739,367 Shares in Old Dominion Freight Line, Inc. $ODFL Purchased by Bank of America Corp DE

Key Points

• Bank of America purchased 739,367 shares of Old Dominion Freight Line during the second quarter, worth approximately $160.1 million and representing about 0.36% of the company. Institutional investors collectively own 77.82% of ODFL.
• Analysts maintain a generally cautious outlook, with the stock carrying a consensus “Hold” rating and an average price target of $227.65. Recent targets range from $227 to $243.
• Old Dominion exceeded quarterly expectations, reporting $1.68 EPS and $1.55 billion in revenue, with revenue up 10.4% year over year. The company also pays a $0.29 quarterly dividend, while shares recently traded at $175.09.

Bank of America Corp DE purchased a new stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) during the second quarter, according to its most recent disclosure with the SEC. The firm purchased 739,367 shares of the transportation company's stock, valued at approximately $160,147,000. Bank of America Corp DE owned approximately 0.36% of Old Dominion Freight Line at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of ODFL. Bogart Wealth LLC increased its position in shares of Old Dominion Freight Line by 9.9% during the first quarter. Bogart Wealth LLC now owns 511 shares of the transportation company's stock worth $100,000 after purchasing an additional 46 shares in the last quarter. Private Advisor Group LLC boosted its stake in Old Dominion Freight Line by 1.3% during the 1st 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 boosted its stake in Old Dominion Freight Line by 2.3% during the 1st 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 grew its holdings in shares of Old Dominion Freight Line by 9.7% during the fourth quarter. Deseret Mutual Benefit Administrators now owns 645 shares of the transportation company's stock worth $101,000 after buying an additional 57 shares in the last quarter. Finally, Annis Gardner Whiting Capital Advisors LLC grew its holdings in shares of Old Dominion Freight Line by 80.5% during the first quarter. Annis Gardner Whiting Capital Advisors LLC now owns 139 shares of the transportation company's stock worth $27,000 after buying an additional 62 shares in the last quarter. 77.82% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

ODFL has been the subject of a number of recent research reports. Benchmark reiterated a "hold" rating on shares of Old Dominion Freight Line in a research report on Thursday, June 4th. Raymond James Financial reaffirmed an "outperform" rating and set a $241.00 price objective (up from $224.00) on shares of Old Dominion Freight Line in a research note on Monday, July 13th. Jefferies Financial Group reiterated a "hold" rating and issued a $227.00 price objective (down from $250.00) on shares of Old Dominion Freight Line in a report on Thursday, July 30th. UBS Group reissued a "neutral" rating and issued a $228.00 target price (up from $224.00) on shares of Old Dominion Freight Line in a research note on Thursday, July 30th. Finally, Evercore restated an "outperform" rating and set a $243.00 target price (up from $237.00) 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, ten have assigned a Buy rating, thirteen have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $227.65.

Old Dominion Freight Line Stock Performance

Shares of ODFL stock opened at $175.09 on Friday. The firm has a market cap of $36.31 billion, a P/E ratio of 33.74, a P/E/G ratio of 2.92 and a beta of 1.16. The firm's 50 day moving average price is $207.84 and its 200-day moving average price is $209.53. Old Dominion Freight Line, Inc. has a one year low of $126.01 and a one year high of $252.03.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last posted its earnings results on Wednesday, July 29th. The transportation company reported $1.68 earnings per share for the quarter, beating 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 firm had revenue of $1.55 billion during the quarter, compared to the consensus estimate of $1.54 billion. During the same quarter last year, the firm earned $1.27 EPS. The firm's revenue for the quarter was up 10.4% on a year-over-year basis. As a group, research analysts predict that Old Dominion Freight Line, Inc. will post 5.78 EPS for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 16th. Investors of record on Wednesday, September 2nd were issued a $0.29 dividend. This represents a $1.16 annualized dividend and a dividend yield of 0.7%. The ex-dividend date was Wednesday, September 2nd. Old Dominion Freight Line's payout ratio is currently 22.35%.

Insider Activity

In related news, SVP Cecil Overbey, Jr. sold 19,952 shares of the stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $198.39, for a total transaction of $3,958,277.28. Following the transaction, the senior vice president owned 22,746 shares of the company's stock, valued at approximately $4,512,578.94. This represents a 46.73% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 8.20% of the company's stock.

Old Dominion Freight Line Company Profile

Old Dominion Freight Line, Inc is a transportation and logistics company that specializes in less-than-truckload (LTL) freight services. The company transports shipments that do not require a full trailer, consolidating freight from multiple customers and providing regional, inter-regional and nationwide service.

Its service offerings include expedited transportation, truckload brokerage, container drayage, warehousing and supply chain consulting. Old Dominion operates a network of service centers and transportation facilities designed to support pickup and delivery, freight handling and distribution throughout the contiguous United States, with additional cross-border service to Canada and Mexico.

Founded in 1934 by Earl and Lillian Congdon, the company is headquartered in Thomasville, North Carolina.

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