Panagora Asset Management Inc. Has $36.47 Million Stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Panagora Asset Management Inc. grew its holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 49.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 127,523 shares of the transportation company’s stock after purchasing an additional 42,156 shares during the period. Panagora Asset Management Inc.’s holdings in Old Dominion Freight Line were worth $36,469,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of ODFL. Rafferty Asset Management LLC increased its holdings in shares of Old Dominion Freight Line by 13.2% in the 2nd quarter. Rafferty Asset Management LLC now owns 1,988 shares of the transportation company’s stock valued at $505,000 after purchasing an additional 232 shares during the period. Citigroup Inc. increased its holdings in shares of Old Dominion Freight Line by 9.6% in the 2nd quarter. Citigroup Inc. now owns 124,476 shares of the transportation company’s stock valued at $31,592,000 after purchasing an additional 10,938 shares during the period. Van ECK Associates Corp increased its holdings in shares of Old Dominion Freight Line by 24.6% in the 2nd quarter. Van ECK Associates Corp now owns 8,972 shares of the transportation company’s stock valued at $2,277,000 after purchasing an additional 1,770 shares during the period. BNP Paribas Arbitrage SA increased its holdings in shares of Old Dominion Freight Line by 288.0% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 47,723 shares of the transportation company’s stock valued at $12,112,000 after purchasing an additional 35,424 shares during the period. Finally, Empirical Finance LLC acquired a new position in shares of Old Dominion Freight Line in the 2nd quarter valued at about $232,000. Institutional investors own 71.02% of the company’s stock.

In other news, Chairman David S. Congdon sold 17,000 shares of the firm’s stock in a transaction on Thursday, November 18th. The stock was sold at an average price of $353.66, for a total value of $6,012,220.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Leo H. Suggs sold 3,000 shares of the firm’s stock in a transaction on Monday, November 1st. The shares were sold at an average price of $345.03, for a total value of $1,035,090.00. The disclosure for this sale can be found here. 12.00% of the stock is owned by company insiders.

ODFL has been the topic of a number of research reports. KeyCorp increased their price objective on Old Dominion Freight Line from $350.00 to $375.00 and gave the stock an “overweight” rating in a report on Tuesday, November 30th. Susquehanna initiated coverage on Old Dominion Freight Line in a report on Thursday, December 9th. They issued a “neutral” rating and a $365.00 price objective on the stock. Benchmark initiated coverage on Old Dominion Freight Line in a report on Friday, December 3rd. They issued a “hold” rating on the stock. UBS Group downgraded Old Dominion Freight Line from a “buy” rating to a “neutral” rating and increased their price objective for the stock from $288.00 to $365.00 in a report on Tuesday, November 16th. Finally, Raymond James increased their price objective on Old Dominion Freight Line from $345.00 to $380.00 and gave the stock a “market outperform” rating in a report on Thursday, December 30th. One equities research analyst has rated the stock with a sell rating, sixteen have given a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, Old Dominion Freight Line presently has a consensus rating of “Hold” and an average price target of $313.90.

Shares of ODFL stock opened at $316.12 on Friday. The stock has a market cap of $36.36 billion, a P/E ratio of 39.08, a price-to-earnings-growth ratio of 1.13 and a beta of 1.01. Old Dominion Freight Line, Inc. has a one year low of $192.76 and a one year high of $373.58. The stock has a fifty day moving average price of $349.48 and a 200 day moving average price of $308.71. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.39 and a quick ratio of 2.39.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its earnings results on Wednesday, October 27th. The transportation company reported $2.47 EPS for the quarter, topping the consensus estimate of $2.37 by $0.10. The firm had revenue of $1.40 billion during the quarter, compared to analysts’ expectations of $1.38 billion. Old Dominion Freight Line had a return on equity of 28.35% and a net margin of 19.22%. Old Dominion Freight Line’s quarterly revenue was up 32.3% compared to the same quarter last year. During the same period last year, the business earned $1.71 earnings per share. Equities research analysts anticipate that Old Dominion Freight Line, Inc. will post 8.71 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Wednesday, December 15th. Investors of record on Wednesday, December 1st were given a $0.20 dividend. The ex-dividend date was Tuesday, November 30th. This represents a $0.80 annualized dividend and a yield of 0.25%. Old Dominion Freight Line’s dividend payout ratio (DPR) is currently 9.89%.

About Old Dominion Freight Line

Old Dominion Freight Line, Inc engages in the provision of less-than-truckload services. The firm involves in the ground and air expedited transportation and consumer household pickup and delivery. Its services include container drayage, truckload brokerage, supply chain consulting and warehousing. The company was founded by Earl Congdon Sr.

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

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