Old Dominion Freight Line, Inc. (NASDAQ:ODFL) Shares Bought by Columbia Asset Management

Columbia Asset Management lifted its stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 81.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,152 shares of the transportation company’s stock after acquiring an additional 1,417 shares during the quarter. Columbia Asset Management’s holdings in Old Dominion Freight Line were worth $557,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Trust Co. of Vermont bought a new stake in shares of Old Dominion Freight Line during the 4th quarter worth $27,000. Farmers & Merchants Investments Inc. boosted its stake in shares of Old Dominion Freight Line by 100.0% during the 1st quarter. Farmers & Merchants Investments Inc. now owns 124 shares of the transportation company’s stock worth $27,000 after acquiring an additional 62 shares in the last quarter. Atwood & Palmer Inc. boosted its stake in shares of Old Dominion Freight Line by 3,700.0% during the 2nd quarter. Atwood & Palmer Inc. now owns 152 shares of the transportation company’s stock worth $27,000 after acquiring an additional 148 shares in the last quarter. Raleigh Capital Management Inc. bought a new stake in shares of Old Dominion Freight Line during the 4th quarter worth $29,000. Finally, Fortitude Family Office LLC boosted its stake in shares of Old Dominion Freight Line by 103.0% during the 1st quarter. Fortitude Family Office LLC now owns 134 shares of the transportation company’s stock worth $29,000 after acquiring an additional 68 shares in the last quarter. 77.82% of the stock is owned by institutional investors.

Old Dominion Freight Line Price Performance

NASDAQ ODFL opened at $186.06 on Friday. Old Dominion Freight Line, Inc. has a fifty-two week low of $165.49 and a fifty-two week high of $227.80. The stock’s 50-day moving average is $193.92 and its two-hundred day moving average is $197.74. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.46 and a quick ratio of 1.46. The firm has a market cap of $40.43 billion, a P/E ratio of 32.76, a price-to-earnings-growth ratio of 3.76 and a beta of 1.00.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its earnings results on Wednesday, July 24th. The transportation company reported $1.48 earnings per share for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $1.50 billion. During the same period last year, the company earned $1.33 earnings per share. The business’s revenue was up 6.1% compared to the same quarter last year. On average, analysts anticipate that Old Dominion Freight Line, Inc. will post 5.68 earnings per share for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 18th. Stockholders of record on Wednesday, September 4th will be paid a $0.26 dividend. The ex-dividend date is Wednesday, September 4th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.56%. Old Dominion Freight Line’s payout ratio is presently 18.31%.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on ODFL. Robert W. Baird raised their target price on Old Dominion Freight Line from $205.00 to $215.00 and gave the stock an “outperform” rating in a research report on Thursday, July 25th. Barclays decreased their target price 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. BMO Capital Markets raised their target price 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. Raymond James raised their target price on Old Dominion Freight Line from $190.00 to $209.00 and gave the stock an “outperform” rating in a research report on Thursday, July 25th. Finally, Bank of America raised their target price on Old Dominion Freight Line from $192.00 to $203.00 and gave the stock a “neutral” rating in a research report on Monday, July 22nd. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $201.33.

Insider Transactions at Old Dominion Freight Line

In other news, Chairman David S. Congdon sold 10,000 shares of Old Dominion Freight Line stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $195.17, for a total value of $1,951,700.00. Following the transaction, the chairman now directly owns 1,391,621 shares in the company, valued at $271,602,670.57. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Old Dominion Freight Line news, Chairman David S. Congdon sold 29,975 shares of Old Dominion Freight Line stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $201.30, for a total transaction of $6,033,967.50. Following the sale, the chairman now directly owns 1,401,621 shares of the company’s stock, valued at $282,146,307.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman David S. Congdon sold 10,000 shares of Old Dominion Freight Line stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $195.17, for a total value of $1,951,700.00. Following the sale, the chairman now directly owns 1,391,621 shares in the company, valued at $271,602,670.57. The disclosure for this sale can be found here. 9.90% of the stock is currently owned by corporate insiders.

Old Dominion Freight Line Company 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.