CIBC Asset Management Inc Has $13.31 Million Holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

CIBC Asset Management Inc grew its stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 8.1% in the third quarter, HoldingsChannel.com reports. The fund owned 67,004 shares of the transportation company’s stock after acquiring an additional 5,041 shares during the period. CIBC Asset Management Inc’s holdings in Old Dominion Freight Line were worth $13,310,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of ODFL. Sei Investments Co. increased its stake in shares of Old Dominion Freight Line by 98.6% in the 1st quarter. Sei Investments Co. now owns 43,188 shares of the transportation company’s stock valued at $9,471,000 after acquiring an additional 21,438 shares during the last quarter. First Foundation Advisors increased its stake in shares of Old Dominion Freight Line by 105.9% in the 1st quarter. First Foundation Advisors now owns 208 shares of the transportation company’s stock valued at $46,000 after acquiring an additional 107 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp increased its stake in shares of Old Dominion Freight Line by 85.7% in the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 214,954 shares of the transportation company’s stock valued at $47,041,000 after acquiring an additional 99,228 shares during the last quarter. Westfield Capital Management Co. LP increased its stake in shares of Old Dominion Freight Line by 100.0% in the 1st quarter. Westfield Capital Management Co. LP now owns 2,498 shares of the transportation company’s stock valued at $548,000 after acquiring an additional 1,249 shares during the last quarter. Finally, Ontario Teachers Pension Plan Board increased its stake in Old Dominion Freight Line by 148.2% during the 1st quarter. Ontario Teachers Pension Plan Board now owns 3,636 shares of the transportation company’s stock worth $797,000 after purchasing an additional 2,171 shares in the last quarter. 77.82% of the stock is owned by institutional investors.

Old Dominion Freight Line Stock Performance

Shares of ODFL stock opened at $215.57 on Friday. The business’s 50 day simple moving average is $201.32 and its 200 day simple moving average is $191.30. Old Dominion Freight Line, Inc. has a one year low of $165.49 and a one year high of $233.26. The stock has a market capitalization of $46.02 billion, a PE ratio of 37.69, a PEG ratio of 6.36 and a beta of 0.99. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.33 and a quick ratio of 1.33.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its earnings results on Wednesday, October 23rd. The transportation company reported $1.43 EPS for the quarter, beating the consensus estimate of $1.42 by $0.01. Old Dominion Freight Line had a return on equity of 29.40% and a net margin of 21.03%. The business had revenue of $1.47 billion for the quarter, compared to analysts’ expectations of $1.49 billion. During the same period in the prior year, the business posted $1.54 earnings per share. The firm’s revenue was down 3.0% on a year-over-year basis. As a group, research analysts forecast that Old Dominion Freight Line, Inc. will post 5.46 earnings per share for the current year.

Old Dominion Freight Line Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Wednesday, December 4th will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.48%. The ex-dividend date is Wednesday, December 4th. Old Dominion Freight Line’s payout ratio is 18.18%.

Insiders Place Their Bets

In other Old Dominion Freight Line news, Director Greg C. Gantt sold 7,000 shares of the stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $200.07, for a total transaction of $1,400,490.00. Following the transaction, the director now directly owns 97,890 shares in the company, valued at approximately $19,584,852.30. This represents a 6.67 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Leo H. Suggs sold 3,000 shares of the stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $225.44, for a total value of $676,320.00. Following the transaction, the director now owns 7,383 shares in the company, valued at $1,664,423.52. The trade was a 28.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 49,975 shares of company stock worth $10,062,478. Corporate insiders own 9.90% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently issued reports on ODFL shares. Susquehanna lowered their target price on Old Dominion Freight Line from $225.00 to $218.00 and set a “positive” rating for the company in a research note on Thursday, October 24th. The Goldman Sachs Group cut their price objective on Old Dominion Freight Line from $228.00 to $216.00 and set a “neutral” rating for the company in a report on Wednesday, October 9th. Raymond James increased their price objective on Old Dominion Freight Line from $190.00 to $209.00 and gave the company an “outperform” rating in a report on Thursday, July 25th. Argus downgraded Old Dominion Freight Line from a “buy” rating to a “hold” rating in a report on Tuesday, November 12th. Finally, Stifel Nicolaus cut Old Dominion Freight Line from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $209.00 to $197.00 in a research report on Monday, October 21st. One equities research analyst has rated the stock with a sell rating, fifteen have given a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Old Dominion Freight Line has an average rating of “Hold” and a consensus price target of $200.00.

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.