Old Dominion Freight Line (NASDAQ:ODFL) is Kayne Anderson Rudnick Investment Management LLC’s 4th Largest Position

Kayne Anderson Rudnick Investment Management LLC lifted its position in Old Dominion Freight Line (NASDAQ:ODFL) by 0.4% in the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 3,630,184 shares of the transportation company’s stock after purchasing an additional 13,241 shares during the period. Old Dominion Freight Line accounts for about 3.0% of Kayne Anderson Rudnick Investment Management LLC’s investment portfolio, making the stock its 4th biggest position. Kayne Anderson Rudnick Investment Management LLC’s holdings in Old Dominion Freight Line were worth $524,164,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Capital Investment Advisory Services LLC purchased a new stake in shares of Old Dominion Freight Line in the fourth quarter valued at approximately $29,000. Oregon Public Employees Retirement Fund boosted its holdings in shares of Old Dominion Freight Line by 9,888.8% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 4,182,730 shares of the transportation company’s stock valued at $34,000 after purchasing an additional 4,140,856 shares during the period. Ranger Investment Management L.P. purchased a new stake in shares of Old Dominion Freight Line in the fourth quarter valued at approximately $36,000. Rockefeller Capital Management L.P. boosted its holdings in shares of Old Dominion Freight Line by 1,975.0% in the first quarter. Rockefeller Capital Management L.P. now owns 249 shares of the transportation company’s stock valued at $36,000 after purchasing an additional 237 shares during the period. Finally, JOYN Advisors Inc. raised its stake in Old Dominion Freight Line by 58.2% in the fourth quarter. JOYN Advisors Inc. now owns 299 shares of the transportation company’s stock worth $37,000 after buying an additional 110 shares in the last quarter. Hedge funds and other institutional investors own 70.56% of the company’s stock.

A number of equities analysts recently commented on ODFL shares. Bank of America downgraded shares of Old Dominion Freight Line from a “buy” rating to a “neutral” rating and boosted their price objective for the stock from $154.00 to $158.00 in a research note on Tuesday, February 26th. ValuEngine raised shares of Old Dominion Freight Line from a “hold” rating to a “buy” rating in a research note on Wednesday, May 1st. Citigroup boosted their price objective on shares of Old Dominion Freight Line from $145.00 to $155.00 and gave the stock a “neutral” rating in a research note on Thursday, April 11th. Zacks Investment Research raised shares of Old Dominion Freight Line from a “hold” rating to a “buy” rating and set a $158.00 price objective for the company in a research note on Monday, March 11th. Finally, Seaport Global Securities reissued a “buy” rating on shares of Old Dominion Freight Line in a research note on Friday, April 5th. Nine investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $147.80.

NASDAQ:ODFL traded up $0.55 during trading hours on Friday, reaching $142.04. The company’s stock had a trading volume of 315,447 shares, compared to its average volume of 473,974. The company has a market capitalization of $11.45 billion, a price-to-earnings ratio of 19.25, a price-to-earnings-growth ratio of 2.40 and a beta of 1.45. Old Dominion Freight Line has a 12 month low of $115.00 and a 12 month high of $170.22. The company has a quick ratio of 2.19, a current ratio of 2.19 and a debt-to-equity ratio of 0.02.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its quarterly earnings data on Thursday, April 25th. The transportation company reported $1.64 EPS for the quarter, topping analysts’ consensus estimates of $1.58 by $0.06. The company had revenue of $990.78 million during the quarter, compared to the consensus estimate of $1 billion. Old Dominion Freight Line had a net margin of 15.32% and a return on equity of 23.87%. Old Dominion Freight Line’s revenue for the quarter was up 7.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.33 earnings per share. On average, sell-side analysts expect that Old Dominion Freight Line will post 7.95 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 19th. Stockholders of record on Wednesday, June 5th will be given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 0.48%. The ex-dividend date of this dividend is Tuesday, June 4th. Old Dominion Freight Line’s payout ratio is presently 9.21%.

Old Dominion Freight Line declared that its Board of Directors has initiated a share repurchase program on Thursday, May 16th that allows the company to buyback $350.00 million in outstanding shares. This buyback authorization allows the transportation company to repurchase up to 2.9% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its stock is undervalued.

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Old Dominion Freight Line Profile

Old Dominion Freight Line, Inc operates as a less-than-truckload (LTL) motor carrier in the United States and North America. It provides regional, inter-regional, and national LTL services, including expedited transportation. The company also offers various value-added services, such as container drayage, truckload brokerage, and supply chain consulting.

Further Reading: Futures Contract

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Institutional Ownership by Quarter for Old Dominion Freight Line (NASDAQ:ODFL)

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