Old Dominion Freight Line, Inc. $ODFL Shares Purchased by Wealthfront Advisers LLC

Key Points

• Wealthfront Advisers LLC increased its stake in Old Dominion Freight Line by 17.1% in the first quarter, buying 4,963 more shares and bringing its total holding to 34,022 shares worth about $6.65 million.
• Old Dominion Freight Line reported better-than-expected quarterly results, with EPS of $1.14 topping estimates and revenue of $1.33 billion slightly ahead of forecasts, though revenue still declined 2.9% year over year.
• Analysts remain mixed on the stock: the average rating is “Hold” with a consensus price target of $222, while recent targets ranged up to $240 and the shares were down 1.4% on the day of the report.

Wealthfront Advisers LLC boosted its stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 17.1% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 34,022 shares of the transportation company's stock after buying an additional 4,963 shares during the period. Wealthfront Advisers LLC's holdings in Old Dominion Freight Line were worth $6,648,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Price T Rowe Associates Inc. MD increased its position in shares of Old Dominion Freight Line by 14.1% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 14,223,960 shares of the transportation company's stock valued at $2,230,318,000 after acquiring an additional 1,761,511 shares during the last quarter. State Street Corp lifted its holdings in shares of Old Dominion Freight Line by 0.9% in the 4th quarter. State Street Corp now owns 7,746,286 shares of the transportation company's stock worth $1,214,618,000 after acquiring an additional 70,736 shares during the last quarter. Boston Partners boosted its position in shares of Old Dominion Freight Line by 98.4% during the 4th quarter. Boston Partners now owns 4,122,696 shares of the transportation company's stock worth $648,186,000 after purchasing an additional 2,044,434 shares during the period. T. Rowe Price Investment Management Inc. boosted its position 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 worth $577,137,000 after purchasing an additional 365,424 shares during the period. Finally, Goldman Sachs Group Inc. boosted its position in shares of Old Dominion Freight Line by 23.9% during the 4th quarter. Goldman Sachs Group Inc. now owns 3,314,157 shares of the transportation company's stock worth $519,660,000 after purchasing an additional 639,769 shares during the period. Institutional investors and hedge funds own 77.82% of the company's stock.

Old Dominion Freight Line Stock Down 1.4%

Old Dominion Freight Line stock opened at $233.84 on Friday. Old Dominion Freight Line, Inc. has a 52-week low of $126.01 and a 52-week high of $252.03. The firm has a market cap of $48.63 billion, a PE ratio of 48.92, a price-to-earnings-growth ratio of 4.23 and a beta of 1.18. The company's 50 day moving average is $221.78 and its two-hundred day moving average is $202.17.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last posted its quarterly earnings results on Wednesday, April 29th. The transportation company reported $1.14 EPS for the quarter, topping the consensus estimate of $1.05 by $0.09. Old Dominion Freight Line had a net margin of 18.46% and a return on equity of 23.42%. The business had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.31 billion. During the same quarter in the previous year, the firm posted $1.19 earnings per share. The company's quarterly revenue was down 2.9% compared to the same quarter last year. On average, equities research analysts anticipate that Old Dominion Freight Line, Inc. will post 5.55 earnings per share for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

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

Analysts Set New Price Targets

A number of analysts have issued reports on ODFL shares. TD Cowen reissued a "hold" rating on shares of Old Dominion Freight Line in a research report on Wednesday, June 3rd. Weiss Ratings restated a "hold (c)" rating on shares of Old Dominion Freight Line in a research report on Friday, July 10th. 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 report on Thursday, April 30th. Stifel Nicolaus increased their target price on Old Dominion Freight Line from $228.00 to $232.00 in a research note on Thursday, April 30th. Finally, Susquehanna raised their target price on Old Dominion Freight Line from $224.00 to $228.00 and gave the company a "neutral" rating in a report on Tuesday, July 14th. Ten analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Old Dominion Freight Line presently has an average rating of "Hold" and an average price target of $222.00.

Insider Buying and Selling

In related news, Director Greg C. Gantt sold 22,107 shares of the business's stock in a transaction on Monday, May 4th. The stock was sold at an average price of $191.52, for a total transaction of $4,233,932.64. Following the completion of the transaction, the director directly owned 88,551 shares of the company's stock, valued at $16,959,287.52. The trade was a 19.98% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 10.00% of the stock is owned by insiders.

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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