Bank of Montreal Can Raises Holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Bank of Montreal Can lifted its holdings in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 0.4% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 296,448 shares of the transportation company’s stock after buying an additional 1,178 shares during the period. Bank of Montreal Can owned about 0.14% of Old Dominion Freight Line worth $58,314,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of ODFL. International Assets Investment Management LLC raised its stake in shares of Old Dominion Freight Line by 19,764.0% during the 3rd quarter. International Assets Investment Management LLC now owns 685,308 shares of the transportation company’s stock worth $136,130,000 after buying an additional 681,858 shares in the last quarter. Bristol Gate Capital Partners Inc. purchased a new position in shares of Old Dominion Freight Line during the 2nd quarter worth approximately $92,697,000. Renaissance Technologies LLC purchased a new position in shares of Old Dominion Freight Line during the 2nd quarter worth approximately $82,398,000. Bridges Investment Management Inc. raised its stake in shares of Old Dominion Freight Line by 136.0% during the 2nd quarter. Bridges Investment Management Inc. now owns 615,272 shares of the transportation company’s stock worth $108,657,000 after buying an additional 354,588 shares in the last quarter. Finally, Swedbank AB purchased a new position in shares of Old Dominion Freight Line during the 1st quarter worth approximately $69,283,000. 77.82% of the stock is owned by hedge funds and other institutional investors.

Old Dominion Freight Line Price Performance

ODFL stock opened at $224.11 on Thursday. Old Dominion Freight Line, Inc. has a 52-week low of $165.49 and a 52-week high of $233.26. The stock’s fifty day simple moving average is $205.13 and its 200-day simple moving average is $193.10. 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 stock has a market capitalization of $47.85 billion, a price-to-earnings ratio of 39.18, a price-to-earnings-growth ratio of 4.71 and a beta of 0.99.

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

Old Dominion Freight Line Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Wednesday, December 4th will be given a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 0.46%. The ex-dividend date of this dividend is Wednesday, December 4th. Old Dominion Freight Line’s dividend payout ratio (DPR) is currently 18.18%.

Insider Buying and Selling

In related news, Director Greg C. Gantt sold 7,000 shares of the stock in a transaction on Monday, October 28th. The stock was sold at an average price of $200.07, for a total value of $1,400,490.00. Following the transaction, the director now directly owns 97,890 shares of the company’s stock, valued at approximately $19,584,852.30. This trade represents a 6.67 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Leo H. Suggs sold 3,000 shares of the stock in a transaction 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 transaction, the director now directly owns 7,383 shares in the company, valued at $1,664,423.52. This trade represents a 28.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 9.90% of the company’s stock.

Wall Street Analysts Forecast Growth

ODFL has been the topic of a number of research reports. The Goldman Sachs Group lowered their price target on Old Dominion Freight Line from $228.00 to $216.00 and set a “neutral” rating on the stock in a report on Wednesday, October 9th. Bank of America lowered their price target on Old Dominion Freight Line from $210.00 to $206.00 and set a “neutral” rating on the stock in a report on Friday, September 6th. BMO Capital Markets lowered their price target on Old Dominion Freight Line from $210.00 to $205.00 and set a “market perform” rating on the stock in a report on Thursday, October 24th. Wells Fargo & Company lowered their price target on Old Dominion Freight Line from $170.00 to $160.00 and set an “underweight” rating on the stock in a report on Thursday, October 24th. Finally, Robert W. Baird lowered their price target on Old Dominion Freight Line from $204.00 to $200.00 and set an “outperform” rating on the stock in a report on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $200.41.

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.