Pointe Capital Management LLC Invests $807,000 in Old Dominion Freight Line, Inc. $ODFL

Pointe Capital Management LLC purchased a new stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 3,726 shares of the transportation company’s stock, valued at approximately $807,000.

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

Old Dominion Freight Line Stock Performance

Shares of Old Dominion Freight Line stock opened at $198.34 on Wednesday. The firm has a market cap of $41.13 billion, a PE ratio of 38.22, a price-to-earnings-growth ratio of 3.50 and a beta of 1.18. The firm’s 50-day simple moving average is $218.82 and its 200-day simple moving average is $210.64. 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 posted its quarterly earnings results on Wednesday, July 29th. The transportation company reported $1.68 EPS for the quarter, topping analysts’ consensus estimates of $1.54 by $0.14. The business had revenue of $1.55 billion during the quarter, compared to the consensus estimate 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 last year, the firm earned $1.27 earnings per share. On average, equities analysts predict that Old Dominion Freight Line, Inc. will post 5.78 earnings per share for the current year.

Old Dominion Freight Line Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 16th. Stockholders of record on Wednesday, September 2nd will be given a $0.29 dividend. 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 presently 22.35%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on ODFL shares. Evercore reaffirmed an “outperform” rating and set a $243.00 price target on shares of Old Dominion Freight Line in a report on Thursday, July 30th. Raymond James Financial reiterated an “outperform” rating and issued a $241.00 price objective (up from $224.00) on shares of Old Dominion Freight Line in a report on Monday, July 13th. JPMorgan Chase & Co. upped their price objective on shares of Old Dominion Freight Line from $197.00 to $234.00 and gave the company a “neutral” rating in a research report on Monday, June 8th. Weiss Ratings upgraded Old Dominion Freight Line from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, August 11th. Finally, Jefferies Financial Group reaffirmed a “hold” rating and set a $227.00 target price on shares of Old Dominion Freight Line in a research report on Thursday, July 30th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, thirteen have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price 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.