Empowered Funds LLC Invests $10.35 Million in Old Dominion Freight Line, Inc. $ODFL

Key Points

• Empowered Funds LLC acquired a new $10.35 million stake in Old Dominion Freight Line during the second quarter, while institutional investors collectively own 77.82% of the company.
• Old Dominion reported quarterly EPS of $1.68, beating estimates of $1.54, as revenue rose 10.4% year over year to $1.55 billion. The company also declared a quarterly dividend of $0.29 per share.
• The stock opened at $198.63, below the analyst consensus price target of $226.55; overall, analysts maintain a “Hold” consensus. An executive separately sold nearly $4.0 million in shares.

Empowered Funds LLC bought a new stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 47,776 shares of the transportation company's stock, valued at approximately $10,348,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. United Capital Financial Advisors LLC bought a new position in Old Dominion Freight Line in the second quarter worth about $6,126,000. Dearborn Partners LLC bought a new stake in shares of Old Dominion Freight Line during the second quarter valued at approximately $462,000. Equitable Holdings Inc. purchased a new stake in shares of Old Dominion Freight Line in the 2nd quarter worth about $885,000. Brasada Capital Management LP bought a new stake in Old Dominion Freight Line during the second quarter worth about $4,217,000. Finally, Public Employees Retirement System of Ohio purchased a new stake in Old Dominion Freight Line in the second quarter worth about $12,768,000. Hedge funds and other institutional investors own 77.82% of the company's stock.

Old Dominion Freight Line Stock Down 0.7%

Shares of 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. Old Dominion Freight Line, Inc. has a 52 week low of $126.01 and a 52 week high of $252.03. The stock has a market cap 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 (NASDAQ:ODFL - Get Free Report) last posted its quarterly earnings data on Wednesday, July 29th. The transportation company reported $1.68 earnings per share for the quarter, beating analysts' consensus estimates of $1.54 by $0.14. The firm had revenue of $1.55 billion for 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 quarterly revenue was up 10.4% on a year-over-year basis. During the same period in the previous year, the firm earned $1.27 EPS. On average, equities 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 company also recently declared a quarterly dividend, which will be paid on Wednesday, September 16th. Shareholders of record on Wednesday, September 2nd will be given a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date is Wednesday, September 2nd. Old Dominion Freight Line's dividend payout ratio is presently 22.35%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. UBS Group reiterated a "neutral" rating and issued a $228.00 price objective (up from $224.00) on shares of Old Dominion Freight Line in a report on Thursday, July 30th. Stifel Nicolaus set a $263.00 price target on Old Dominion Freight Line and gave the stock a "buy" rating in a research note on Thursday, July 30th. Benchmark reaffirmed a "hold" rating on shares of Old Dominion Freight Line in a report on Thursday, June 4th. Weiss Ratings cut Old Dominion Freight Line from a "hold (c+)" rating to a "hold (c)" rating in a research report on Tuesday. Finally, BMO Capital Markets reissued an "outperform" rating and issued a $230.00 target price on shares of Old Dominion Freight Line in a report on Thursday, June 4th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, thirteen have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, Old Dominion Freight Line presently has a consensus rating of "Hold" and an average price target of $226.55.

Insider Activity

In other news, SVP Cecil E. Jr. Overbey sold 19,952 shares of the 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 completion of the sale, the senior vice president directly owned 22,746 shares of the company's stock, valued at $4,512,578.94. This represents a 46.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 8.20% of the stock is currently owned by company insiders.

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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