Forest Avenue Capital Management LP Purchases New Stake in Old Dominion Freight Line, Inc. $ODFL

Key Points

• Forest Avenue Capital Management LP acquired 93,900 shares of Old Dominion Freight Line, valued at approximately $15.5 million, making it the fund's 14th largest position.
• Old Dominion Freight Line's recent earnings report showed a miss in earnings per share at $1.27, slightly below expectations, while revenue was down by 6.1% year-over-year.
• The company declared a quarterly dividend of $0.28, with a yield of 0.7%, to be paid on September 17th to investors of record on September 3rd.

Forest Avenue Capital Management LP bought a new position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 93,900 shares of the transportation company's stock, valued at approximately $15,536,000. Old Dominion Freight Line makes up 2.1% of Forest Avenue Capital Management LP's investment portfolio, making the stock its 14th biggest holding.

Other large investors have also bought and sold shares of the company. Vanguard Group Inc. boosted its position in Old Dominion Freight Line by 1.9% during the 1st quarter. Vanguard Group Inc. now owns 22,666,405 shares of the transportation company's stock worth $3,750,157,000 after acquiring an additional 416,097 shares during the last quarter. Invesco Ltd. boosted its position in Old Dominion Freight Line by 1.3% during the 1st quarter. Invesco Ltd. now owns 4,272,231 shares of the transportation company's stock worth $706,841,000 after acquiring an additional 53,079 shares during the last quarter. T. Rowe Price Investment Management Inc. boosted its position in Old Dominion Freight Line by 79.5% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 2,599,005 shares of the transportation company's stock worth $430,006,000 after acquiring an additional 1,151,221 shares during the last quarter. JPMorgan Chase & Co. boosted its position in Old Dominion Freight Line by 45.1% during the 1st quarter. JPMorgan Chase & Co. now owns 2,429,750 shares of the transportation company's stock worth $402,002,000 after acquiring an additional 754,796 shares during the last quarter. Finally, Northern Trust Corp boosted its holdings in shares of Old Dominion Freight Line by 15.2% in the 4th quarter. Northern Trust Corp now owns 1,983,857 shares of the transportation company's stock valued at $349,952,000 after buying an additional 261,305 shares during the last quarter. 77.82% of the stock is owned by institutional investors.

Old Dominion Freight Line Price Performance

Shares of Old Dominion Freight Line stock traded down $0.69 during mid-day trading on Wednesday, reaching $153.79. 1,974,979 shares of the stock traded hands, compared to its average volume of 1,847,863. The business has a 50-day moving average of $158.38 and a 200 day moving average of $163.94. Old Dominion Freight Line, Inc. has a fifty-two week low of $140.91 and a fifty-two week high of $233.26. The stock has a market capitalization of $32.32 billion, a PE ratio of 30.04, a PEG ratio of 3.60 and a beta of 1.24. 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 (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 analysts' consensus estimates of $1.29 by ($0.02). Old Dominion Freight Line had a net margin of 19.42% and a return on equity of 25.94%. The firm had revenue of $1.41 billion for the quarter, compared to analyst estimates of $1.43 billion. During the same period in the previous year, the company earned $1.48 EPS. Old Dominion Freight Line's revenue was down 6.1% compared to the same quarter last year. On average, analysts predict that Old Dominion Freight Line, Inc. will post 5.68 EPS for the current year.

Old Dominion Freight Line Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 17th. Investors of record on Wednesday, September 3rd will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 0.7%. The ex-dividend date of this dividend is Wednesday, September 3rd. Old Dominion Freight Line's dividend payout ratio (DPR) is currently 21.88%.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. UBS Group cut their price objective on Old Dominion Freight Line from $158.00 to $155.00 and set a "neutral" rating for the company in a report on Thursday, July 31st. Bank of America increased their price target on Old Dominion Freight Line from $167.00 to $183.00 and gave the company a "neutral" rating in a research note on Friday, May 16th. Stifel Nicolaus dropped their price target on Old Dominion Freight Line from $183.00 to $168.00 and set a "buy" rating on the stock in a research note on Thursday, July 31st. Barclays set a $155.00 price target on Old Dominion Freight Line and gave the company an "equal weight" rating in a research note on Thursday, July 31st. Finally, TD Cowen dropped their price target on Old Dominion Freight Line from $166.00 to $159.00 and set a "hold" rating on the stock in a research note on Thursday, July 31st. Eight analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $167.62.

Old Dominion Freight Line Profile

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.