Corient Private Wealth LP Makes New $11.51 Million Investment in Old Dominion Freight Line, Inc. $ODFL

Corient Private Wealth LP acquired a new stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) during the 2nd quarter, HoldingsChannel.com reports. The fund acquired 53,123 shares of the transportation company’s stock, valued at approximately $11,507,000.

Several other large investors have also bought and sold shares of the company. Bell Investment Advisors Inc bought a new position in shares of Old Dominion Freight Line in the 2nd quarter worth approximately $25,000. Solstein Capital LLC bought a new stake in shares of Old Dominion Freight Line during the second quarter valued at approximately $26,000. EFG International AG bought a new stake in shares of Old Dominion Freight Line during the second quarter valued at approximately $29,000. Annis Gardner Whiting Capital Advisors LLC grew its stake in Old Dominion Freight Line by 80.5% in the first quarter. Annis Gardner Whiting Capital Advisors LLC now owns 139 shares of the transportation company’s stock worth $27,000 after purchasing an additional 62 shares during the period. Finally, Evolution Wealth Management Inc. purchased a new stake in Old Dominion Freight Line in the first quarter worth $29,000. 77.82% of the stock is owned by institutional investors.

Analyst Ratings Changes

ODFL has been the subject of several recent research reports. The Goldman Sachs Group reissued a “buy” rating and set a $244.00 price objective on shares of Old Dominion Freight Line in a research report on Wednesday, July 29th. Barclays upped their target price on shares of 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. 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. Wells Fargo & Company raised shares of Old Dominion Freight Line from an “underweight” rating to an “overweight” rating and lifted their price target for the company from $235.00 to $250.00 in a research report on Wednesday, July 8th. Finally, Raymond James Financial reissued an “outperform” rating and set a $241.00 price target (up from $224.00) on shares of Old Dominion Freight Line in a research report on Monday, July 13th. One analyst has rated the stock with a Strong Buy rating, nine have issued 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 presently has an average rating of “Hold” and a consensus price target of $226.55.

Old Dominion Freight Line Stock Down 0.7%

ODFL stock opened at $198.63 on Friday. Old Dominion Freight Line, Inc. has a twelve month low of $126.01 and a twelve month high of $252.03. The firm has a market cap of $41.19 billion, a PE ratio of 38.27, a price-to-earnings-growth ratio of 3.45 and a beta of 1.18. The business has a 50 day moving average of $217.58 and a 200 day moving average of $210.52.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its quarterly earnings data on Wednesday, July 29th. The transportation company reported $1.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.54 by $0.14. Old Dominion Freight Line had a return on equity of 24.87% and a net margin of 19.44%.The business had revenue of $1.55 billion during the quarter, compared to analysts’ expectations of $1.54 billion. During the same quarter in the previous year, the business earned $1.27 earnings per share. The firm’s quarterly revenue was up 10.4% compared to the same quarter last year. On average, research analysts expect that Old Dominion Freight Line, Inc. will post 5.78 earnings per share for the current fiscal year.

Old Dominion Freight Line Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 16th. Stockholders of record on Wednesday, September 2nd will be issued 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 presently 22.35%.

Insider Activity

In other news, SVP Cecil E. Jr. Overbey sold 19,952 shares of Old Dominion Freight Line stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $198.39, for a total value of $3,958,277.28. Following the completion of the transaction, the senior vice president owned 22,746 shares of the company’s stock, valued at $4,512,578.94. The trade was a 46.73% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 8.20% of the stock is currently owned by corporate insiders.

Old Dominion Freight Line 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.