Tidal Investments LLC Increases Stake in Old Dominion Freight Line, Inc. $ODFL

Key Points

• Tidal Investments increased its Old Dominion Freight Line stake by 249.8% in the second quarter, reaching 81,588 shares valued at $17.7 million. Institutional investors collectively own 77.82% of the company.
• Old Dominion reported quarterly EPS of $1.68, beating estimates by $0.14, while revenue rose 10.4% year over year to $1.55 billion. The company also declared a $0.29 quarterly dividend, equivalent to a 0.6% yield.
• ODFL shares opened at $180.55, below the analyst consensus price target of $227.65, while analyst sentiment remained mixed with a consensus rating of Hold.

Tidal Investments LLC lifted its position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 249.8% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 81,588 shares of the transportation company's stock after purchasing an additional 58,264 shares during the period. Tidal Investments LLC's holdings in Old Dominion Freight Line were worth $17,672,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. California State Teachers Retirement System lifted its position in Old Dominion Freight Line by 21,008.4% during the second quarter. California State Teachers Retirement System now owns 63,865,160 shares of the transportation company's stock valued at $13,833,194,000 after buying an additional 63,562,602 shares during the period. BlackRock Inc. bought a new position in Old Dominion Freight Line in the 2nd quarter worth about $3,416,007,000. Norges Bank purchased a new stake in Old Dominion Freight Line during the 4th quarter valued at about $444,983,000. Bank of New York Mellon Corp bought a new stake in Old Dominion Freight Line during the 2nd quarter valued at about $543,289,000. Finally, Boston Partners purchased a new position in Old Dominion Freight Line in the third quarter worth about $292,599,000. 77.82% of the stock is currently owned by hedge funds and other institutional investors.

Old Dominion Freight Line Stock Down 0.8%

ODFL opened at $180.55 on Friday. 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 market cap of $37.44 billion, a P/E ratio of 34.79, a PEG ratio of 3.05 and a beta of 1.16. The business has a fifty day moving average of $211.87 and a 200 day moving average of $210.17.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last posted its quarterly earnings results on Wednesday, July 29th. The transportation company reported $1.68 EPS for the quarter, topping the consensus estimate of $1.54 by $0.14. The company had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.54 billion. Old Dominion Freight Line had a net margin of 19.44% and a return on equity of 24.87%. The firm's revenue was up 10.4% compared to the same quarter last year. During the same quarter last year, the firm posted $1.27 EPS. Equities analysts anticipate that Old Dominion Freight Line, Inc. will post 5.78 EPS for the current fiscal year.

Old Dominion Freight Line Announces Dividend

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

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on ODFL. BMO Capital Markets restated an "outperform" rating and issued a $230.00 price target on shares of Old Dominion Freight Line in a research note on Thursday, June 4th. Weiss Ratings downgraded shares of Old Dominion Freight Line from a "hold (c+)" rating to a "hold (c)" rating in a report on Tuesday, August 25th. Jefferies Financial Group reaffirmed a "hold" rating and set a $227.00 target price (down from $250.00) on shares of Old Dominion Freight Line in a report on Thursday, July 30th. Zacks Research upgraded shares of Old Dominion Freight Line from a "hold" rating to a "strong-buy" rating in a research report on Friday, July 31st. Finally, Wall Street Zen cut Old Dominion Freight Line from a "buy" rating to a "hold" rating in a report on Saturday, August 29th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, thirteen have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $227.65.

Insider Buying and Selling

In other Old Dominion Freight Line news, SVP Cecil Overbey, Jr. sold 19,952 shares of the stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $198.39, for a total transaction of $3,958,277.28. Following the completion of the sale, the senior vice president directly owned 22,746 shares of the company's stock, valued at approximately $4,512,578.94. This represents a 46.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 8.20% of the stock is owned by company insiders.

Old Dominion Freight Line Profile

Old Dominion Freight Line, Inc is a transportation and logistics company that specializes in less-than-truckload (LTL) freight services. The company transports shipments that do not require a full trailer, consolidating freight from multiple customers and providing regional, inter-regional and nationwide service.

Its service offerings include expedited transportation, truckload brokerage, container drayage, warehousing and supply chain consulting. Old Dominion operates a network of service centers and transportation facilities designed to support pickup and delivery, freight handling and distribution throughout the contiguous United States, with additional cross-border service to Canada and Mexico.

Founded in 1934 by Earl and Lillian Congdon, the company is headquartered in Thomasville, North Carolina.

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.