Groesbeck Investment Management Corp NJ Acquires 625 Shares of Old Dominion Freight Line (NASDAQ:ODFL)

Groesbeck Investment Management Corp NJ boosted its holdings in shares of Old Dominion Freight Line (NASDAQ:ODFL) by 11.9% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,865 shares of the transportation company’s stock after acquiring an additional 625 shares during the period. Groesbeck Investment Management Corp NJ’s holdings in Old Dominion Freight Line were worth $997,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also modified their holdings of the company. M&T Bank Corp grew its holdings in Old Dominion Freight Line by 4.4% during the 2nd quarter. M&T Bank Corp now owns 13,353 shares of the transportation company’s stock worth $1,993,000 after acquiring an additional 561 shares in the last quarter. GHP Investment Advisors Inc. grew its holdings in Old Dominion Freight Line by 0.5% during the 2nd quarter. GHP Investment Advisors Inc. now owns 18,281 shares of the transportation company’s stock worth $2,729,000 after acquiring an additional 90 shares in the last quarter. Vanguard Group Inc. grew its holdings in Old Dominion Freight Line by 0.5% during the 2nd quarter. Vanguard Group Inc. now owns 6,543,803 shares of the transportation company’s stock worth $976,728,000 after acquiring an additional 30,143 shares in the last quarter. Financial Engines Advisors L.L.C. grew its holdings in Old Dominion Freight Line by 10.5% during the 2nd quarter. Financial Engines Advisors L.L.C. now owns 71,498 shares of the transportation company’s stock worth $10,672,000 after acquiring an additional 6,823 shares in the last quarter. Finally, Pictet Asset Management Ltd. grew its holdings in Old Dominion Freight Line by 4.1% during the 2nd quarter. Pictet Asset Management Ltd. now owns 22,600 shares of the transportation company’s stock worth $3,373,000 after acquiring an additional 900 shares in the last quarter. Institutional investors own 71.25% of the company’s stock.

Several research analysts have issued reports on the stock. Stephens set a $203.00 target price on shares of Old Dominion Freight Line and gave the stock a “buy” rating in a report on Friday, October 25th. Bank of America cut shares of Old Dominion Freight Line from a “neutral” rating to an “underperform” rating and set a $166.00 target price on the stock. in a report on Friday, September 27th. ValuEngine cut shares of Old Dominion Freight Line from a “buy” rating to a “hold” rating in a report on Tuesday, September 24th. Citigroup set a $185.00 target price on shares of Old Dominion Freight Line and gave the stock a “hold” rating in a report on Friday, October 25th. Finally, Robert W. Baird set a $162.00 target price on shares of Old Dominion Freight Line and gave the stock a “hold” rating in a report on Friday, July 26th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $171.83.

Shares of NASDAQ:ODFL traded up $1.20 during trading on Monday, reaching $195.38. The stock had a trading volume of 317,731 shares, compared to its average volume of 507,745. Old Dominion Freight Line has a one year low of $115.00 and a one year high of $196.81. The company has a market capitalization of $15.35 billion, a P/E ratio of 26.47, a PEG ratio of 3.02 and a beta of 1.53. The company has a current ratio of 2.03, a quick ratio of 1.92 and a debt-to-equity ratio of 0.02. The firm’s 50-day simple moving average is $176.46 and its 200 day simple moving average is $159.14.

Old Dominion Freight Line (NASDAQ:ODFL) last released its quarterly earnings results on Thursday, October 24th. The transportation company reported $2.05 earnings per share for the quarter, missing analysts’ consensus estimates of $2.11 by ($0.06). Old Dominion Freight Line had a net margin of 15.29% and a return on equity of 22.62%. The firm had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $1.06 billion. During the same quarter in the prior year, the business posted $2.12 earnings per share. The firm’s quarterly revenue was down .9% on a year-over-year basis. Equities research analysts forecast that Old Dominion Freight Line will post 7.76 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Wednesday, December 4th will be issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 0.35%. The ex-dividend date is Tuesday, December 3rd. Old Dominion Freight Line’s dividend payout ratio is currently 9.21%.

In other news, Chairman Earl E. Congdon sold 23,500 shares of the firm’s stock in a transaction dated Thursday, October 31st. The shares were sold at an average price of $181.94, for a total value of $4,275,590.00. Following the sale, the chairman now directly owns 10,854 shares in the company, valued at approximately $1,974,776.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider David S. Congdon sold 30,150 shares of the firm’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $165.51, for a total transaction of $4,990,126.50. Following the completion of the sale, the insider now owns 13,385 shares in the company, valued at $2,215,351.35. The disclosure for this sale can be found here. 11.90% of the stock is currently owned by company insiders.

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.

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

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