Montag A & Associates Inc. Invests $3.42 Million in Old Dominion Freight Line, Inc. $ODFL

Key Points

• Montag A & Associates Inc. initiated a new position in Old Dominion Freight Line during the first quarter, buying 17,514 shares valued at about $3.42 million.
• Old Dominion reported better-than-expected quarterly earnings of $1.14 per share versus $1.05 expected, while revenue of $1.33 billion also slightly topped estimates. However, revenue was still down 2.9% year over year.
• Analysts remain cautious on the stock: the consensus rating is Hold with an average price target of $219.35, and several firms recently reiterated neutral or hold ratings even as some targets were raised.

Montag A & Associates Inc. bought a new stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 17,514 shares of the transportation company's stock, valued at approximately $3,422,000.

Other large investors also recently added to or reduced their stakes in the company. Swedbank AB boosted its holdings in shares of Old Dominion Freight Line by 0.4% during the 1st quarter. Swedbank AB now owns 78,672 shares of the transportation company's stock valued at $15,373,000 after acquiring an additional 283 shares during the last quarter. Whittier Trust Co. of Nevada Inc. lifted its position in Old Dominion Freight Line by 3.6% during the first quarter. Whittier Trust Co. of Nevada Inc. now owns 53,417 shares of the transportation company's stock valued at $10,800,000 after purchasing an additional 1,874 shares during the period. Whittier Trust Co. boosted its holdings in Old Dominion Freight Line by 8.4% in the first quarter. Whittier Trust Co. now owns 108,136 shares of the transportation company's stock worth $21,863,000 after purchasing an additional 8,423 shares during the last quarter. Bogart Wealth LLC boosted its holdings in Old Dominion Freight Line by 9.9% in the first quarter. Bogart Wealth LLC now owns 511 shares of the transportation company's stock worth $100,000 after purchasing an additional 46 shares during the last quarter. Finally, DGS Capital Management LLC grew its position in Old Dominion Freight Line by 12.3% in the 1st quarter. DGS Capital Management LLC now owns 1,814 shares of the transportation company's stock worth $354,000 after purchasing an additional 198 shares during the period. Hedge funds and other institutional investors own 77.82% of the company's stock.

Insider Activity

In other news, Director Greg C. Gantt sold 22,107 shares of the business's stock in a transaction on Monday, May 4th. The shares were sold at an average price of $191.52, for a total value of $4,233,932.64. Following the transaction, the director owned 88,551 shares of the company's stock, valued at approximately $16,959,287.52. The trade was a 19.98% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 10.00% of the stock is currently owned by insiders.

Old Dominion Freight Line Stock Performance

Shares of ODFL stock opened at $215.51 on Wednesday. The stock has a fifty day simple moving average of $218.33 and a two-hundred day simple moving average of $198.52. The firm has a market capitalization of $44.82 billion, a PE ratio of 45.09, a PEG ratio of 4.32 and a beta of 1.18. Old Dominion Freight Line, Inc. has a 52-week low of $126.01 and a 52-week high of $252.03.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last released its quarterly earnings data on Wednesday, April 29th. The transportation company reported $1.14 earnings per share for the quarter, topping analysts' consensus estimates of $1.05 by $0.09. Old Dominion Freight Line had a return on equity of 23.42% and a net margin of 18.46%.The firm had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.31 billion. During the same quarter in the prior year, the company posted $1.19 earnings per share. The business's quarterly revenue was down 2.9% compared to the same quarter last year. On average, sell-side analysts forecast that Old Dominion Freight Line, Inc. will post 5.46 EPS for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 17th. Stockholders of record on Wednesday, June 3rd were given a dividend of $0.29 per share. The ex-dividend date was Wednesday, June 3rd. This represents a $1.16 annualized dividend and a dividend yield of 0.5%. Old Dominion Freight Line's dividend payout ratio (DPR) is presently 24.27%.

Analysts Set New Price Targets

A number of brokerages have commented on ODFL. TD Cowen reaffirmed a "hold" rating on shares of Old Dominion Freight Line in a report on Wednesday, June 3rd. UBS Group boosted their price objective on shares of Old Dominion Freight Line from $216.00 to $224.00 and gave the company a "neutral" rating in a research report on Tuesday. JPMorgan Chase & Co. upped their price objective on Old Dominion Freight Line from $197.00 to $234.00 and gave the stock a "neutral" rating in a research note on Monday, June 8th. Benchmark reaffirmed a "hold" rating on shares of Old Dominion Freight Line in a report on Thursday, June 4th. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of Old Dominion Freight Line in a research report on Tuesday, April 14th. Nine equities research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $219.35.

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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