Elevation Point Wealth Partners LLC Buys New Shares in Old Dominion Freight Line, Inc. $ODFL

Elevation Point Wealth Partners LLC bought a new position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 12,073 shares of the transportation company’s stock, valued at approximately $2,615,000.

Other large investors have also recently bought and sold shares of the company. Bogart Wealth LLC boosted its holdings in shares of Old Dominion Freight Line by 9.9% in the 1st quarter. Bogart Wealth LLC now owns 511 shares of the transportation company’s stock valued at $100,000 after buying an additional 46 shares during the last quarter. Private Advisor Group LLC grew its stake in Old Dominion Freight Line by 1.3% in the 1st quarter. Private Advisor Group LLC now owns 4,164 shares of the transportation company’s stock valued at $814,000 after buying an additional 55 shares during the last quarter. Keybank National Association OH grew its stake in Old Dominion Freight Line by 2.3% in the 1st quarter. Keybank National Association OH now owns 2,450 shares of the transportation company’s stock valued at $479,000 after buying an additional 56 shares during the last quarter. Deseret Mutual Benefit Administrators raised its holdings in Old Dominion Freight Line by 9.7% in the 4th quarter. Deseret Mutual Benefit Administrators now owns 645 shares of the transportation company’s stock valued at $101,000 after acquiring an additional 57 shares during the period. Finally, Verdence Capital Advisors LLC raised its holdings in Old Dominion Freight Line by 1.2% in the 4th quarter. Verdence Capital Advisors LLC now owns 5,181 shares of the transportation company’s stock valued at $812,000 after acquiring an additional 60 shares during the period. 77.82% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

ODFL has been the subject of a number of research analyst reports. Rothschild & Co Redburn reduced their price objective on Old Dominion Freight Line from $176.00 to $172.00 and set a “sell” rating for the company in a report on Tuesday, May 12th. Raymond James Financial reiterated an “outperform” rating and set a $241.00 target price (up from $224.00) on shares of Old Dominion Freight Line in a research note on Monday, July 13th. Susquehanna boosted their price target on Old Dominion Freight Line from $224.00 to $228.00 and gave the company a “neutral” rating in a research note on Tuesday, July 14th. Stifel Nicolaus set a $263.00 price objective on Old Dominion Freight Line and gave the company a “buy” rating in a report on Thursday, July 30th. Finally, Stephens reiterated an “overweight” rating and set a $240.00 price objective (up from $232.00) on shares of Old Dominion Freight Line in a research report on Thursday, April 30th. One investment 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 given a Sell rating to the company. Based on data from MarketBeat.com, Old Dominion Freight Line presently has a consensus rating of “Hold” and a consensus price target of $226.55.

Old Dominion Freight Line Price Performance

Shares of NASDAQ:ODFL opened at $206.47 on Monday. Old Dominion Freight Line, Inc. has a 12-month low of $126.01 and a 12-month high of $252.03. The company’s 50 day moving average price is $220.21 and its two-hundred day moving average price is $210.63. The firm has a market cap of $42.81 billion, a PE ratio of 39.78, a PEG ratio of 3.59 and a beta of 1.18.

Old Dominion Freight Line (NASDAQ:ODFL) last released its quarterly earnings results on Wednesday, July 29th. The transportation company reported $1.68 earnings per share for the quarter, beating analysts’ consensus estimates of $1.54 by $0.14. The company had revenue of $1.55 billion during 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 quarterly revenue was up 10.4% on a year-over-year basis. During the same period in the previous year, the business earned $1.27 earnings per share. On average, research analysts expect that Old Dominion Freight Line, Inc. will post 5.78 EPS for the current year.

Old Dominion Freight Line Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 16th. Investors 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 0.6%. The ex-dividend date of this dividend is Wednesday, September 2nd. Old Dominion Freight Line’s payout ratio 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.