ICONIQ Capital LLC Buys Shares of 1,786 Old Dominion Freight Line, Inc. $ODFL

Key Points

• ICONIQ Capital LLC has made a new investment in Old Dominion Freight Line, acquiring 1,786 shares valued at approximately $295,000.
• Old Dominion Freight Line announced a quarterly dividend of $0.28 per share, set to be paid on September 17th, with an annualized yield of 0.7%.
• Recent analyst ratings show a mix of opinions, with eight analysts rating the stock as a Buy, and an average price target of $167.62, indicating a cautious outlook.

ICONIQ Capital LLC purchased a new stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 1,786 shares of the transportation company's stock, valued at approximately $295,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of ODFL. Brighton Jones LLC increased its stake in Old Dominion Freight Line by 5.3% in the fourth quarter. Brighton Jones LLC now owns 1,559 shares of the transportation company's stock valued at $275,000 after purchasing an additional 79 shares in the last quarter. Marshall Wace LLP increased its stake in Old Dominion Freight Line by 423.1% in the fourth quarter. Marshall Wace LLP now owns 7,229 shares of the transportation company's stock valued at $1,275,000 after purchasing an additional 5,847 shares in the last quarter. MML Investors Services LLC increased its stake in Old Dominion Freight Line by 3.7% in the fourth quarter. MML Investors Services LLC now owns 9,685 shares of the transportation company's stock valued at $1,708,000 after purchasing an additional 344 shares in the last quarter. Integrated Wealth Concepts LLC lifted its holdings in shares of Old Dominion Freight Line by 1.4% in the 4th quarter. Integrated Wealth Concepts LLC now owns 4,531 shares of the transportation company's stock worth $799,000 after purchasing an additional 63 shares in the last quarter. Finally, Kovitz Investment Group Partners LLC bought a new position in shares of Old Dominion Freight Line in the 4th quarter worth $495,000. 77.82% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on ODFL shares. Morgan Stanley cut their target price on Old Dominion Freight Line from $170.00 to $165.00 and set an "equal weight" rating on the stock in a report on Thursday, July 31st. Truist Financial boosted their target price on shares of Old Dominion Freight Line from $175.00 to $180.00 and gave the stock a "buy" rating in a research report on Monday, June 30th. Benchmark reissued 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. Stifel Nicolaus decreased their target price on shares of Old Dominion Freight Line from $183.00 to $168.00 and set a "buy" rating for the company in a research report on Thursday, July 31st. Finally, Barclays set a $155.00 target price on shares of Old Dominion Freight Line and gave the stock an "equal weight" rating in a research report on Thursday, July 31st. Eight investment analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Old Dominion Freight Line presently has an average rating of "Hold" and a consensus price target of $167.62.

Old Dominion Freight Line Stock Up 0.8%

Old Dominion Freight Line stock traded up $1.27 during midday trading on Friday, hitting $150.97. 1,679,371 shares of the stock were exchanged, compared to its average volume of 1,874,657. Old Dominion Freight Line, Inc. has a 52-week low of $140.91 and a 52-week high of $233.26. The stock has a market capitalization of $31.73 billion, a price-to-earnings ratio of 29.49, a price-to-earnings-growth ratio of 3.50 and a beta of 1.23. The business's 50-day moving average price is $158.10 and its 200-day moving average price is $162.55. 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 released its quarterly earnings results on Wednesday, July 30th. The transportation company reported $1.27 earnings per share for the quarter, missing the consensus estimate of $1.29 by ($0.02). Old Dominion Freight Line had a return on equity of 25.94% and a net margin of 19.42%.The firm had revenue of $1.41 billion for the quarter, compared to analysts' expectations of $1.43 billion. During the same quarter last year, the firm posted $1.48 earnings per share. The firm's revenue for the quarter was down 6.1% compared to the same quarter last year. On average, research analysts expect that Old Dominion Freight Line, Inc. will post 5.68 EPS 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 17th. Investors of record on Wednesday, September 3rd will be issued a dividend of $0.28 per share. The ex-dividend date is Wednesday, September 3rd. This represents a $1.12 annualized dividend and a yield of 0.7%. Old Dominion Freight Line's payout ratio is 21.88%.

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.