Azimuth Capital Investment Management LLC Takes $32.33 Million Position in Old Dominion Freight Line, Inc. $ODFL

Key Points

• Azimuth Capital Investment Management acquired 149,275 shares of Old Dominion Freight Line worth approximately $32.33 million, representing 0.07% of the company and about 1.1% of Azimuth’s portfolio. Institutional investors collectively own 77.82% of ODFL.
• Analysts remain mixed: several firms maintain “buy” or “outperform” ratings, while the consensus rating is “Hold” with an average price target of $226.55. ODFL recently traded at $185.87, below its 50- and 200-day moving averages.
• Old Dominion exceeded quarterly expectations, reporting $1.68 in adjusted EPS and $1.55 billion in revenue, up 10.4% year over year. The company also declared a quarterly dividend of $0.29 per share, equal to a 0.6% annualized yield.

Azimuth Capital Investment Management LLC bought a new position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 149,275 shares of the transportation company's stock, valued at approximately $32,333,000. Old Dominion Freight Line makes up about 1.1% of Azimuth Capital Investment Management LLC's portfolio, making the stock its 13th biggest position. Azimuth Capital Investment Management LLC owned 0.07% of Old Dominion Freight Line as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of ODFL. Bell Investment Advisors Inc bought a new position in Old Dominion Freight Line during the 2nd quarter worth $25,000. Solstein Capital LLC bought a new stake in shares of Old Dominion Freight Line during the second quarter valued at approximately $26,000. Annis Gardner Whiting Capital Advisors LLC raised 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 valued at $27,000 after buying an additional 62 shares during the last quarter. Reflection Asset Management acquired a new position in shares of Old Dominion Freight Line during the fourth quarter worth approximately $28,000. Finally, Evolution Wealth Management Inc. acquired a new stake in Old Dominion Freight Line in the 1st quarter valued at approximately $29,000. Institutional investors own 77.82% of the company's stock.

Insider Activity

In other news, SVP Cecil Overbey, Jr. sold 19,952 shares of the company's stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $198.39, for a total transaction of $3,958,277.28. Following the completion of 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 8.20% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. Stifel Nicolaus set a $263.00 target price on shares of Old Dominion Freight Line and gave the company a "buy" rating in a research report on Thursday, July 30th. The Goldman Sachs Group reaffirmed a "buy" rating and set a $244.00 target price on shares of Old Dominion Freight Line in a research report on Wednesday, July 29th. BMO Capital Markets reaffirmed an "outperform" rating and set a $230.00 target price on shares of Old Dominion Freight Line in a report on Thursday, June 4th. Truist Financial upped their price target on shares of Old Dominion Freight Line from $225.00 to $250.00 and gave the company a "buy" rating in a research report on Wednesday, July 15th. Finally, Morgan Stanley reissued an "equal weight" rating and set a $245.00 target price (up from $235.00) on shares of Old Dominion Freight Line in a research note on Monday, July 6th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, thirteen have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $226.55.

Old Dominion Freight Line Price Performance

NASDAQ ODFL opened at $185.87 on Friday. The firm has a market cap of $38.54 billion, a P/E ratio of 35.81, a price-to-earnings-growth ratio of 3.19 and a beta of 1.16. The stock's 50-day moving average is $214.60 and its two-hundred day moving average is $210.39. Old Dominion Freight Line, Inc. has a fifty-two week low of $126.01 and a fifty-two week high of $252.03.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The transportation company reported $1.68 EPS for the quarter, beating the consensus estimate of $1.54 by $0.14. The company had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.54 billion. Old Dominion Freight Line had a return on equity of 24.87% and a net margin of 19.44%.The company's revenue for the quarter was up 10.4% compared to the same quarter last year. During the same quarter last year, the company posted $1.27 earnings per share. On average, equities analysts expect that Old Dominion Freight Line, Inc. will post 5.78 EPS for the current 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 of this dividend is Wednesday, September 2nd. Old Dominion Freight Line's dividend payout ratio is currently 22.35%.

Old Dominion Freight Line 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.

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