Moran Wealth Management LLC Buys 7,431 Shares of Old Dominion Freight Line, Inc. $ODFL

Key Points

• Moran Wealth Management boosted its stake in Old Dominion Freight Line by 21.2% in the first quarter, buying 7,431 additional shares and bringing its total holdings to 42,544 shares valued at about $8.31 million.
• Old Dominion Freight Line reported stronger-than-expected quarterly results, with EPS of $1.14 versus the $1.05 consensus and revenue of $1.33 billion versus $1.31 billion expected, though revenue was still down 2.9% from a year earlier.
• Analyst sentiment remains mixed: Goldman Sachs raised its target to $235 and kept a buy rating, while Citigroup downgraded the stock to sell; overall, analysts rate ODFL a Hold with an average price target of $218.57.

Moran Wealth Management LLC increased its stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 21.2% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 42,544 shares of the transportation company's stock after purchasing an additional 7,431 shares during the quarter. Moran Wealth Management LLC's holdings in Old Dominion Freight Line were worth $8,313,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ODFL. Value Partners Investments Inc. boosted its position in shares of Old Dominion Freight Line by 38.7% in the fourth quarter. Value Partners Investments Inc. now owns 20,103 shares of the transportation company's stock valued at $3,157,000 after acquiring an additional 5,610 shares during the period. Baillie Gifford & Co. purchased a new position in Old Dominion Freight Line during the fourth quarter valued at approximately $13,322,000. Waterfront Wealth Inc. bought a new stake in Old Dominion Freight Line during the 4th quarter worth approximately $1,430,000. Quantum Capital Management LLC NJ increased its holdings in Old Dominion Freight Line by 26.2% during the 3rd quarter. Quantum Capital Management LLC NJ now owns 594,391 shares of the transportation company's stock worth $83,678,000 after acquiring an additional 123,271 shares during the period. Finally, AustralianSuper Pty Ltd lifted its stake in Old Dominion Freight Line by 955.4% in the 4th quarter. AustralianSuper Pty Ltd now owns 75,005 shares of the transportation company's stock worth $11,761,000 after purchasing an additional 67,898 shares in the last quarter. 77.82% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, Director Greg C. Gantt sold 22,107 shares of the stock in a transaction on Monday, May 4th. The stock was 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 $16,959,287.52. This represents a 19.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 10.00% of the stock is currently owned by corporate insiders.

Old Dominion Freight Line Price Performance

ODFL stock opened at $217.65 on Friday. Old Dominion Freight Line, Inc. has a one year low of $126.01 and a one year high of $252.03. The stock has a market cap of $45.26 billion, a PE ratio of 45.53, a P/E/G ratio of 4.36 and a beta of 1.18. The firm has a 50 day simple moving average of $218.55 and a two-hundred day simple moving average of $197.40.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last issued its quarterly earnings results on Wednesday, April 29th. The transportation company reported $1.14 EPS for the quarter, topping analysts' consensus estimates of $1.05 by $0.09. The firm had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.31 billion. Old Dominion Freight Line had a net margin of 18.46% and a return on equity of 23.42%. The business's revenue for the quarter was down 2.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.19 EPS. On average, research analysts expect that Old Dominion Freight Line, Inc. will post 5.44 EPS for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 17th. Investors of record on Wednesday, June 3rd were paid a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date of this dividend was Wednesday, June 3rd. Old Dominion Freight Line's dividend payout ratio is currently 24.27%.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. The Goldman Sachs Group reissued a "buy" rating and issued a $235.00 price target (up from $209.00) on shares of Old Dominion Freight Line in a report on Tuesday, June 23rd. Citigroup cut shares of Old Dominion Freight Line from a "neutral" rating to a "sell" rating and upped their price target for the stock from $225.00 to $228.00 in a report on Monday, June 15th. Stephens reiterated an "overweight" rating and issued a $240.00 price objective (up from $232.00) on shares of Old Dominion Freight Line in a research report on Thursday, April 30th. Benchmark reissued a "hold" rating on shares of Old Dominion Freight Line in a research note on Thursday, June 4th. Finally, Jefferies Financial Group boosted their target price on Old Dominion Freight Line from $230.00 to $250.00 and gave the stock a "hold" rating in a research report on Tuesday, June 9th. Ten investment analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $218.57.

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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