NEOS Investment Management LLC Acquires 17,933 Shares of Old Dominion Freight Line, Inc. $ODFL

Key Points

• NEOS Investment Management increased its Old Dominion Freight Line stake by 13.2% in the second quarter, adding 17,933 shares to own 154,082 shares valued at approximately $33.4 million. Institutional investors collectively hold 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 $0.29 quarterly dividend, equivalent to a 0.6% annual yield.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and average price target of $226.55. Separately, Senior Vice President Cecil Overbey, Jr. sold 19,952 shares for about $4.0 million.

NEOS Investment Management LLC lifted its position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 13.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 154,082 shares of the transportation company's stock after acquiring an additional 17,933 shares during the period. NEOS Investment Management LLC owned approximately 0.07% of Old Dominion Freight Line worth $33,374,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the business. Bell Investment Advisors Inc bought a new position in Old Dominion Freight Line in the second quarter valued at approximately $25,000. Solstein Capital LLC bought a new position in shares of Old Dominion Freight Line in the 2nd quarter valued at about $26,000. Annis Gardner Whiting Capital Advisors LLC increased its position in shares of Old Dominion Freight Line by 80.5% during the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 139 shares of the transportation company's stock worth $27,000 after purchasing an additional 62 shares during the last quarter. Reflection Asset Management acquired a new position in Old Dominion Freight Line during the fourth quarter worth $28,000. Finally, Evolution Wealth Management Inc. acquired a new stake in Old Dominion Freight Line in the first quarter valued at $29,000. Institutional investors and hedge funds own 77.82% of the company's stock.

Old Dominion Freight Line Stock Performance

Shares of ODFL stock opened at $185.75 on Friday. Old Dominion Freight Line, Inc. has a 52 week low of $126.01 and a 52 week high of $252.03. The company has a market capitalization of $38.52 billion, a price-to-earnings ratio of 35.79, a PEG ratio of 3.23 and a beta of 1.16. The company has a 50-day simple moving average of $215.26 and a 200 day simple moving average of $210.57.

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, topping the consensus estimate of $1.54 by $0.14. The firm had revenue of $1.55 billion during the quarter, compared to the consensus estimate of $1.54 billion. Old Dominion Freight Line had a net margin of 19.44% and a return on equity of 24.87%. The business's revenue for the quarter was up 10.4% compared to the same quarter last year. During the same period last year, the business posted $1.27 earnings per share. Sell-side analysts forecast 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 announced a quarterly dividend, which will be paid on Wednesday, September 16th. Stockholders of record on Wednesday, September 2nd will be paid 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 0.6%. Old Dominion Freight Line's dividend payout ratio (DPR) is 22.35%.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on ODFL shares. Argus boosted their price objective on shares of Old Dominion Freight Line from $220.00 to $260.00 and gave the stock a "buy" rating in a research note on Thursday, June 18th. Benchmark reiterated a "hold" rating on shares of Old Dominion Freight Line in a research note on Thursday, June 4th. Susquehanna lifted their price target on Old Dominion Freight Line from $224.00 to $228.00 and gave the stock a "neutral" rating in a report on Tuesday, July 14th. Wall Street Zen downgraded Old Dominion Freight Line from a "buy" rating to a "hold" rating in a research report on Saturday, August 29th. Finally, Evercore restated an "outperform" rating and issued a $243.00 price objective on shares of Old Dominion Freight Line in a research note on Thursday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, thirteen have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, Old Dominion Freight Line has a consensus rating of "Hold" and an average target price of $226.55.

Insider Buying and Selling at Old Dominion Freight Line

In related news, SVP Cecil Overbey, Jr. sold 19,952 shares of Old Dominion Freight Line stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $198.39, for a total transaction of $3,958,277.28. Following the completion of the sale, the senior vice president directly owned 22,746 shares of the company's stock, valued at approximately $4,512,578.94. This trade represents a 46.73% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 8.20% of the company's stock.

About Old Dominion Freight Line

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.

Want to see what other hedge funds are holding ODFL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source