Wilkinson Global Asset Management LLC Acquires New Holdings in Old Dominion Freight Line, Inc. $ODFL

Key Points

• Wilkinson Global Asset Management acquired 86,538 shares of Old Dominion Freight Line, valued at approximately $18.7 million, making the stock 1.5% of its portfolio. Institutional investors collectively own 77.82% of ODFL.
• Analyst sentiment has improved, with several firms raising price targets and Wells Fargo upgrading the stock to overweight. Despite these upgrades, the consensus rating remains “Hold”, with an average target price of $226.55.
• 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, equivalent to a 0.5% annual yield.

Wilkinson Global Asset Management LLC bought a new position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 86,538 shares of the transportation company's stock, valued at approximately $18,744,000. Old Dominion Freight Line accounts for approximately 1.5% of Wilkinson Global Asset Management LLC's holdings, making the stock its 24th largest holding.

Other institutional investors have also recently added to or reduced their stakes in the company. Brighton Jones LLC lifted its holdings in shares of Old Dominion Freight Line by 5.3% during the fourth quarter. Brighton Jones LLC now owns 1,559 shares of the transportation company's stock worth $275,000 after purchasing an additional 79 shares during the period. Empowered Funds LLC grew its stake in shares of 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 acquired a new stake in Old Dominion Freight Line in the second quarter valued at $7,478,000. Jump Financial LLC acquired a new stake in Old Dominion Freight Line in the second quarter valued at $2,891,000. Finally, AXA S.A. raised its position in 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 purchasing an additional 238 shares during the last quarter. 77.82% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

ODFL has been the topic of a number of analyst reports. Argus upped their price target on Old Dominion Freight Line from $220.00 to $260.00 and gave the company a "buy" rating in a research report on Thursday, June 18th. Barclays raised their price objective on Old Dominion Freight Line from $210.00 to $220.00 and gave the stock an "equal weight" rating in a research report on Thursday, June 25th. Wall Street Zen raised Old Dominion Freight Line from a "hold" rating to a "buy" rating in a research note on Saturday, August 8th. Wells Fargo & Company upgraded Old Dominion Freight Line from an "underweight" rating to an "overweight" rating and upped their target price for the company from $235.00 to $250.00 in a report on Wednesday, July 8th. Finally, Evercore reissued an "outperform" rating and set a $243.00 target price on shares of Old Dominion Freight Line in a research report on Thursday, July 30th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, thirteen have issued a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $226.55.

Old Dominion Freight Line Price Performance

Shares of Old Dominion Freight Line stock opened at $210.97 on Monday. The stock's 50-day moving average is $223.99 and its 200 day moving average is $209.52. Old Dominion Freight Line, Inc. has a one year low of $126.01 and a one year high of $252.03. The firm has a market cap of $43.75 billion, a price-to-earnings ratio of 40.65, a PEG ratio of 3.67 and a beta of 1.18.

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 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.54 by $0.14. The firm had revenue of $1.55 billion for the quarter, compared to analysts' expectations of $1.54 billion. Old Dominion Freight Line had a return on equity of 24.87% and a net margin of 19.44%.The company's revenue for the quarter was up 10.4% compared to the same quarter last year. During the same period in the prior year, the business earned $1.27 EPS. On average, sell-side analysts expect that Old Dominion Freight Line, Inc. will post 5.78 EPS for the current fiscal year.

Old Dominion Freight Line Announces Dividend

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

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.

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