Merit Financial Group LLC Acquires 372 Shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Merit Financial Group LLC grew its holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 23.9% during the 1st quarter, Holdings Channel reports. The firm owned 1,928 shares of the transportation company’s stock after purchasing an additional 372 shares during the period. Merit Financial Group LLC’s holdings in Old Dominion Freight Line were worth $319,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Norges Bank bought a new position in Old Dominion Freight Line during the 4th quarter worth approximately $494,916,000. T. Rowe Price Investment Management Inc. boosted its stake in Old Dominion Freight Line by 1,575.9% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,447,784 shares of the transportation company’s stock worth $255,390,000 after acquiring an additional 1,361,397 shares during the last quarter. AustralianSuper Pty Ltd bought a new position in Old Dominion Freight Line during the 4th quarter worth approximately $128,221,000. Raymond James Financial Inc. bought a new position in Old Dominion Freight Line during the 4th quarter worth approximately $114,449,000. Finally, Thrivent Financial for Lutherans boosted its stake in Old Dominion Freight Line by 92.3% during the 4th quarter. Thrivent Financial for Lutherans now owns 1,195,331 shares of the transportation company’s stock worth $210,856,000 after acquiring an additional 573,586 shares during the last quarter. Institutional investors own 77.82% of the company’s stock.

Old Dominion Freight Line Price Performance

NASDAQ ODFL opened at $162.11 on Thursday. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.01. Old Dominion Freight Line, Inc. has a 12-month low of $144.90 and a 12-month high of $233.26. The company has a market capitalization of $34.26 billion, a PE ratio of 29.58, a price-to-earnings-growth ratio of 2.89 and a beta of 1.27. The firm’s 50 day moving average is $159.08 and its 200-day moving average is $177.09.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its quarterly earnings data on Wednesday, April 23rd. The transportation company reported $1.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.14 by $0.05. Old Dominion Freight Line had a net margin of 20.40% and a return on equity of 28.02%. The company had revenue of $1.37 billion for the quarter, compared to the consensus estimate of $1.38 billion. During the same period last year, the company earned $1.34 earnings per share. The firm’s revenue was down 5.8% compared to the same quarter last year. Equities research 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 company also recently announced a quarterly dividend, which will be paid on Wednesday, June 18th. Investors of record on Wednesday, June 4th will be paid a $0.28 dividend. The ex-dividend date is Wednesday, June 4th. This represents a $1.12 annualized dividend and a dividend yield of 0.69%. Old Dominion Freight Line’s dividend payout ratio is presently 21.01%.

Analyst Ratings Changes

ODFL has been the topic of several recent analyst reports. Stephens reissued an “overweight” rating and set a $180.00 price objective (down previously from $200.00) on shares of Old Dominion Freight Line in a research note on Thursday, April 24th. Stifel Nicolaus dropped their target price on shares of Old Dominion Freight Line from $188.00 to $175.00 and set a “buy” rating on the stock in a report on Thursday, April 24th. Citigroup upgraded shares of Old Dominion Freight Line from a “neutral” rating to a “buy” rating and dropped their target price for the stock from $186.00 to $183.00 in a report on Tuesday, April 8th. Barclays dropped their target price on shares of Old Dominion Freight Line from $185.00 to $170.00 and set an “equal weight” rating on the stock in a report on Thursday, April 24th. Finally, Wells Fargo & Company set a $150.00 target price on shares of Old Dominion Freight Line and gave the stock an “underweight” rating in a report on Thursday, April 24th. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $180.42.

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.