HB Wealth Management LLC Boosts Holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Key Points

• HB Wealth Management LLC increased its stake in Old Dominion Freight Line, Inc. by 122.2%, acquiring 22,292 additional shares during the first quarter.
• The company reported $1.19 EPS for the last quarter, surpassing estimates, although revenue was down 5.8% compared to the previous year.
• Old Dominion Freight Line declared a quarterly dividend of $0.28 per share, with an annualized dividend yield of 0.67%, payable on September 17th.

HB Wealth Management LLC raised its position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 122.2% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 40,530 shares of the transportation company's stock after buying an additional 22,292 shares during the period. HB Wealth Management LLC's holdings in Old Dominion Freight Line were worth $6,706,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Geode Capital Management LLC increased its holdings in Old Dominion Freight Line by 2.0% during the fourth quarter. Geode Capital Management LLC now owns 4,927,383 shares of the transportation company's stock worth $870,311,000 after buying an additional 96,410 shares during the last quarter. Norges Bank purchased a new position in Old Dominion Freight Line in the 4th quarter valued at approximately $494,916,000. Capital World Investors grew its stake in Old Dominion Freight Line by 1.1% in the 4th quarter. Capital World Investors now owns 2,510,101 shares of the transportation company's stock valued at $442,784,000 after buying an additional 27,367 shares in the last quarter. Northern Trust Corp grew its holdings in Old Dominion Freight Line by 15.2% during 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 in the last quarter. Finally, First Trust Advisors LP grew its stake in Old Dominion Freight Line by 13.6% during the fourth quarter. First Trust Advisors LP now owns 1,547,441 shares of the transportation company's stock valued at $272,969,000 after acquiring an additional 185,500 shares in the last quarter. Hedge funds and other institutional investors own 77.82% of the company's stock.

Analyst Ratings Changes

Several equities analysts recently commented on ODFL shares. Benchmark restated a "hold" rating and set a $102.00 target price on shares of Old Dominion Freight Line in a research report on Thursday, June 12th. Barclays cut their price objective on shares of Old Dominion Freight Line from $185.00 to $170.00 and set an "equal weight" rating for the company in a research note on Thursday, April 24th. Stephens restated an "overweight" rating and set a $180.00 target price (down from $200.00) on shares of Old Dominion Freight Line in a report on Thursday, April 24th. Robert W. Baird began coverage on shares of Old Dominion Freight Line in a research report on Tuesday, July 1st. They set a "neutral" rating and a $164.00 price target for the company. Finally, Baird R W raised shares of Old Dominion Freight Line to a "hold" rating in a research report on Tuesday, July 1st. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat, Old Dominion Freight Line currently has an average rating of "Hold" and an average price target of $174.85.

Old Dominion Freight Line Stock Down 8.4%

Shares of NASDAQ ODFL traded down $13.63 during mid-day trading on Wednesday, hitting $148.50. 2,554,197 shares of the stock traded hands, compared to its average volume of 1,801,486. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.32 and a current ratio of 1.32. The company has a market cap of $31.38 billion, a price-to-earnings ratio of 27.84, a PEG ratio of 3.31 and a beta of 1.25. The stock has a fifty day moving average price of $163.25 and a 200-day moving average price of $169.39. Old Dominion Freight Line, Inc. has a 52 week low of $144.90 and a 52 week high of $233.26.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last announced its quarterly earnings data 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 net margin of 20.04% and a return on equity of 27.40%. The firm had revenue of $1.41 billion for the quarter, compared to analysts' expectations of $1.43 billion. During the same period in the prior year, the business posted $1.48 EPS. The business's quarterly revenue was down 6.1% compared to the same quarter last year. Research analysts anticipate that Old Dominion Freight Line, Inc. will post 5.68 EPS for the current year.

Old Dominion Freight Line Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 17th. Stockholders of record on Wednesday, September 3rd will be issued a dividend of $0.28 per share. The ex-dividend date of this dividend is Wednesday, September 3rd. This represents a $1.12 annualized dividend and a dividend yield of 0.75%. Old Dominion Freight Line's payout ratio is 21.01%.

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.