K.J. Harrison & Partners Inc Takes $2.62 Million Position in Old Dominion Freight Line, Inc. $ODFL

Key Points

• K.J. Harrison & Partners purchased 12,101 shares of Old Dominion Freight Line worth approximately $2.62 million. Institutional investors and hedge funds collectively own 77.82% of the company.
• Old Dominion reported quarterly EPS of $1.68, 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, a 0.5% annualized yield.
• Analyst sentiment remains mixed, with the stock carrying a consensus “Hold” rating and an average price target of $226.55; ODFL recently opened at $211.96.

K.J. Harrison & Partners Inc purchased a new position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm purchased 12,101 shares of the transportation company's stock, valued at approximately $2,621,000.

A number of other institutional investors have also made changes to their positions in ODFL. BlackRock Inc. bought a new stake in Old Dominion Freight Line in the second quarter valued at about $3,416,007,000. Norges Bank bought a new position in Old Dominion Freight Line during the fourth quarter worth about $444,983,000. Bank of New York Mellon Corp bought a new position in Old Dominion Freight Line during the second quarter worth about $543,289,000. Boston Partners acquired a new position in shares of Old Dominion Freight Line during the 3rd quarter worth about $292,599,000. Finally, Price T Rowe Associates Inc. MD grew its position in shares of Old Dominion Freight Line by 14.1% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 14,223,960 shares of the transportation company's stock worth $2,230,318,000 after buying an additional 1,761,511 shares during the period. 77.82% of the stock is owned by institutional investors and hedge funds.

Old Dominion Freight Line Price Performance

NASDAQ ODFL opened at $211.96 on Tuesday. Old Dominion Freight Line, Inc. has a one year low of $126.01 and a one year high of $252.03. The firm has a market cap of $43.95 billion, a P/E ratio of 40.84, a P/E/G ratio of 3.67 and a beta of 1.18. The stock's 50-day moving average is $223.29 and its 200-day moving average is $209.78.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last issued its quarterly earnings data on Wednesday, July 29th. The transportation company reported $1.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.54 by $0.14. Old Dominion Freight Line had a return on equity of 24.87% and a net margin of 19.44%.The business had revenue of $1.55 billion during the quarter, compared to analyst estimates of $1.54 billion. During the same period in the previous year, the firm earned $1.27 EPS. Old Dominion Freight Line's quarterly revenue was up 10.4% compared to the same quarter last year. Equities analysts anticipate that Old Dominion Freight Line, Inc. will post 5.78 EPS for the current year.

Old Dominion Freight Line Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 16th. Investors of record on Wednesday, September 2nd will be issued a dividend of $0.29 per share. The ex-dividend date is Wednesday, September 2nd. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.5%. Old Dominion Freight Line's dividend payout ratio (DPR) is presently 22.35%.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on ODFL shares. Barclays increased their price target on shares of Old Dominion Freight Line from $210.00 to $220.00 and gave the company an "equal weight" rating in a research report on Thursday, June 25th. Evercore restated an "outperform" rating and set a $243.00 price objective on shares of Old Dominion Freight Line in a report on Thursday, July 30th. Weiss Ratings raised shares of Old Dominion Freight Line from a "hold (c)" rating to a "hold (c+)" rating in a research note on Tuesday, August 11th. Argus increased their target price on shares of Old Dominion Freight Line from $220.00 to $260.00 and gave the stock a "buy" rating in a report on Thursday, June 18th. Finally, 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. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, thirteen have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $226.55.

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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