Pullen Investment Management LLC Invests $1.88 Million in Old Dominion Freight Line, Inc. $ODFL

Key Points

• Pullen Investment Management opened a new position in Old Dominion Freight Line, buying 9,615 shares worth about $1.88 million in the first quarter.
• Old Dominion Freight Line reported better-than-expected quarterly earnings, posting $1.14 EPS versus the $1.05 consensus and revenue of $1.33 billion versus $1.31 billion expected.
• Analysts remain mixed on the stock: the consensus rating is Hold with an average price target of $217.30, while recent targets ranged from $172 to $260.

Pullen Investment Management LLC purchased a new position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 9,615 shares of the transportation company's stock, valued at approximately $1,879,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in ODFL. Norges Bank acquired a new position in Old Dominion Freight Line in the 4th quarter valued at $444,983,000. Boston Partners purchased a new position in Old Dominion Freight Line during the 3rd quarter worth $292,599,000. Price T Rowe Associates Inc. MD lifted its stake in shares of Old Dominion Freight Line by 14.1% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 14,223,960 shares of the transportation company's stock worth $2,230,318,000 after acquiring an additional 1,761,511 shares during the period. Two Sigma Investments LP lifted its stake in shares of Old Dominion Freight Line by 637.5% in the 3rd quarter. Two Sigma Investments LP now owns 1,576,470 shares of the transportation company's stock worth $221,935,000 after acquiring an additional 1,362,697 shares during the period. Finally, Life Cycle Investment Partners Ltd purchased a new stake in shares of Old Dominion Freight Line in the fourth quarter valued at about $188,651,000. 77.82% of the stock is owned by hedge funds and other institutional investors.

Old Dominion Freight Line Price Performance

Shares of ODFL opened at $221.04 on Friday. The company has a 50-day simple moving average of $217.66 and a 200-day simple moving average of $192.73. The company has a market capitalization of $45.97 billion, a PE ratio of 46.24, a P/E/G ratio of 4.44 and a beta of 1.17. 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 announced its quarterly earnings data on Wednesday, April 29th. The transportation company reported $1.14 EPS for the quarter, beating the consensus estimate of $1.05 by $0.09. The firm had revenue of $1.33 billion during the quarter, compared to analysts' expectations 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 last year, the business earned $1.19 earnings per share. On average, research analysts anticipate that Old Dominion Freight Line, Inc. will post 5.43 EPS for the current year.

Old Dominion Freight Line Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 17th. Shareholders of record on Wednesday, June 3rd were issued a $0.29 dividend. The ex-dividend date of this dividend 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%.

Wall Street Analyst Weigh In

ODFL has been the topic of a number of recent analyst reports. Morgan Stanley set a $235.00 price target on shares of Old Dominion Freight Line and gave the stock an "overweight" rating in a research note on Thursday, April 30th. Jefferies Financial Group raised their price objective on shares of Old Dominion Freight Line from $230.00 to $250.00 and gave the company a "hold" rating in a research report on Tuesday, June 9th. Wells Fargo & Company set a $235.00 price objective on Old Dominion Freight Line and gave the company an "equal weight" rating in a report on Friday, June 5th. Argus boosted their target price on Old Dominion Freight Line from $220.00 to $260.00 and gave the stock a "buy" rating in a research report on Thursday. Finally, Rothschild & Co Redburn cut their target price on Old Dominion Freight Line from $176.00 to $172.00 and set a "sell" rating for the company in a research note on Tuesday, May 12th. Eight investment analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and three have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $217.30.

Insider Activity

In other news, Director Greg C. Gantt sold 22,107 shares of Old Dominion Freight Line stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $191.52, for a total transaction of $4,233,932.64. Following the completion of the sale, the director directly owned 88,551 shares in the company, valued at approximately $16,959,287.52. This trade represents a 19.98% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 10.00% of the company's stock.

Old Dominion Freight Line 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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