Castleark Management LLC Takes Position in Old Dominion Freight Line, Inc. $ODFL

Key Points

• Castleark Management initiated a position in Old Dominion Freight Line, purchasing 5,160 shares valued at approximately $1.12 million. Institutional investors and hedge funds collectively own 77.82% of the company.
• Old Dominion reported quarterly earnings of $1.68 per share, beating estimates of $1.54, while revenue rose 10.4% year over year to $1.55 billion. The company also declared a quarterly dividend of $0.29 per share, yielding 0.6% annually.
• Analysts maintain a consensus “Hold” rating with an average price target of $226.55, compared with shares opening at $199.43. Separately, a senior vice president sold nearly 20,000 shares worth about $3.96 million.

Castleark Management LLC bought 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 fund bought 5,160 shares of the transportation company's stock, valued at approximately $1,118,000.

A number of other large investors have also added to or reduced their stakes in ODFL. Brighton Jones LLC grew its stake in Old Dominion Freight Line by 5.3% in the fourth quarter. Brighton Jones LLC now owns 1,559 shares of the transportation company's stock worth $275,000 after purchasing an additional 79 shares in the last quarter. Empowered Funds LLC lifted its holdings in Old Dominion Freight Line by 134.9% during the 1st quarter. Empowered Funds LLC now owns 10,213 shares of the transportation company's stock worth $1,690,000 after buying an additional 5,866 shares during the last quarter. Marshall Wace LLP acquired a new position in shares of Old Dominion Freight Line in the 2nd quarter worth approximately $7,478,000. Jump Financial LLC acquired a new position in shares of Old Dominion Freight Line in the 2nd quarter worth approximately $2,891,000. Finally, AXA S.A. increased its holdings in shares of Old Dominion Freight Line by 1.2% in the 2nd quarter. AXA S.A. now owns 20,253 shares of the transportation company's stock valued at $3,287,000 after acquiring an additional 238 shares during the last quarter. 77.82% of the stock is owned by institutional investors and hedge funds.

Old Dominion Freight Line Stock Performance

Shares of NASDAQ:ODFL opened at $199.43 on Thursday. The company has a market capitalization of $41.35 billion, a PE ratio of 38.43, a price-to-earnings-growth ratio of 3.45 and a beta of 1.18. The stock has a fifty day moving average of $218.44 and a 200-day moving average of $210.62. 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 issued its earnings results on Wednesday, July 29th. The transportation company reported $1.68 EPS for the quarter, topping the consensus estimate 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%.Old Dominion Freight Line's revenue was up 10.4% compared to the same quarter last year. During the same quarter last year, the firm posted $1.27 earnings per share. As a group, research analysts forecast that Old Dominion Freight Line, Inc. will post 5.78 EPS for the current fiscal year.

Old Dominion Freight Line Announces Dividend

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

Analysts Set New Price Targets

Several research firms recently issued reports on ODFL. JPMorgan Chase & Co. upped their price target on Old Dominion Freight Line from $197.00 to $234.00 and gave the company a "neutral" rating in a research report on Monday, June 8th. UBS Group restated a "neutral" rating and issued a $228.00 price target (up from $224.00) on shares of Old Dominion Freight Line in a research report on Thursday, July 30th. Stephens reaffirmed an "overweight" rating and issued a $240.00 price target (up from $232.00) on shares of Old Dominion Freight Line in a report on Thursday, April 30th. BMO Capital Markets reiterated an "outperform" rating and set a $230.00 price objective on shares of Old Dominion Freight Line in a research note on Thursday, June 4th. Finally, Weiss Ratings raised shares of Old Dominion Freight Line from a "hold (c)" rating to a "hold (c+)" rating in a report on Tuesday, August 11th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, thirteen have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $226.55.

Insider Activity at Old Dominion Freight Line

In other Old Dominion Freight Line news, SVP Cecil E. Jr. Overbey sold 19,952 shares of the business's stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $198.39, for a total value of $3,958,277.28. Following the sale, the senior vice president owned 22,746 shares of the company's stock, valued at $4,512,578.94. The trade was a 46.73% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 8.20% of the company's stock.

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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