Entropy Technologies LP Buys Shares of 6,763 Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Entropy Technologies LP purchased a new position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 6,763 shares of the transportation company’s stock, valued at approximately $1,193,000.

Several other hedge funds have also recently modified their holdings of ODFL. Avanza Fonder AB acquired a new position in Old Dominion Freight Line in the 4th quarter valued at $3,741,000. Toronto Dominion Bank increased its stake in shares of Old Dominion Freight Line by 77.7% during the third quarter. Toronto Dominion Bank now owns 98,061 shares of the transportation company’s stock worth $19,479,000 after acquiring an additional 42,880 shares during the period. Board of the Pension Protection Fund purchased a new position in Old Dominion Freight Line during the fourth quarter worth about $600,000. Sequoia Financial Advisors LLC lifted its position in Old Dominion Freight Line by 20.5% in the third quarter. Sequoia Financial Advisors LLC now owns 5,979 shares of the transportation company’s stock valued at $1,188,000 after purchasing an additional 1,017 shares during the period. Finally, Reliant Investment Management LLC boosted its holdings in Old Dominion Freight Line by 10.4% in the 4th quarter. Reliant Investment Management LLC now owns 21,850 shares of the transportation company’s stock valued at $3,854,000 after purchasing an additional 2,060 shares in the last quarter. 77.82% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

ODFL has been the subject of a number of analyst reports. Citigroup increased their target price on Old Dominion Freight Line from $201.00 to $241.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 12th. TD Cowen cut their price objective on Old Dominion Freight Line from $203.00 to $196.00 and set a “hold” rating for the company in a research report on Thursday, October 24th. Barclays decreased their target price on shares of Old Dominion Freight Line from $220.00 to $210.00 and set an “equal weight” rating on the stock in a research report on Friday, January 17th. Stephens reiterated an “overweight” rating and issued a $240.00 price target on shares of Old Dominion Freight Line in a report on Thursday, February 6th. Finally, Susquehanna reissued a “neutral” rating and set a $195.00 price objective (down previously from $218.00) on shares of Old Dominion Freight Line in a report on Tuesday, January 7th. Two investment analysts have rated the stock with a sell rating, sixteen have assigned a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $203.33.

Old Dominion Freight Line Stock Performance

NASDAQ ODFL opened at $201.78 on Tuesday. 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 fifty-two week low of $165.49 and a fifty-two week high of $233.26. The business has a fifty day moving average of $189.63 and a 200-day moving average of $197.72. The stock has a market cap of $43.08 billion, a price-to-earnings ratio of 36.82, a price-to-earnings-growth ratio of 5.30 and a beta of 1.05.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its earnings results on Wednesday, February 5th. The transportation company reported $1.23 earnings per share for the quarter, beating the consensus estimate of $1.17 by $0.06. Old Dominion Freight Line had a net margin of 20.40% and a return on equity of 28.02%. As a group, analysts predict that Old Dominion Freight Line, Inc. will post 5.69 earnings per share for the current fiscal year.

Old Dominion Freight Line Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th will be paid a dividend of $0.28 per share. This is an increase from Old Dominion Freight Line’s previous quarterly dividend of $0.26. The ex-dividend date is Wednesday, March 5th. This represents a $1.12 annualized dividend and a dividend yield of 0.56%. Old Dominion Freight Line’s dividend payout ratio is presently 18.98%.

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.