Wealthfront Advisers LLC Makes New $7.49 Million Investment in Old Dominion Freight Line, Inc. $ODFL

Key Points

• Wealthfront Advisers acquired 34,564 shares of Old Dominion Freight Line in the second quarter, a new position valued at approximately $7.49 million. Institutional investors collectively own 77.82% of the company.
• Old Dominion reported quarterly EPS of $1.68, beating 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, yielding about 0.6% annually.
• ODFL shares opened at $205.08, below the analyst consensus price target of $226.55. Wall Street’s overall rating is “Hold,” reflecting mixed views ranging from “Buy” to “Sell.”

Wealthfront Advisers LLC purchased a new stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 34,564 shares of the transportation company's stock, valued at approximately $7,487,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Brighton Jones LLC lifted its stake in Old Dominion Freight Line by 5.3% in 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 increased its position in Old Dominion Freight Line by 134.9% during the first quarter. Empowered Funds LLC now owns 10,213 shares of the transportation company's stock worth $1,690,000 after buying 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 valued at approximately $7,478,000. Jump Financial LLC acquired a new stake in shares of Old Dominion Freight Line in the second quarter valued at approximately $2,891,000. Finally, AXA S.A. boosted its stake in shares of Old Dominion Freight Line by 1.2% during the 2nd quarter. AXA S.A. now owns 20,253 shares of the transportation company's stock worth $3,287,000 after acquiring an additional 238 shares during the period. Institutional investors own 77.82% of the company's stock.

Old Dominion Freight Line Trading Down 1.4%

NASDAQ ODFL opened at $205.08 on Thursday. The company has a 50 day moving average of $221.86 and a 200-day moving average of $210.26. The company has a market cap of $42.53 billion, a price-to-earnings ratio of 39.51, a PEG ratio of 3.61 and a beta of 1.18. Old Dominion Freight Line, Inc. has a 1-year low of $126.01 and a 1-year high of $252.03.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last released its earnings results on Wednesday, July 29th. The transportation company reported $1.68 earnings per share (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 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 period in the prior year, the firm posted $1.27 EPS. On average, equities research analysts forecast that Old Dominion Freight Line, Inc. will post 5.78 earnings per share for the current year.

Old Dominion Freight Line Announces Dividend

The firm 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 dividend on an annualized basis and a dividend 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

A number of equities research analysts recently weighed in on ODFL shares. JPMorgan Chase & Co. increased their price target on Old Dominion Freight Line from $197.00 to $234.00 and gave the company a "neutral" rating in a research note on Monday, June 8th. The Goldman Sachs Group reissued a "buy" rating and issued a $244.00 price objective on shares of Old Dominion Freight Line in a research report on Wednesday, July 29th. Rothschild & Co Redburn cut their target price on shares of 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. Weiss Ratings upgraded shares of Old Dominion Freight Line from a "hold (c)" rating to a "hold (c+)" rating in a research note on Tuesday, August 11th. Finally, Citigroup reiterated a "neutral" rating and issued a $231.00 price target (up from $228.00) on shares of Old Dominion Freight Line in a research note on Thursday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, nine 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, the stock currently has an average rating of "Hold" and a consensus price target of $226.55.

Old Dominion Freight Line Company 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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source