Brasada Capital Management LP Makes New Investment in Old Dominion Freight Line, Inc. $ODFL

Key Points

• Brasada Capital Management acquired 19,468 shares of Old Dominion Freight Line in the second quarter, valued at approximately $4.2 million. Institutional investors collectively own 77.82% of the company.
• Analyst sentiment remains mixed, with the stock carrying an average “Hold” rating and a consensus price target of $226.55. Wells Fargo upgraded the shares to “overweight,” while several other firms maintained neutral or equal-weight ratings.
• Old Dominion reported strong quarterly results, with EPS of $1.68 beating estimates and revenue rising 10.4% year over year to $1.55 billion. The company also declared a quarterly dividend of $0.29 per share, representing a 0.6% yield.

Brasada Capital Management LP acquired a new stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 19,468 shares of the transportation company's stock, valued at approximately $4,217,000.

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

Insider Activity

In other news, SVP Cecil E. Jr. Overbey sold 19,952 shares of the company's stock in a transaction on 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 $4,512,578.94. This represents a 46.73% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 8.20% of the stock is currently owned by insiders.

Analyst Ratings Changes

ODFL has been the topic of a number of recent research reports. Morgan Stanley reaffirmed an "equal weight" rating and issued a $245.00 price objective (up from $235.00) on shares of Old Dominion Freight Line in a research note on Monday, July 6th. Citigroup restated a "neutral" rating and issued a $231.00 target price (up from $228.00) on shares of Old Dominion Freight Line in a report on Thursday, July 30th. Wells Fargo & Company raised shares of Old Dominion Freight Line from an "underweight" rating to an "overweight" rating and raised their price target for the company from $235.00 to $250.00 in a research report on Wednesday, July 8th. Barclays lifted their price target on Old Dominion Freight Line from $210.00 to $220.00 and gave the company an "equal weight" rating in a research note on Thursday, June 25th. Finally, BMO Capital Markets reissued an "outperform" rating and set a $230.00 price objective 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 assigned a Buy rating, thirteen have issued a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $226.55.

Old Dominion Freight Line Stock Up 0.3%

Old Dominion Freight Line stock opened at $200.06 on Friday. Old Dominion Freight Line, Inc. has a twelve month low of $126.01 and a twelve month high of $252.03. The firm has a 50 day moving average price of $218.02 and a 200-day moving average price of $210.60. The company has a market capitalization of $41.48 billion, a P/E ratio of 38.55, a P/E/G ratio of 3.46 and a beta of 1.18.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last posted its quarterly earnings results on Wednesday, July 29th. The transportation company reported $1.68 EPS for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to analysts' expectations of $1.54 billion. During the same quarter in the previous year, the firm posted $1.27 EPS. Old Dominion Freight Line's revenue was up 10.4% on a year-over-year basis. Equities analysts expect 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 announced a quarterly dividend, which will be paid on Wednesday, September 16th. Shareholders of record on Wednesday, September 2nd will be paid a $0.29 dividend. The ex-dividend date is Wednesday, September 2nd. This represents a $1.16 annualized dividend and a dividend yield of 0.6%. Old Dominion Freight Line's payout ratio is presently 22.35%.

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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