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

CIBC Asset Management Inc boosted its stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 3.1% during the 4th quarter, Holdings Channel reports. The firm owned 69,112 shares of the transportation company’s stock after buying an additional 2,108 shares during the quarter. CIBC Asset Management Inc’s holdings in Old Dominion Freight Line were worth $12,191,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in ODFL. Wellington Management Group LLP raised its position in shares of 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 in the last quarter. AustralianSuper Pty Ltd purchased a new stake in Old Dominion Freight Line in the 4th quarter worth about $128,221,000. International Assets Investment Management LLC raised its position in Old Dominion Freight Line by 19,764.0% in the 3rd quarter. International Assets Investment Management LLC now owns 685,308 shares of the transportation company’s stock worth $136,130,000 after purchasing an additional 681,858 shares during the period. Franklin Resources Inc. raised its position in Old Dominion Freight Line by 74.8% in the 3rd quarter. Franklin Resources Inc. now owns 1,022,812 shares of the transportation company’s stock worth $207,068,000 after purchasing an additional 437,700 shares during the period. Finally, State Street Corp raised its position in Old Dominion Freight Line by 3.8% in the 3rd quarter. State Street Corp now owns 7,633,531 shares of the transportation company’s stock worth $1,516,324,000 after purchasing an additional 279,946 shares during the period. 77.82% of the stock is currently owned by hedge funds and other institutional investors.

Old Dominion Freight Line Price Performance

NASDAQ ODFL opened at $209.29 on Wednesday. The firm’s fifty day simple moving average is $189.48 and its two-hundred day simple moving average is $197.86. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.01. Old Dominion Freight Line, Inc. has a 12-month low of $165.49 and a 12-month high of $233.26. The firm has a market capitalization of $44.68 billion, a P/E ratio of 38.19, a P/E/G ratio of 5.30 and a beta of 1.05.

Old Dominion Freight Line (NASDAQ:ODFL) last released its quarterly earnings results on Wednesday, February 5th. The transportation company reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate 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%. Analysts forecast that Old Dominion Freight Line, Inc. will post 5.69 EPS for the current fiscal year.

Old Dominion Freight Line Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 19th. Shareholders of record on Wednesday, March 5th will be issued a $0.28 dividend. This is a positive change from Old Dominion Freight Line’s previous quarterly dividend of $0.26. This represents a $1.12 annualized dividend and a yield of 0.54%. The ex-dividend date is Wednesday, March 5th. Old Dominion Freight Line’s payout ratio is currently 18.98%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on ODFL shares. Robert W. Baird reduced their price objective on shares of Old Dominion Freight Line from $204.00 to $200.00 and set an “outperform” rating on the stock in a research report on Thursday, October 24th. The Goldman Sachs Group upped their target price on shares of Old Dominion Freight Line from $213.00 to $235.00 and gave the stock a “neutral” rating in a research note on Thursday, December 12th. Stifel Nicolaus upped their target price on shares of Old Dominion Freight Line from $176.00 to $193.00 and gave the stock a “hold” rating in a research note on Thursday, January 23rd. Bank of America dropped their target price on shares of Old Dominion Freight Line from $237.00 to $204.00 and set a “neutral” rating on the stock in a research note on Thursday, January 16th. Finally, Susquehanna restated a “neutral” rating and issued a $195.00 target price (down from $218.00) on shares of Old Dominion Freight Line in a research note on Tuesday, January 7th. One equities research analyst has rated the stock with a sell rating, seventeen have issued a hold rating, three have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $203.33.

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.