2,508,261 Shares in Old Dominion Freight Line, Inc. $ODFL Purchased by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon purchased 2.51 million Old Dominion Freight Line shares worth approximately $543.3 million, giving it a 1.21% stake. Institutional investors and hedge funds collectively own 77.82% of the company.
• Old Dominion reported quarterly EPS of $1.68, beating estimates of $1.54, while revenue rose 10.4% year over year to $1.55 billion. The company also declared a $0.29 quarterly dividend, representing a 0.6% yield.
• Analyst sentiment is mixed, with a consensus “Hold” rating and an average price target of $226.55; recent targets range from $220 to $263.

Bank of New York Mellon Corp purchased a new stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 2,508,261 shares of the transportation company's stock, valued at approximately $543,289,000. Bank of New York Mellon Corp owned about 1.21% of Old Dominion Freight Line as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Bogart Wealth LLC increased its holdings in Old Dominion Freight Line by 9.9% during the 1st quarter. Bogart Wealth LLC now owns 511 shares of the transportation company's stock valued at $100,000 after purchasing an additional 46 shares in the last quarter. Private Advisor Group LLC grew its holdings in shares of Old Dominion Freight Line by 1.3% during the first quarter. Private Advisor Group LLC now owns 4,164 shares of the transportation company's stock worth $814,000 after purchasing an additional 55 shares during the last quarter. Keybank National Association OH grew its holdings in shares of Old Dominion Freight Line by 2.3% during the first quarter. Keybank National Association OH now owns 2,450 shares of the transportation company's stock worth $479,000 after purchasing an additional 56 shares during the last quarter. Deseret Mutual Benefit Administrators increased its stake in shares of Old Dominion Freight Line by 9.7% in the fourth quarter. Deseret Mutual Benefit Administrators now owns 645 shares of the transportation company's stock valued at $101,000 after buying an additional 57 shares in the last quarter. Finally, Verdence Capital Advisors LLC raised its holdings in shares of Old Dominion Freight Line by 1.2% in the fourth quarter. Verdence Capital Advisors LLC now owns 5,181 shares of the transportation company's stock valued at $812,000 after buying an additional 60 shares during the last quarter. 77.82% of the stock is currently owned by institutional investors and hedge funds.

Old Dominion Freight Line Trading Up 1.0%

NASDAQ:ODFL opened at $206.47 on Friday. Old Dominion Freight Line, Inc. has a 1 year low of $126.01 and a 1 year high of $252.03. The stock has a 50-day moving average price of $220.21 and a two-hundred day moving average price of $210.45. The stock has a market cap of $42.81 billion, a price-to-earnings ratio of 39.78, a PEG ratio of 3.55 and a beta of 1.18.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last issued its quarterly earnings data on Wednesday, July 29th. The transportation company reported $1.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.54 by $0.14. Old Dominion Freight Line had a net margin of 19.44% and a return on equity of 24.87%. The company had revenue of $1.55 billion during the quarter, compared to the consensus estimate of $1.54 billion. During the same quarter in the prior year, the firm earned $1.27 earnings per share. The firm's revenue was up 10.4% compared to the same quarter last year. Sell-side analysts forecast that Old Dominion Freight Line, Inc. will post 5.78 earnings per share for the current year.

Old Dominion Freight Line Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 16th. Stockholders of record on Wednesday, September 2nd will be issued a $0.29 dividend. This represents a $1.16 annualized dividend and a dividend yield of 0.6%. The ex-dividend date of this dividend is Wednesday, September 2nd. Old Dominion Freight Line's dividend payout ratio is presently 22.35%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on ODFL. Morgan Stanley reiterated an "equal weight" rating and set a $245.00 price target (up from $235.00) on shares of Old Dominion Freight Line in a research report on Monday, July 6th. Stifel Nicolaus set a $263.00 price target on shares of Old Dominion Freight Line and gave the company a "buy" rating in a report on Thursday, July 30th. Evercore restated an "outperform" rating and issued a $243.00 price objective on shares of Old Dominion Freight Line in a research report on Thursday, July 30th. Wells Fargo & Company raised Old Dominion Freight Line from an "underweight" rating to an "overweight" rating and upped their price objective for the stock from $235.00 to $250.00 in a report on Wednesday, July 8th. Finally, Barclays increased their price objective on Old Dominion Freight Line from $210.00 to $220.00 and gave the company an "equal weight" rating in a research report on Thursday, June 25th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, thirteen have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $226.55.

Old Dominion Freight Line Company Profile

Old Dominion Freight Line is a U.S.-based less-than-truckload (LTL) transportation company that provides regional, inter-regional and national freight services. Founded in 1934 and headquartered in Thomasville, North Carolina, the company has grown from a regional carrier into a national freight network, operating a broad system of service centers and terminals to move shipments for shippers of varying sizes and industries.

The company's core business is LTL trucking, offering scheduled pickup and delivery for palletized freight that does not require a full truckload.

Want to see what other hedge funds are holding ODFL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source