SIR Capital Management L.P. Buys New Shares in Old Dominion Freight Line, Inc. $ODFL

Key Points

• SIR Capital Management opened a new position in Old Dominion Freight Line, buying 12,400 shares valued at about $1.94 million in the fourth quarter.
• Old Dominion Freight Line reported better-than-expected quarterly earnings, with EPS of $1.14 versus the $1.05 consensus and revenue of $1.33 billion versus $1.31 billion expected.
• The company announced a quarterly dividend of $0.29 per share, payable June 17, while analysts remain cautious overall with a consensus Hold rating and average price target of $215.43.

SIR Capital Management L.P. purchased a new stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 12,400 shares of the transportation company's stock, valued at approximately $1,944,000.

A number of other hedge funds have also recently bought and sold shares of ODFL. Korea Investment CORP raised its stake in shares of Old Dominion Freight Line by 48.6% during the 4th quarter. Korea Investment CORP now owns 87,325 shares of the transportation company's stock worth $13,693,000 after purchasing an additional 28,545 shares in the last quarter. Banco Santander S.A. grew its stake in shares of Old Dominion Freight Line by 82.7% in the fourth quarter. Banco Santander S.A. now owns 37,466 shares of the transportation company's stock valued at $5,875,000 after buying an additional 16,955 shares in the last quarter. Wealthspire Advisors LLC increased its holdings in Old Dominion Freight Line by 295.5% during the fourth quarter. Wealthspire Advisors LLC now owns 1,677 shares of the transportation company's stock worth $263,000 after buying an additional 1,253 shares during the last quarter. Quantum Capital Management LLC NJ raised its position in Old Dominion Freight Line by 2.6% during the fourth quarter. Quantum Capital Management LLC NJ now owns 609,937 shares of the transportation company's stock worth $95,638,000 after acquiring an additional 15,546 shares in the last quarter. Finally, Castleark Management LLC bought a new stake in Old Dominion Freight Line during the fourth quarter worth $15,010,000. 77.82% of the stock is currently owned by institutional investors.

Old Dominion Freight Line Trading Down 0.8%

ODFL stock opened at $245.75 on Friday. The firm has a market capitalization of $51.11 billion, a PE ratio of 51.41, a PEG ratio of 5.02 and a beta of 1.17. Old Dominion Freight Line, Inc. has a 1-year low of $126.01 and a 1-year high of $252.03. The business's 50 day simple moving average is $215.16 and its 200 day simple moving average is $189.53.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last posted its earnings results on Wednesday, April 29th. The transportation company reported $1.14 earnings per share for the quarter, topping analysts' consensus estimates of $1.05 by $0.09. The business had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.31 billion. Old Dominion Freight Line had a return on equity of 23.42% and a net margin of 18.46%.The firm's revenue was down 2.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.19 EPS. As a group, sell-side analysts predict that Old Dominion Freight Line, Inc. will post 5.38 EPS for the current fiscal year.

Old Dominion Freight Line Announces Dividend

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

Analyst Ratings Changes

ODFL has been the topic of several analyst reports. Wells Fargo & Company set a $235.00 price target on shares of Old Dominion Freight Line and gave the stock an "equal weight" rating in a research report on Friday, June 5th. Benchmark reaffirmed a "hold" rating on shares of Old Dominion Freight Line in a research report on Thursday, June 4th. UBS Group upped their price target on shares of Old Dominion Freight Line from $202.00 to $216.00 and gave the stock a "neutral" rating in a research report on Thursday, April 30th. Citigroup reiterated a "neutral" rating and set a $225.00 price target (up from $218.00) on shares of Old Dominion Freight Line in a report on Thursday, April 30th. Finally, Rothschild & Co Redburn dropped their price objective on Old Dominion Freight Line from $176.00 to $172.00 and set a "sell" rating on the stock in a research note on Tuesday, May 12th. Eight investment analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $215.43.

Insider Buying and Selling at Old Dominion Freight Line

In related news, Director Greg C. Gantt sold 22,107 shares of the business's stock in a transaction that occurred 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 transaction, the director directly owned 88,551 shares of the company's stock, valued at approximately $16,959,287.52. The trade was a 19.98% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 10.00% 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.

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