Summitry LLC Purchases 5,450 Shares of Old Dominion Freight Line, Inc. $ODFL

Key Points

• Summitry LLC increased its Old Dominion Freight Line stake by 2.5% in the first quarter, buying 5,450 shares for a total of 223,625 shares valued at approximately $43.7 million. Institutional investors collectively own 77.82% of ODFL.
• Analyst sentiment remains mixed, with ODFL receiving an average “Hold” rating and a consensus price target of $226.55; recent firms raised targets and Wells Fargo upgraded the stock to “Overweight.”
• Old Dominion reported quarterly EPS of $1.68, exceeding estimates of $1.54, while revenue rose 10.4% year over year to $1.55 billion. The company also declared a quarterly dividend of $0.29 per share, implying a 0.5% yield.

Summitry LLC grew its position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 2.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 223,625 shares of the transportation company's stock after acquiring an additional 5,450 shares during the quarter. Old Dominion Freight Line comprises about 1.5% of Summitry LLC's portfolio, making the stock its 23rd largest position. Summitry LLC owned 0.11% of Old Dominion Freight Line worth $43,696,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in ODFL. Brighton Jones LLC grew its holdings in Old Dominion Freight Line by 5.3% during the 4th quarter. Brighton Jones LLC now owns 1,559 shares of the transportation company's stock valued at $275,000 after purchasing an additional 79 shares during the last quarter. Empowered Funds LLC lifted its stake in Old Dominion Freight Line by 134.9% in the first quarter. Empowered Funds LLC now owns 10,213 shares of the transportation company's stock worth $1,690,000 after purchasing an additional 5,866 shares during the last quarter. Marshall Wace LLP bought a new stake in Old Dominion Freight Line in the second quarter worth about $7,478,000. Jump Financial LLC purchased a new position in shares of Old Dominion Freight Line during the second quarter valued at approximately $2,891,000. Finally, AXA S.A. boosted its position in shares of Old Dominion Freight Line by 1.2% during the second quarter. AXA S.A. now owns 20,253 shares of the transportation company's stock valued at $3,287,000 after buying an additional 238 shares during the period. Institutional investors own 77.82% of the company's stock.

Insider Activity

In other news, Director Greg C. Gantt sold 22,107 shares of the 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 transaction, the director owned 88,551 shares of the company's stock, valued at approximately $16,959,287.52. This represents a 19.98% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 10.00% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently weighed in on ODFL. Argus increased their price target on Old Dominion Freight Line from $220.00 to $260.00 and gave the stock a "buy" rating in a report on Thursday, June 18th. UBS Group restated a "neutral" rating and set a $228.00 price objective (up from $224.00) on shares of Old Dominion Freight Line in a report on Thursday. Wells Fargo & Company raised Old Dominion Freight Line from an "underweight" rating to an "overweight" rating and upped their price objective for the company from $235.00 to $250.00 in a research report on Wednesday, July 8th. Jefferies Financial Group reaffirmed a "hold" rating and issued a $227.00 price objective on shares of Old Dominion Freight Line in a research report on Thursday. Finally, Robert W. Baird set a $229.00 target price on Old Dominion Freight Line and gave the stock a "neutral" rating in a research note on Tuesday, April 28th. Nine research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, Old Dominion Freight Line presently has an average rating of "Hold" and an average target price of $226.55.

Old Dominion Freight Line Stock Performance

Old Dominion Freight Line stock opened at $212.14 on Friday. The company has a 50 day moving average price of $226.77 and a 200-day moving average price of $206.57. Old Dominion Freight Line, Inc. has a fifty-two week low of $126.01 and a fifty-two week high of $252.03. The company has a market capitalization of $44.12 billion, a PE ratio of 40.87, a P/E/G ratio of 3.70 and a beta of 1.18.

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 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.54 by $0.14. The firm had revenue of $1.55 billion during the quarter, compared to analyst estimates of $1.54 billion. Old Dominion Freight Line had a return on equity of 24.87% and a net margin of 19.44%.Old Dominion Freight Line's quarterly revenue was up 10.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.27 earnings per share. On average, analysts forecast that Old Dominion Freight Line, Inc. will post 5.76 earnings per share for the current year.

Old Dominion Freight Line Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 16th. Shareholders of record on Wednesday, September 2nd will be issued a $0.29 dividend. This represents a $1.16 annualized dividend and a dividend yield of 0.5%. The ex-dividend date is Wednesday, September 2nd. Old Dominion Freight Line's dividend payout ratio is currently 22.35%.

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.

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.