Emerald Investment Advisers LLC Purchases Shares of 15,182 Old Dominion Freight Line, Inc. $ODFL

Key Points

• Emerald Investment Advisers acquired 15,182 shares of Old Dominion Freight Line during the second quarter, valued at approximately $3.29 million. Institutional investors collectively own 77.82% of the company.
• Analyst sentiment remains mixed, with a consensus rating of “Hold” and an average price target of $226.55; Wells Fargo upgraded the stock to “Overweight,” while several firms maintained “Hold” or “Equal Weight” ratings.
• 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, representing a 0.6% yield.

Emerald Investment Advisers LLC purchased a new stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 15,182 shares of the transportation company's stock, valued at approximately $3,288,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in ODFL. BlackRock Inc. acquired a new position in shares of Old Dominion Freight Line in the second quarter valued at $3,416,007,000. Price T Rowe Associates Inc. MD lifted its stake in shares of Old Dominion Freight Line by 14.1% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 14,223,960 shares of the transportation company's stock worth $2,230,318,000 after buying an additional 1,761,511 shares during the last quarter. State Street Corp lifted its stake in shares of Old Dominion Freight Line by 0.9% during the 4th quarter. State Street Corp now owns 7,746,286 shares of the transportation company's stock worth $1,214,618,000 after buying an additional 70,736 shares during the last quarter. Boston Partners boosted its holdings in shares of Old Dominion Freight Line by 98.4% during the 4th quarter. Boston Partners now owns 4,122,696 shares of the transportation company's stock worth $648,186,000 after buying an additional 2,044,434 shares during the period. Finally, T. Rowe Price Investment Management Inc. boosted its holdings in shares of Old Dominion Freight Line by 11.0% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 3,680,719 shares of the transportation company's stock worth $577,137,000 after buying an additional 365,424 shares during the period. 77.82% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

ODFL has been the topic of a number of research reports. TD Cowen reiterated a "hold" rating on shares of Old Dominion Freight Line in a research note on Wednesday, June 3rd. Benchmark reissued a "hold" rating on shares of Old Dominion Freight Line in a report on Thursday, June 4th. Stifel Nicolaus set a $263.00 price target on Old Dominion Freight Line and gave the stock a "buy" rating in a report on Thursday, July 30th. Wells Fargo & Company upgraded Old Dominion Freight Line from an "underweight" rating to an "overweight" rating and boosted their price target for the company from $235.00 to $250.00 in a research note on Wednesday, July 8th. Finally, Morgan Stanley reaffirmed an "equal weight" rating and issued a $245.00 price objective (up from $235.00) on shares of Old Dominion Freight Line in a report on Monday, July 6th. One 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 assigned a Sell rating to the company. According to MarketBeat, Old Dominion Freight Line presently has an average rating of "Hold" and a consensus price target of $226.55.

Old Dominion Freight Line Stock Up 1.0%

Shares of Old Dominion Freight Line stock opened at $206.47 on Friday. The stock has a market capitalization of $42.81 billion, a price-to-earnings ratio of 39.78, a price-to-earnings-growth ratio of 3.59 and a beta of 1.18. Old Dominion Freight Line, Inc. has a twelve month low of $126.01 and a twelve month high of $252.03. The company has a 50-day simple moving average of $220.21 and a two-hundred day simple moving average of $210.45.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last announced its earnings results 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 net margin of 19.44% and a return on equity of 24.87%. The firm had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.54 billion. During the same quarter in the prior year, the business posted $1.27 EPS. The business's revenue was up 10.4% compared to the same quarter last year. On average, sell-side analysts anticipate that Old Dominion Freight Line, Inc. will post 5.78 earnings per share for the current fiscal year.

Old Dominion Freight Line Announces Dividend

The business 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. This represents a $1.16 annualized dividend and a dividend yield of 0.6%. The ex-dividend date is Wednesday, September 2nd. Old Dominion Freight Line's payout ratio is 22.35%.

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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