MBB Public Markets I LLC Invests $323,000 in Old Dominion Freight Line, Inc. $ODFL

Key Points

• MBB Public Markets I LLC invested approximately $323,000 in Old Dominion Freight Line, acquiring 1,954 shares in the first quarter.
• Significant stake increases from other hedge funds show growing interest, with Jones Financial Companies Lllp boosting its stake by 2,463.4% to own nearly 70,000 shares.
• Old Dominion Freight Line's Q2 earnings fell short of expectations, reporting earnings per share (EPS) of $1.27 compared to consensus estimates of $1.29, alongside a 6.1% decline in revenue year-over-year.

MBB Public Markets I LLC acquired a new position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 1,954 shares of the transportation company's stock, valued at approximately $323,000.

Other hedge funds also recently made changes to their positions in the company. Ascent Group LLC boosted its stake in shares of Old Dominion Freight Line by 79.3% in the 1st quarter. Ascent Group LLC now owns 2,680 shares of the transportation company's stock valued at $443,000 after purchasing an additional 1,185 shares during the last quarter. United Services Automobile Association bought a new stake in shares of Old Dominion Freight Line in the 1st quarter valued at $715,000. Caxton Associates LLP bought a new stake in shares of Old Dominion Freight Line in the 1st quarter valued at $2,616,000. Jones Financial Companies Lllp boosted its stake in shares of Old Dominion Freight Line by 2,463.4% in the 1st quarter. Jones Financial Companies Lllp now owns 69,982 shares of the transportation company's stock valued at $11,579,000 after purchasing an additional 67,252 shares during the last quarter. Finally, UniSuper Management Pty Ltd boosted its stake in shares of Old Dominion Freight Line by 9.1% in the 1st quarter. UniSuper Management Pty Ltd now owns 18,381 shares of the transportation company's stock valued at $3,041,000 after purchasing an additional 1,527 shares during the last quarter. 77.82% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms have recently commented on ODFL. Baird R W raised shares of Old Dominion Freight Line to a "hold" rating in a research note on Tuesday, July 1st. Raymond James Financial reduced their price objective on shares of Old Dominion Freight Line from $180.00 to $165.00 and set an "outperform" rating on the stock in a research note on Thursday, July 31st. The Goldman Sachs Group raised shares of Old Dominion Freight Line from a "neutral" rating to a "buy" rating and upped their price objective for the company from $190.00 to $200.00 in a research note on Monday, June 2nd. Barclays set a $155.00 target price on shares of Old Dominion Freight Line and gave the company an "equal weight" rating in a research report on Thursday, July 31st. Finally, Stifel Nicolaus dropped their target price on shares of Old Dominion Freight Line from $183.00 to $168.00 and set a "buy" rating on the stock in a research report on Thursday, July 31st. Eight equities research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and an average price target of $167.62.

Old Dominion Freight Line Stock Performance

Shares of ODFL stock opened at $151.11 on Tuesday. The firm has a market capitalization of $31.76 billion, a PE ratio of 29.51, a price-to-earnings-growth ratio of 3.50 and a beta of 1.23. The firm has a fifty day simple moving average of $156.68 and a two-hundred day simple moving average of $160.41. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.04. Old Dominion Freight Line, Inc. has a 12 month low of $140.71 and a 12 month high of $233.26.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The transportation company reported $1.27 EPS for the quarter, missing analysts' consensus estimates of $1.29 by ($0.02). The business had revenue of $1.41 billion for the quarter, compared to the consensus estimate of $1.43 billion. Old Dominion Freight Line had a net margin of 19.42% and a return on equity of 25.94%. The business's revenue for the quarter was down 6.1% compared to the same quarter last year. During the same quarter last year, the firm posted $1.48 EPS. Analysts forecast that Old Dominion Freight Line, Inc. will post 5.68 EPS for the current fiscal year.

Old Dominion Freight Line Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 17th. Shareholders of record on Wednesday, September 3rd will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date is Wednesday, September 3rd. Old Dominion Freight Line's payout ratio is 21.88%.

Old Dominion Freight Line Company 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.

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