6,589 Shares in Old Dominion Freight Line, Inc. $ODFL Purchased by Nicholas Investment Partners LP

Key Points

• Nicholas Investment Partners purchased 6,589 Old Dominion Freight Line shares worth approximately $1.43 million, while institutional investors collectively own 77.82% of the company.
• Old Dominion reported quarterly EPS of $1.68, exceeding estimates of $1.54, as revenue rose 10.4% year over year to $1.55 billion.
• The company declared a quarterly dividend of $0.29, equivalent to $1.16 annually and a 0.6% yield. Analysts maintain a consensus “Hold” rating with an average price target of $226.55.

Nicholas Investment Partners LP acquired a new stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 6,589 shares of the transportation company's stock, valued at approximately $1,427,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Bell Investment Advisors Inc purchased a new position in Old Dominion Freight Line in the 2nd quarter worth about $25,000. Solstein Capital LLC purchased a new stake in shares of Old Dominion Freight Line during the 2nd quarter valued at about $26,000. Annis Gardner Whiting Capital Advisors LLC boosted its holdings in shares of Old Dominion Freight Line by 80.5% during the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 139 shares of the transportation company's stock valued at $27,000 after acquiring an additional 62 shares during the last quarter. Reflection Asset Management bought a new stake in shares of Old Dominion Freight Line in the fourth quarter worth approximately $28,000. Finally, Evolution Wealth Management Inc. bought a new stake in shares of Old Dominion Freight Line in the first quarter worth approximately $29,000. 77.82% of the stock is currently owned by institutional investors.

Old Dominion Freight Line Price Performance

Shares of ODFL stock opened at $201.48 on Tuesday. Old Dominion Freight Line, Inc. has a one year low of $126.01 and a one year high of $252.03. The company's fifty day moving average price is $219.49 and its 200-day moving average price is $210.71. The company has a market capitalization of $41.78 billion, a price-to-earnings ratio of 38.82, a PEG ratio of 3.59 and a beta of 1.18.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last issued its earnings results on Wednesday, July 29th. The transportation company reported $1.68 earnings per share 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 posted $1.27 EPS. Old Dominion Freight Line's quarterly revenue was up 10.4% compared to the same quarter last year. Equities research analysts expect that Old Dominion Freight Line, Inc. will post 5.78 earnings per share for the current fiscal year.

Old Dominion Freight Line Announces Dividend

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

Wall Street Analyst Weigh In

ODFL has been the topic of a number of research analyst reports. BMO Capital Markets restated an "outperform" rating and set a $230.00 price objective on shares of Old Dominion Freight Line in a research report on Thursday, June 4th. Benchmark restated a "hold" rating on shares of Old Dominion Freight Line in a report on Thursday, June 4th. Wall Street Zen raised shares of Old Dominion Freight Line from a "hold" rating to a "buy" rating in a research report on Saturday, August 8th. Wells Fargo & Company upgraded shares of Old Dominion Freight Line from an "underweight" rating to an "overweight" rating and boosted their target price for the company from $235.00 to $250.00 in a research note on Wednesday, July 8th. Finally, Citigroup reissued a "neutral" rating and set a $231.00 price target (up from $228.00) on shares of Old Dominion Freight Line in a report on Thursday, July 30th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, thirteen have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, Old Dominion Freight Line presently has a consensus rating of "Hold" and a consensus target price of $226.55.

About Old Dominion Freight Line

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.

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