Beacon Pointe Advisors LLC Buys New Stake in Old Dominion Freight Line, Inc. $ODFL

Beacon Pointe Advisors LLC purchased a new position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 16,897 shares of the transportation company's stock, valued at approximately $3,660,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in Old Dominion Freight Line during the second quarter worth approximately $3,416,007,000. Norges Bank acquired a new position in shares of Old Dominion Freight Line during the 4th quarter worth approximately $444,983,000. Bank of New York Mellon Corp purchased a new position in shares of Old Dominion Freight Line during the 2nd quarter valued at approximately $543,289,000. Boston Partners purchased a new position in shares of Old Dominion Freight Line during the 3rd quarter valued at approximately $292,599,000. Finally, Price T Rowe Associates Inc. MD grew its stake in Old Dominion Freight Line by 14.1% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 14,223,960 shares of the transportation company's stock valued at $2,230,318,000 after acquiring an additional 1,761,511 shares during the period. Institutional investors and hedge funds own 77.82% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on ODFL shares. Wells Fargo & Company raised shares of Old Dominion Freight Line from an "underweight" rating to an "overweight" rating and increased their price objective for the company from $235.00 to $250.00 in a report on Wednesday, July 8th. The Goldman Sachs Group reaffirmed a "buy" rating and issued a $244.00 price target on shares of Old Dominion Freight Line in a research note on Wednesday, July 29th. Wall Street Zen cut Old Dominion Freight Line from a "buy" rating to a "hold" rating in a report on Saturday. Raymond James Financial reiterated an "outperform" rating and set a $241.00 price target (up from $224.00) on shares of Old Dominion Freight Line in a research report on Monday, July 13th. Finally, Benchmark reaffirmed a "hold" rating on shares of Old Dominion Freight Line in a report on Thursday, June 4th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, thirteen have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $226.55.

Old Dominion Freight Line Stock Down 0.7%

Shares of NASDAQ ODFL opened at $198.63 on Friday. The business's 50 day moving average is $217.58 and its two-hundred day moving average is $210.52. Old Dominion Freight Line, Inc. has a 52-week low of $126.01 and a 52-week high of $252.03. The firm has a market cap of $41.19 billion, a price-to-earnings ratio of 38.27, a PEG ratio of 3.45 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 for the quarter, beating analysts' consensus estimates of $1.54 by $0.14. The business had revenue of $1.55 billion during the quarter, compared to analysts' expectations 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 was up 10.4% on a year-over-year basis. During the same period in the previous year, the firm posted $1.27 earnings per share. Analysts anticipate that Old Dominion Freight Line, Inc. will post 5.78 EPS for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

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

Insider Transactions at Old Dominion Freight Line

In other news, SVP Cecil E. Jr. Overbey sold 19,952 shares of the 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 sale, 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 document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 8.20% of the stock is owned by company insiders.

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.

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