents a 6.67 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Leo H. Suggs sold 3,000 shares of the business’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $225.44, for a total value of $676,320.00. Following the completion of the sale, the director now owns 7,383 shares of the company’s stock, valued at $1,664,423.52. The trade was a 28.89 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 9.90% of the company’s stock.

Old Dominion Freight Line Trading Down 0.8 %

Old Dominion Freight Line stock opened at $224.11 on Friday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.33 and a current ratio of 1.33. Old Dominion Freight Line, Inc. has a fifty-two week low of $165.49 and a fifty-two week high of $233.26. The stock has a market cap of $47.85 billion, a P/E ratio of 39.18, a PEG ratio of 4.71 and a beta of 0.99. The firm’s fifty day moving average price is $205.67 and its 200-day moving average price is $193.32.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its earnings results on Wednesday, October 23rd. The transportation company reported $1.43 earnings per share for the quarter, topping analysts’ consensus estimates of $1.42 by $0.01. The business had revenue of $1.47 billion for the quarter, compared to analyst estimates of $1.49 billion. Old Dominion Freight Line had a return on equity of 29.40% and a net margin of 21.03%. The company’s quarterly revenue was down 3.0% compared to the same quarter last year. During the same period in the prior year, the company earned $1.54 EPS. Equities research analysts forecast that Old Dominion Freight Line, Inc. will post 5.43 earnings per share for the current fiscal year.

Old Dominion Freight Line Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Wednesday, December 4th will be given a dividend of $0.26 per share. The ex-dividend date is Wednesday, December 4th. This represents a $1.04 annualized dividend and a yield of 0.46%. Old Dominion Freight Line’s payout ratio is presently 18.18%.

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.