Portfolio Design Labs LLC Purchases New Holdings in Old Dominion Freight Line, Inc. $ODFL

Key Points

• Portfolio Design Labs LLC purchased 5,748 shares of Old Dominion Freight Line in the second quarter, valued at approximately $1.245 million. Institutional investors collectively own 77.82% of the company.
• Old Dominion reported quarterly EPS of $1.68, exceeding the $1.54 analyst consensus, while revenue rose 10.4% year over year to $1.55 billion.
• The company declared a quarterly dividend of $0.29 per share, equal to a 0.6% annualized yield. Analysts’ consensus rating is “Hold,” with an average price target of $226.55.

Portfolio Design Labs LLC bought a new stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 5,748 shares of the transportation company's stock, valued at approximately $1,245,000.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Bell Investment Advisors Inc bought a new stake in shares of Old Dominion Freight Line during the 2nd quarter valued at $25,000. Annis Gardner Whiting Capital Advisors LLC increased its stake in 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 in the last quarter. Reflection Asset Management acquired a new stake in shares of Old Dominion Freight Line during the fourth quarter worth $28,000. Evolution Wealth Management Inc. acquired a new stake in shares of Old Dominion Freight Line in the 1st quarter valued at about $29,000. Finally, DT Investment Partners LLC raised its position in Old Dominion Freight Line by 600.0% in the 4th quarter. DT Investment Partners LLC now owns 210 shares of the transportation company's stock valued at $33,000 after buying an additional 180 shares during the last quarter. 77.82% of the stock is owned by institutional investors.

Old Dominion Freight Line Stock Performance

Shares of ODFL opened at $204.52 on Friday. The stock has a market capitalization of $42.41 billion, a price-to-earnings ratio of 39.41, a PEG ratio of 3.56 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. The stock has a fifty day moving average of $220.99 and a 200-day moving average of $210.48.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The transportation company reported $1.68 EPS for the quarter, beating analysts' consensus estimates of $1.54 by $0.14. Old Dominion Freight Line had a return on equity of 24.87% and a net margin of 19.44%.The firm had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.54 billion. During the same period last year, the firm posted $1.27 earnings per share. The business's revenue for the quarter was up 10.4% on a year-over-year basis. As a group, equities analysts forecast that Old Dominion Freight Line, Inc. will post 5.78 EPS for the current year.

Old Dominion Freight Line Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 16th. Investors of record on Wednesday, September 2nd will be given a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend is Wednesday, September 2nd. Old Dominion Freight Line's dividend payout ratio (DPR) is currently 22.35%.

Wall Street Analyst Weigh In

ODFL has been the topic of several analyst reports. Rothschild & Co Redburn cut their price target on shares of Old Dominion Freight Line from $176.00 to $172.00 and set a "sell" rating on the stock in a research report on Tuesday, May 12th. Stephens restated an "overweight" rating and issued a $240.00 price target (up from $232.00) on shares of Old Dominion Freight Line in a research note on Thursday, April 30th. BMO Capital Markets reissued an "outperform" rating and issued a $230.00 price target on shares of Old Dominion Freight Line in a report on Thursday, June 4th. Barclays lifted their target price on Old Dominion Freight Line from $210.00 to $220.00 and gave the stock an "equal weight" rating in a report on Thursday, June 25th. Finally, Evercore reiterated an "outperform" rating and issued a $243.00 price target on shares of Old Dominion Freight Line in a research report on Thursday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, thirteen have assigned a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat, Old Dominion Freight Line currently has an average rating of "Hold" and an average price target of $226.55.

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.

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