Cornerstone Advisors LLC Takes Position in Old Dominion Freight Line, Inc. $ODFL

Key Points

• Cornerstone Advisors LLC acquired 53,062 shares of Old Dominion Freight Line during the second quarter, worth approximately $11.5 million. Institutional investors collectively own 77.82% of the company.
• Old Dominion reported quarterly EPS of $1.68, 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 about 0.5%.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $226.55, compared with the stock’s reported price of $211.96.

Cornerstone Advisors 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 13F filing with the Securities & Exchange Commission. The fund bought 53,062 shares of the transportation company's stock, valued at approximately $11,493,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Bell Investment Advisors Inc bought a new position in shares of Old Dominion Freight Line in the 2nd quarter valued at about $25,000. Annis Gardner Whiting Capital Advisors LLC raised its holdings in shares of Old Dominion Freight Line by 80.5% in the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 139 shares of the transportation company's stock valued at $27,000 after purchasing an additional 62 shares during the period. Reflection Asset Management acquired a new stake in Old Dominion Freight Line in the 4th quarter valued at about $28,000. Evolution Wealth Management Inc. acquired a new stake in Old Dominion Freight Line in the 1st quarter valued at about $29,000. Finally, DT Investment Partners LLC grew its holdings in Old Dominion Freight Line by 600.0% during the fourth quarter. DT Investment Partners LLC now owns 210 shares of the transportation company's stock worth $33,000 after purchasing an additional 180 shares during the period. 77.82% of the stock is owned by institutional investors.

Old Dominion Freight Line Stock Up 0.5%

Shares of ODFL stock opened at $211.96 on Tuesday. The firm has a 50 day moving average price of $223.29 and a two-hundred day moving average price of $209.78. The company has a market capitalization of $43.95 billion, a PE ratio of 40.84, a price-to-earnings-growth ratio of 3.67 and a beta of 1.18. Old Dominion Freight Line, Inc. has a 12-month low of $126.01 and a 12-month high of $252.03.

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 (EPS) for the quarter, topping analysts' consensus estimates of $1.54 by $0.14. Old Dominion Freight Line had a return on equity of 24.87% and a net margin of 19.44%.The company had revenue of $1.55 billion during the quarter, compared to analysts' expectations of $1.54 billion. During the same quarter in the previous year, the company posted $1.27 earnings per share. The business's revenue was up 10.4% on a year-over-year basis. As a group, research analysts expect that Old Dominion Freight Line, Inc. will post 5.78 EPS for the current year.

Old Dominion Freight Line Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 16th. Investors of record on Wednesday, September 2nd will be issued a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend is Wednesday, September 2nd. Old Dominion Freight Line's dividend payout ratio (DPR) is presently 22.35%.

Analysts Set New Price Targets

ODFL has been the topic of a number of recent analyst reports. Citigroup reissued a "neutral" rating and set a $231.00 price target (up from $228.00) on shares of Old Dominion Freight Line in a research report on Thursday, July 30th. Barclays lifted their target price on Old Dominion Freight Line from $210.00 to $220.00 and gave the stock an "equal weight" rating in a research note on Thursday, June 25th. Zacks Research raised Old Dominion Freight Line from a "hold" rating to a "strong-buy" rating in a report on Friday, July 31st. Morgan Stanley restated an "equal weight" rating and issued a $245.00 price target (up from $235.00) on shares of Old Dominion Freight Line in a research note on Monday, July 6th. Finally, Rothschild & Co Redburn cut their price target on Old Dominion Freight Line from $176.00 to $172.00 and set a "sell" rating for the company in a report on Tuesday, May 12th. One equities research 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, the stock currently has a consensus rating of "Hold" and an average price target of $226.55.

Old Dominion Freight Line 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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