Kovitz Investment Group Partners LLC Raises Stock Holdings in Old Dominion Freight Line, Inc. $ODFL

Key Points

• Kovitz Investment Group Partners LLC increased its stake in Old Dominion Freight Line by 251.2% in the fourth quarter, ending with 19,300 shares valued at about $3.0 million.
• Old Dominion Freight Line reported better-than-expected quarterly results, with EPS of $1.14 versus the $1.05 estimate and revenue of $1.33 billion versus $1.31 billion expected, though revenue still fell 2.9% year over year.
• The company recently paid a $0.29 quarterly dividend and has seen mixed analyst sentiment, with a consensus rating of Hold and an average price target of $217.30.

Kovitz Investment Group Partners LLC boosted its position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 251.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 19,300 shares of the transportation company's stock after purchasing an additional 13,805 shares during the quarter. Kovitz Investment Group Partners LLC's holdings in Old Dominion Freight Line were worth $3,026,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in ODFL. T. Rowe Price Investment Management Inc. boosted its holdings in shares of Old Dominion Freight Line by 11.0% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 3,680,719 shares of the transportation company's stock valued at $577,137,000 after buying an additional 365,424 shares in the last quarter. Compound Planning Inc. purchased a new stake in shares of Old Dominion Freight Line in the 4th quarter worth about $255,000. Invesco Ltd. increased its stake in shares of Old Dominion Freight Line by 3.8% in the 4th quarter. Invesco Ltd. now owns 2,965,900 shares of the transportation company's stock worth $465,053,000 after acquiring an additional 107,501 shares in the last quarter. Axxcess Wealth Management LLC increased its stake in shares of Old Dominion Freight Line by 8.1% in the 4th quarter. Axxcess Wealth Management LLC now owns 1,829 shares of the transportation company's stock worth $287,000 after acquiring an additional 137 shares in the last quarter. Finally, Corient Private Wealth LLC lifted its position in Old Dominion Freight Line by 20.9% during the 4th quarter. Corient Private Wealth LLC now owns 101,399 shares of the transportation company's stock valued at $15,899,000 after acquiring an additional 17,552 shares during the period. Hedge funds and other institutional investors own 77.82% of the company's stock.

Old Dominion Freight Line Price Performance

ODFL opened at $221.04 on Friday. The firm has a market cap of $45.97 billion, a PE ratio of 46.24, a P/E/G ratio of 4.44 and a beta of 1.17. The stock has a 50-day moving average price of $217.66 and a 200-day moving average price of $192.73. Old Dominion Freight Line, Inc. has a 1 year low of $126.01 and a 1 year high of $252.03.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last announced its quarterly earnings data on Wednesday, April 29th. The transportation company reported $1.14 EPS for the quarter, beating the consensus estimate of $1.05 by $0.09. The company had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.31 billion. Old Dominion Freight Line had a net margin of 18.46% and a return on equity of 23.42%. Old Dominion Freight Line's revenue for the quarter was down 2.9% on a year-over-year basis. During the same period in the prior year, the firm posted $1.19 EPS. As a group, sell-side analysts anticipate that Old Dominion Freight Line, Inc. will post 5.43 EPS for the current year.

Old Dominion Freight Line Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Stockholders of record on Wednesday, June 3rd were issued a dividend of $0.29 per share. The ex-dividend date was Wednesday, June 3rd. 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 is presently 24.27%.

Insider Activity at Old Dominion Freight Line

In other news, Director Greg C. Gantt sold 22,107 shares of the stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $191.52, for a total transaction of $4,233,932.64. Following the sale, the director owned 88,551 shares in the company, valued at $16,959,287.52. This represents a 19.98% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 10.00% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities research analysts recently commented on ODFL shares. Susquehanna boosted their price objective on shares of Old Dominion Freight Line from $205.00 to $224.00 and gave the stock a "neutral" rating in a research note on Tuesday, June 2nd. Wells Fargo & Company set a $235.00 target price on shares of Old Dominion Freight Line and gave the company an "equal weight" rating in a research note on Friday, June 5th. Rothschild & Co Redburn lowered their target price on shares of Old Dominion Freight Line from $176.00 to $172.00 and set a "sell" rating for the company in a report on Tuesday, May 12th. Argus lifted their target price on shares of Old Dominion Freight Line from $220.00 to $260.00 and gave the company a "buy" rating in a report on Thursday. Finally, JPMorgan Chase & Co. boosted their price target on Old Dominion Freight Line from $197.00 to $234.00 and gave the stock a "neutral" rating in a research report on Monday, June 8th. Eight analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $217.30.

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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