Brasada Capital Management LP Takes Position in Old Dominion Freight Line, Inc. $ODFL

Brasada Capital Management LP purchased a new stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 19,468 shares of the transportation company’s stock, valued at approximately $4,217,000.

Several other institutional investors and hedge funds also recently bought and sold shares of ODFL. BlackRock Inc. purchased a new position in Old Dominion Freight Line in the 2nd quarter valued at approximately $3,416,007,000. Norges Bank purchased a new stake in shares of Old Dominion Freight Line during the fourth quarter worth $444,983,000. Bank of New York Mellon Corp purchased a new stake in shares of Old Dominion Freight Line during the second quarter worth $543,289,000. Boston Partners purchased a new stake in shares of Old Dominion Freight Line during the third quarter worth $292,599,000. Finally, Price T Rowe Associates Inc. MD boosted its holdings in shares of Old Dominion Freight Line by 14.1% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 14,223,960 shares of the transportation company’s stock worth $2,230,318,000 after acquiring an additional 1,761,511 shares during the period. 77.82% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on ODFL. BMO Capital Markets reiterated an “outperform” rating and issued a $230.00 price target on shares of Old Dominion Freight Line in a research report on Thursday, June 4th. Benchmark reissued a “hold” rating on shares of Old Dominion Freight Line in a report on Thursday, June 4th. Weiss Ratings downgraded Old Dominion Freight Line from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday. Evercore reaffirmed an “outperform” rating and set a $243.00 target price on shares of Old Dominion Freight Line in a report on Thursday, July 30th. Finally, Citigroup reiterated a “neutral” rating and set a $231.00 price target (up from $228.00) on shares of Old Dominion Freight Line in a research report on Thursday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, thirteen have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Old Dominion Freight Line has an average rating of “Hold” and an average target price of $226.55.

Old Dominion Freight Line Trading Up 0.3%

ODFL stock opened at $200.06 on Friday. The company’s 50 day moving average is $218.02 and its 200 day moving average is $210.60. The stock has a market cap of $41.48 billion, a price-to-earnings ratio of 38.55, a price-to-earnings-growth ratio of 3.46 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) last announced its earnings results on Wednesday, July 29th. The transportation company reported $1.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.54 by $0.14. Old Dominion Freight Line had a net margin of 19.44% and a return on equity of 24.87%. The business had revenue of $1.55 billion during the quarter, compared to analyst estimates of $1.54 billion. During the same period in the previous year, the business posted $1.27 earnings per share. Old Dominion Freight Line’s revenue for the quarter was up 10.4% on a year-over-year basis. As a group, sell-side analysts forecast that Old Dominion Freight Line, Inc. will post 5.78 EPS for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

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

Insider Buying and Selling at Old Dominion Freight Line

In other news, SVP Cecil E. Jr. Overbey sold 19,952 shares of Old Dominion Freight Line stock in a transaction on 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. The trade was a 46.73% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 8.20% of the company’s stock.

About Old Dominion Freight Line

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.