Corient Private Wealth LP Makes New Investment in Old Dominion Freight Line, Inc. $ODFL

Key Points

• Corient Private Wealth initiated a roughly $11.5 million position in Old Dominion Freight Line during the second quarter, while several other institutions also bought shares. Institutional investors collectively own 77.82% of the company.
• Old Dominion reported stronger-than-expected quarterly results, with EPS of $1.68 versus the $1.54 consensus and revenue of $1.55 billion, up 10.4% year over year.
• The stock opened at $198.63, below its 50-day and 200-day moving averages. Analysts maintain a consensus “Hold” rating with an average price target of $226.55, while the company declared a $0.29 quarterly dividend.

Corient Private Wealth LP acquired a new position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 53,123 shares of the transportation company's stock, valued at approximately $11,507,000.

Other institutional investors also recently made changes to their positions in the company. Bank of America Corp DE bought a new position in shares of Old Dominion Freight Line during the 2nd quarter valued at $160,147,000. Freestone Grove Partners LP bought a new stake in Old Dominion Freight Line in the second quarter worth $38,839,000. Caisse de depot et placement du Quebec purchased a new stake in Old Dominion Freight Line during the second quarter valued at about $190,557,000. Pointe Capital Management LLC purchased a new stake in Old Dominion Freight Line during the second quarter valued at about $807,000. Finally, Man Group plc purchased a new stake in Old Dominion Freight Line during the second quarter valued at about $39,028,000. Hedge funds and other institutional investors own 77.82% of the company's stock.

Insider Buying and Selling

In related news, SVP Cecil E. Jr. Overbey sold 19,952 shares of Old Dominion Freight Line 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 in the company, valued at $4,512,578.94. The trade was a 46.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 8.20% of the stock is owned by insiders.

Old Dominion Freight Line Price Performance

ODFL opened at $198.63 on Friday. The business has a 50 day simple moving average of $217.58 and a two-hundred day simple moving average of $210.52. The firm has a market capitalization 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, 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 released its quarterly earnings data on Wednesday, July 29th. The transportation company reported $1.68 earnings per share 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%.The business's revenue was up 10.4% on a year-over-year basis. During the same quarter last year, the business posted $1.27 EPS. As a group, sell-side analysts expect that Old Dominion Freight Line, Inc. will post 5.78 EPS for the current fiscal year.

Old Dominion Freight Line Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 16th. Investors of record on Wednesday, September 2nd will be paid a $0.29 dividend. The ex-dividend date of this dividend 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 (DPR) is presently 22.35%.

Wall Street Analyst Weigh In

Several research firms have recently commented on ODFL. Evercore reiterated an "outperform" rating and issued a $243.00 price objective on shares of Old Dominion Freight Line in a report on Thursday, July 30th. Jefferies Financial Group restated a "hold" rating and set a $227.00 price target on shares of Old Dominion Freight Line in a research report on Thursday, July 30th. UBS Group reaffirmed a "neutral" rating and issued a $228.00 price target (up from $224.00) on shares of Old Dominion Freight Line in a research note on Thursday, July 30th. Barclays boosted their price objective on Old Dominion Freight Line from $210.00 to $220.00 and gave the company an "equal weight" rating in a research report on Thursday, June 25th. Finally, Argus increased their price objective on Old Dominion Freight Line from $220.00 to $260.00 and gave the company a "buy" rating in a research note on Thursday, June 18th. One 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 given a Sell rating to the company. Based on data from MarketBeat.com, Old Dominion Freight Line presently has an average rating of "Hold" and an average price target of $226.55.

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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