Global Retirement Partners LLC Takes Position in Old Dominion Freight Line, Inc. $ODFL

Key Points

• Global Retirement Partners bought 8,397 shares of Old Dominion Freight Line worth approximately $1.82 million during the second quarter. Institutional investors collectively own 77.82% of the company.
• Analyst sentiment remains mixed: Wells Fargo upgraded ODFL to “overweight,” while several firms raised price targets; however, the overall consensus rating is still “Hold” with a $226.55 price target.
• Old Dominion reported quarterly earnings of $1.68 per share, 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%.

Global Retirement Partners LLC purchased a new position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 8,397 shares of the transportation company's stock, valued at approximately $1,819,000.

Other institutional investors also recently made changes to their positions in the company. Bogart Wealth LLC increased its stake in shares of Old Dominion Freight Line by 9.9% in the first quarter. Bogart Wealth LLC now owns 511 shares of the transportation company's stock worth $100,000 after buying an additional 46 shares during the period. Private Advisor Group LLC grew its holdings in Old Dominion Freight Line by 1.3% in the 1st quarter. Private Advisor Group LLC now owns 4,164 shares of the transportation company's stock worth $814,000 after acquiring an additional 55 shares during the last quarter. Keybank National Association OH increased its position in shares of Old Dominion Freight Line by 2.3% in the first quarter. Keybank National Association OH now owns 2,450 shares of the transportation company's stock valued at $479,000 after acquiring an additional 56 shares during the period. Deseret Mutual Benefit Administrators increased its position in shares of Old Dominion Freight Line by 9.7% in the fourth quarter. Deseret Mutual Benefit Administrators now owns 645 shares of the transportation company's stock valued at $101,000 after acquiring an additional 57 shares during the period. Finally, Verdence Capital Advisors LLC raised its stake in shares of Old Dominion Freight Line by 1.2% during the fourth quarter. Verdence Capital Advisors LLC now owns 5,181 shares of the transportation company's stock valued at $812,000 after acquiring an additional 60 shares during the last quarter. Hedge funds and other institutional investors own 77.82% of the company's stock.

Analyst Ratings Changes

ODFL has been the subject of a number of recent analyst reports. Wells Fargo & Company raised Old Dominion Freight Line from an "underweight" rating to an "overweight" rating and upped their price target for the company from $235.00 to $250.00 in a research report on Wednesday, July 8th. Wall Street Zen raised shares of Old Dominion Freight Line from a "hold" rating to a "buy" rating in a research report on Saturday, August 8th. Stifel Nicolaus set a $263.00 target price on Old Dominion Freight Line and gave the stock a "buy" rating in a report on Thursday, July 30th. Barclays increased 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 report on Thursday, June 25th. Finally, BMO Capital Markets reiterated an "outperform" rating and issued a $230.00 price objective on shares of Old Dominion Freight Line in a report on Thursday, June 4th. One 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 issued a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $226.55.

Old Dominion Freight Line Price Performance

Shares of NASDAQ:ODFL opened at $211.96 on Tuesday. Old Dominion Freight Line, Inc. has a 1 year low of $126.01 and a 1 year high of $252.03. The company has a market cap of $43.95 billion, a P/E ratio of 40.84, a PEG ratio of 3.67 and a beta of 1.18. The stock's fifty day moving average price is $223.29 and its 200-day moving average price is $209.78.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last released its quarterly earnings data on Wednesday, July 29th. The transportation company reported $1.68 earnings per share for the quarter, beating the consensus estimate of $1.54 by $0.14. The firm had revenue of $1.55 billion during the quarter, compared to analysts' expectations of $1.54 billion. Old Dominion Freight Line had a net margin of 19.44% and a return on equity of 24.87%. The firm's quarterly revenue was up 10.4% on a year-over-year basis. During the same period in the previous year, the company earned $1.27 earnings per share. On average, sell-side analysts anticipate that Old Dominion Freight Line, Inc. will post 5.78 earnings per share 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. 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 0.5%. The ex-dividend date is Wednesday, September 2nd. Old Dominion Freight Line's dividend payout ratio is presently 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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