Renaissance Technologies LLC Invests $82.40 Million in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Renaissance Technologies LLC purchased a new position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) in the 2nd quarter, HoldingsChannel reports. The institutional investor purchased 466,582 shares of the transportation company’s stock, valued at approximately $82,398,000.

Several other large investors have also recently made changes to their positions in the stock. Jones Financial Companies Lllp raised its position in shares of Old Dominion Freight Line by 22.5% in the 4th quarter. Jones Financial Companies Lllp now owns 147 shares of the transportation company’s stock worth $60,000 after acquiring an additional 27 shares in the last quarter. Partners Capital Investment Group LLP raised its position in shares of Old Dominion Freight Line by 6.1% in the 4th quarter. Partners Capital Investment Group LLP now owns 697 shares of the transportation company’s stock worth $283,000 after acquiring an additional 40 shares in the last quarter. Gulf International Bank UK Ltd raised its position in shares of Old Dominion Freight Line by 0.6% in the 1st quarter. Gulf International Bank UK Ltd now owns 8,474 shares of the transportation company’s stock worth $1,858,000 after acquiring an additional 47 shares in the last quarter. STF Management LP raised its position in shares of Old Dominion Freight Line by 2.7% in the 4th quarter. STF Management LP now owns 1,850 shares of the transportation company’s stock worth $750,000 after acquiring an additional 49 shares in the last quarter. Finally, Foundations Investment Advisors LLC raised its position in shares of Old Dominion Freight Line by 0.6% in the 2nd quarter. Foundations Investment Advisors LLC now owns 9,124 shares of the transportation company’s stock worth $1,611,000 after acquiring an additional 54 shares in the last quarter. 77.82% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research analysts recently weighed in on the company. Bank of America dropped their target price on Old Dominion Freight Line from $210.00 to $206.00 and set a “neutral” rating on the stock in a research note on Friday, September 6th. BMO Capital Markets boosted their target price on Old Dominion Freight Line from $210.00 to $215.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. Susquehanna dropped their target price on Old Dominion Freight Line from $245.00 to $210.00 and set a “positive” rating on the stock in a research note on Wednesday, June 12th. Wells Fargo & Company dropped their target price on Old Dominion Freight Line from $175.00 to $170.00 and set an “underweight” rating on the stock in a research note on Thursday, September 5th. Finally, Stephens restated an “overweight” rating and set a $214.00 target price on shares of Old Dominion Freight Line in a research note on Thursday, September 5th. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $201.00.

Insider Transactions at Old Dominion Freight Line

In other news, Chairman David S. Congdon sold 29,975 shares of the company’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $201.30, for a total value of $6,033,967.50. Following the sale, the chairman now owns 1,401,621 shares in the company, valued at $282,146,307.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, Chairman David S. Congdon sold 29,975 shares of the company’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $201.30, for a total value of $6,033,967.50. Following the completion of the transaction, the chairman now owns 1,401,621 shares of the company’s stock, valued at approximately $282,146,307.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman David S. Congdon sold 10,000 shares of the company’s 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 completion of the transaction, the chairman now directly owns 1,391,621 shares of the company’s stock, valued at approximately $271,602,670.57. The disclosure for this sale can be found here. Company insiders own 9.90% of the company’s stock.

Old Dominion Freight Line Stock Down 0.4 %

Shares of ODFL opened at $191.92 on Tuesday. Old Dominion Freight Line, Inc. has a 52 week low of $165.49 and a 52 week high of $227.80. The company has a quick ratio of 1.46, a current ratio of 1.46 and a debt-to-equity ratio of 0.01. The company has a market capitalization of $41.70 billion, a price-to-earnings ratio of 33.79, a PEG ratio of 3.92 and a beta of 0.99. The stock’s 50-day moving average price is $195.23 and its 200-day moving average price is $196.13.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its earnings results on Wednesday, July 24th. The transportation company reported $1.48 EPS for the quarter, topping analysts’ consensus estimates of $1.45 by $0.03. Old Dominion Freight Line had a return on equity of 30.33% and a net margin of 21.38%. The firm had revenue of $1.50 billion for the quarter, compared to the consensus estimate of $1.50 billion. During the same quarter in the prior year, the business earned $1.33 earnings per share. The company’s revenue was up 6.1% compared to the same quarter last year. On average, sell-side analysts predict that Old Dominion Freight Line, Inc. will post 5.64 EPS for the current year.

Old Dominion Freight Line Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 18th. Stockholders of record on Wednesday, September 4th will be paid a $0.26 dividend. The ex-dividend date is Wednesday, September 4th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.54%. Old Dominion Freight Line’s payout ratio is 18.31%.

Old Dominion Freight Line 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.