Tidal Investments LLC Buys 9,642 Shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Tidal Investments LLC grew its stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 157.4% during the 1st quarter, HoldingsChannel reports. The fund owned 15,769 shares of the transportation company’s stock after purchasing an additional 9,642 shares during the quarter. Tidal Investments LLC’s holdings in Old Dominion Freight Line were worth $3,458,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Chevy Chase Trust Holdings LLC raised its stake in shares of Old Dominion Freight Line by 98.3% in the first quarter. Chevy Chase Trust Holdings LLC now owns 100,892 shares of the transportation company’s stock worth $22,127,000 after purchasing an additional 50,019 shares during the last quarter. Forsta AP Fonden increased its position in Old Dominion Freight Line by 65.0% during the first quarter. Forsta AP Fonden now owns 39,600 shares of the transportation company’s stock valued at $8,685,000 after acquiring an additional 15,600 shares during the last quarter. Sei Investments Co. increased its position in Old Dominion Freight Line by 98.6% during the first quarter. Sei Investments Co. now owns 43,188 shares of the transportation company’s stock valued at $9,471,000 after acquiring an additional 21,438 shares during the last quarter. Diversified Trust Co increased its position in Old Dominion Freight Line by 162.9% during the first quarter. Diversified Trust Co now owns 7,350 shares of the transportation company’s stock valued at $1,612,000 after acquiring an additional 4,554 shares during the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp increased its position in Old Dominion Freight Line by 85.7% during the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 214,954 shares of the transportation company’s stock valued at $47,041,000 after acquiring an additional 99,228 shares during the last quarter. 77.82% of the stock is owned by institutional investors.

Old Dominion Freight Line Price Performance

Old Dominion Freight Line stock traded down $9.43 during midday trading on Friday, reaching $193.77. 148,440 shares of the stock traded hands, compared to its average volume of 1,615,724. The stock’s fifty day moving average is $182.70 and its 200-day moving average is $199.05. Old Dominion Freight Line, Inc. has a 12 month low of $165.49 and a 12 month high of $227.80. The stock has a market cap of $42.10 billion, a P/E ratio of 35.77, a PEG ratio of 4.06 and a beta of 1.00. The company has a quick ratio of 2.29, a current ratio of 1.46 and a debt-to-equity ratio of 0.01.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its quarterly earnings results on Wednesday, July 24th. The transportation company reported $1.48 EPS for the quarter, beating analysts’ consensus estimates of $1.45 by $0.03. Old Dominion Freight Line had a return on equity of 30.33% and a net margin of 21.38%. The company had revenue of $1.50 billion during the quarter, compared to analyst estimates of $1.50 billion. During the same period in the prior year, the company earned $1.33 earnings per share. The firm’s revenue was up 6.1% on a year-over-year basis. As a group, equities research analysts anticipate that Old Dominion Freight Line, Inc. will post 5.73 EPS for the current year.

Old Dominion Freight Line Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 18th. Shareholders of record on Wednesday, September 4th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Wednesday, September 4th. This represents a $1.04 dividend on an annualized basis and a yield of 0.54%. Old Dominion Freight Line’s dividend payout ratio (DPR) is presently 18.31%.

Wall Street Analysts Forecast Growth

ODFL has been the subject of a number of research reports. Morgan Stanley reduced their price objective on Old Dominion Freight Line from $174.00 to $168.00 and set an “equal weight” rating for the company in a research report on Monday, July 8th. Barclays reduced their price objective on Old Dominion Freight Line from $205.00 to $195.00 and set an “equal weight” rating for the company in a research report on Wednesday, June 12th. Robert W. Baird upped their price objective on Old Dominion Freight Line from $205.00 to $215.00 and gave the company an “outperform” rating in a research report on Thursday, July 25th. BMO Capital Markets upped their price target on Old Dominion Freight Line from $210.00 to $215.00 and gave the stock an “outperform” rating in a research report on Thursday, July 25th. Finally, JPMorgan Chase & Co. upped their price target on Old Dominion Freight Line from $176.00 to $193.00 and gave the stock a “neutral” rating in a research report on Thursday, July 25th. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $202.78.

Insider Buying and Selling at Old Dominion Freight Line

In other news, Director Thomas A. Stith III 550 shares of the stock in a transaction dated Tuesday, July 30th. The was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 9.90% of the company’s stock.

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.