Corient IA LLC Purchases New Stake in Old Dominion Freight Line, Inc. $ODFL

Key Points

• Corient IA LLC invested approximately $693,000 to acquire 4,189 shares of Old Dominion Freight Line, Inc. in the first quarter.
• Old Dominion Freight Line reported $1.27 EPS for the last quarter, missing analysts' expectations of $1.29, with revenues down 6.1% year-over-year.
• The company announced a quarterly dividend of $0.28 per share, scheduled for payment on September 17th, representing a 0.7% yield.

Corient IA LLC bought a new stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 4,189 shares of the transportation company's stock, valued at approximately $693,000.

Several other hedge funds and other institutional investors have also made changes to their positions in ODFL. T. Rowe Price Investment Management Inc. grew its stake in shares of Old Dominion Freight Line by 1,575.9% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,447,784 shares of the transportation company's stock valued at $255,390,000 after buying an additional 1,361,397 shares in the last quarter. Nuveen LLC bought a new position in shares of Old Dominion Freight Line in the first quarter valued at $151,107,000. JPMorgan Chase & Co. grew its stake in shares of Old Dominion Freight Line by 45.1% in the first quarter. JPMorgan Chase & Co. now owns 2,429,750 shares of the transportation company's stock valued at $402,002,000 after buying an additional 754,796 shares in the last quarter. GAMMA Investing LLC grew its stake in shares of Old Dominion Freight Line by 24,499.9% in the first quarter. GAMMA Investing LLC now owns 514,384 shares of the transportation company's stock valued at $85,105,000 after buying an additional 512,293 shares in the last quarter. Finally, Vanguard Group Inc. boosted its position in Old Dominion Freight Line by 1.9% during the first quarter. Vanguard Group Inc. now owns 22,666,405 shares of the transportation company's stock worth $3,750,157,000 after purchasing an additional 416,097 shares during the period. 77.82% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Barclays set a $155.00 price objective on shares of Old Dominion Freight Line and gave the stock an "equal weight" rating in a research report on Thursday, July 31st. Vertical Research raised shares of Old Dominion Freight Line from a "hold" rating to a "buy" rating and set a $170.00 price objective for the company in a research report on Thursday, July 31st. Raymond James Financial reduced their price objective on shares of Old Dominion Freight Line from $180.00 to $165.00 and set an "outperform" rating for the company in a research report on Thursday, July 31st. Stephens reduced their price objective on shares of Old Dominion Freight Line from $186.00 to $174.00 and set an "overweight" rating for the company in a research report on Thursday, July 31st. Finally, Bank of America lifted their price objective on shares of Old Dominion Freight Line from $167.00 to $183.00 and gave the stock a "neutral" rating in a research report on Friday, May 16th. Eight research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $167.62.

Old Dominion Freight Line Stock Performance

Shares of Old Dominion Freight Line stock traded up $9.0270 during trading on Friday, reaching $158.7770. The company's stock had a trading volume of 1,171,936 shares, compared to its average volume of 1,843,192. The business's 50-day moving average price is $158.52 and its 200-day moving average price is $164.88. The firm has a market cap of $33.37 billion, a PE ratio of 31.04, a P/E/G ratio of 3.46 and a beta of 1.24. Old Dominion Freight Line, Inc. has a 52 week low of $140.91 and a 52 week high of $233.26. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.04.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last announced its earnings results on Wednesday, July 30th. The transportation company reported $1.27 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.29 by ($0.02). The business had revenue of $1.41 billion during the quarter, compared to the consensus estimate of $1.43 billion. Old Dominion Freight Line had a net margin of 19.42% and a return on equity of 25.94%. The company's revenue was down 6.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.48 EPS. Equities analysts forecast that Old Dominion Freight Line, Inc. will post 5.68 earnings per share for the current year.

Old Dominion Freight Line Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 17th. Investors of record on Wednesday, September 3rd will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date of this dividend is Wednesday, September 3rd. Old Dominion Freight Line's payout ratio is 21.88%.

Old Dominion Freight Line Profile

Old Dominion Freight Line, Inc operates as a less-than-truckload motor carrier in the United States and North America. The company offers regional, inter-regional, and national less-than-truckload services, as well as expedited transportation. It also provides various value-added services, including container drayage, truckload brokerage, and supply chain consulting.