Peregrine Asset Advisers Inc. Invests $2.20 Million in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Peregrine Asset Advisers Inc. bought a new stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 11,078 shares of the transportation company’s stock, valued at approximately $2,201,000.

A number of other large investors have also added to or reduced their stakes in ODFL. Vanguard Group Inc. grew its stake in shares of Old Dominion Freight Line by 100.9% during the first quarter. Vanguard Group Inc. now owns 21,795,649 shares of the transportation company’s stock valued at $4,780,004,000 after acquiring an additional 10,944,520 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Old Dominion Freight Line by 117.0% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 13,726,847 shares of the transportation company’s stock valued at $3,010,435,000 after purchasing an additional 7,401,526 shares in the last quarter. Capital Research Global Investors boosted its stake in shares of Old Dominion Freight Line by 59.0% during the 1st quarter. Capital Research Global Investors now owns 6,592,594 shares of the transportation company’s stock valued at $1,445,822,000 after buying an additional 2,447,121 shares during the last quarter. Capital World Investors grew its position in shares of Old Dominion Freight Line by 101.0% during the first quarter. Capital World Investors now owns 2,443,770 shares of the transportation company’s stock worth $535,943,000 after buying an additional 1,228,116 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. increased its stake in shares of Old Dominion Freight Line by 283.5% in the first quarter. Jacobs Levy Equity Management Inc. now owns 1,103,558 shares of the transportation company’s stock worth $242,021,000 after buying an additional 815,817 shares during the last quarter. 77.82% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on ODFL shares. Raymond James lifted their price target on Old Dominion Freight Line from $190.00 to $209.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. The Goldman Sachs Group reduced their price target on shares of Old Dominion Freight Line from $228.00 to $216.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 9th. JPMorgan Chase & Co. lowered their price objective on shares of Old Dominion Freight Line from $193.00 to $189.00 and set a “neutral” rating for the company in a research report on Friday, September 6th. TD Cowen cut their target price on shares of Old Dominion Freight Line from $203.00 to $196.00 and set a “hold” rating on the stock in a report on Thursday, October 24th. Finally, Robert W. Baird lowered their target price on Old Dominion Freight Line from $204.00 to $200.00 and set an “outperform” rating for the company in a report on Thursday, October 24th. One 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 stock. Based on data from MarketBeat.com, Old Dominion Freight Line has a consensus rating of “Hold” and an average price target of $196.39.

Insider Buying and Selling

In other news, Chairman David S. Congdon sold 10,000 shares of the company’s stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $195.17, for a total transaction of $1,951,700.00. Following the completion of the sale, the chairman now directly owns 1,391,621 shares of the company’s stock, valued at $271,602,670.57. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related 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 owns 1,391,621 shares of the company’s stock, valued at approximately $271,602,670.57. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Greg C. Gantt sold 7,000 shares of the company’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $200.07, for a total transaction of $1,400,490.00. Following the sale, the director now directly owns 97,890 shares of the company’s stock, valued at $19,584,852.30. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 46,975 shares of company stock worth $9,386,158 in the last three months. 9.90% of the stock is currently owned by insiders.

Old Dominion Freight Line Price Performance

NASDAQ:ODFL opened at $226.11 on Monday. Old Dominion Freight Line, Inc. has a 52-week low of $165.49 and a 52-week high of $231.36. The company has a quick ratio of 1.46, a current ratio of 1.33 and a debt-to-equity ratio of 0.01. The firm has a market cap of $48.27 billion, a P/E ratio of 39.53, a PEG ratio of 6.37 and a beta of 0.99. The business’s 50-day moving average price is $197.95 and its 200 day moving average price is $189.99.

Old Dominion Freight Line (NASDAQ:ODFL) last released its earnings results on Wednesday, October 23rd. The transportation company reported $1.43 EPS 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 the consensus estimate of $1.49 billion. Old Dominion Freight Line had a net margin of 21.03% and a return on equity of 29.40%. The business’s revenue for the quarter was down 3.0% on a year-over-year basis. During the same period in the previous year, the firm earned $1.54 EPS. As a group, sell-side analysts predict that Old Dominion Freight Line, Inc. will post 5.46 earnings per share for the current fiscal year.

Old Dominion Freight Line Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Wednesday, December 4th will be paid a dividend of $0.26 per share. 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 is presently 18.18%.

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.