DAVENPORT & Co LLC Has $57.77 Million Stake in Old Dominion Freight Line, Inc. $ODFL

Key Points

• DAVENPORT & Co LLC increased its stake in Old Dominion Freight Line by 35.7% in Q2, owning approximately 354,726 shares valued at about $57.77 million.
• Old Dominion Freight Line reported Q2 earnings of $1.27 EPS, missing estimates by 2 cents, with revenue down 6.1% year-over-year to $1.41 billion.
• The company recently declared a quarterly dividend of $0.28, resulting in a 0.8% dividend yield and a payout ratio of 21.88%.

DAVENPORT & Co LLC lifted its holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 35.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 354,726 shares of the transportation company's stock after acquiring an additional 93,346 shares during the quarter. DAVENPORT & Co LLC owned approximately 0.17% of Old Dominion Freight Line worth $57,773,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Larson Financial Group LLC grew its holdings in shares of Old Dominion Freight Line by 234.8% during the first quarter. Larson Financial Group LLC now owns 154 shares of the transportation company's stock worth $25,000 after purchasing an additional 108 shares during the last quarter. Zions Bancorporation National Association UT acquired a new position in Old Dominion Freight Line during the 1st quarter worth about $39,000. Wayfinding Financial LLC bought a new stake in Old Dominion Freight Line during the 1st quarter worth about $39,000. Olde Wealth Management LLC acquired a new stake in Old Dominion Freight Line in the 1st quarter valued at about $43,000. Finally, WPG Advisers LLC bought a new position in shares of Old Dominion Freight Line in the first quarter worth about $51,000. 77.82% of the stock is owned by institutional investors and hedge funds.

Old Dominion Freight Line Price Performance

NASDAQ ODFL opened at $141.33 on Monday. 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, Inc. has a 12-month low of $133.69 and a 12-month high of $233.26. The company has a market capitalization of $29.70 billion, a PE ratio of 27.60, a price-to-earnings-growth ratio of 3.30 and a beta of 1.19. The firm's 50 day moving average is $147.58 and its 200-day moving average is $156.57.

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

Old Dominion Freight Line Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 17th. Stockholders of record on Wednesday, September 3rd were issued a $0.28 dividend. The ex-dividend date was Wednesday, September 3rd. This represents a $1.12 annualized dividend and a dividend yield of 0.8%. Old Dominion Freight Line's dividend payout ratio (DPR) is presently 21.88%.

Analyst Upgrades and Downgrades

Several analysts have recently commented on ODFL shares. Weiss Ratings reissued a "hold (c-)" rating on shares of Old Dominion Freight Line in a research note on Saturday, September 27th. Morgan Stanley decreased their price objective on Old Dominion Freight Line from $170.00 to $165.00 and set an "equal weight" rating on the stock in a research report on Thursday, July 31st. TD Cowen dropped their target price on Old Dominion Freight Line from $166.00 to $159.00 and set a "hold" rating for the company in a research report on Thursday, July 31st. Wells Fargo & Company decreased their price target on Old Dominion Freight Line from $160.00 to $145.00 and set an "underweight" rating on the stock in a report on Thursday, July 31st. Finally, Robert W. Baird set a $148.00 price objective on Old Dominion Freight Line and gave the stock a "neutral" rating in a research report on Monday, August 4th. Eight analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $166.52.

About Old Dominion Freight Line

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.

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