Diversify Advisory Services LLC Takes $627,000 Position in Old Dominion Freight Line, Inc. $ODFL

Diversify Advisory Services LLC acquired a new position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) in the second quarter, Holdings Channel reports. The fund acquired 2,765 shares of the transportation company’s stock, valued at approximately $627,000.

Several other institutional investors have also made changes to their positions in the business. Wealthfront Advisers LLC bought a new stake in Old Dominion Freight Line in the second quarter valued at about $7,487,000. Meeder Advisory Services Inc. acquired a new position in Old Dominion Freight Line in the second quarter worth about $817,000. Citizens Financial Group Inc. RI bought a new position in Old Dominion Freight Line during the second quarter worth about $825,000. Texas Capital Bank Wealth Management Services Inc bought a new position in Old Dominion Freight Line during the second quarter worth about $406,000. Finally, Cornerstone Advisors LLC acquired a new stake in Old Dominion Freight Line during the second quarter valued at approximately $11,493,000. 77.82% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

ODFL has been the topic of several analyst reports. 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. Evercore restated 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. Stifel Nicolaus set a $263.00 price target on Old Dominion Freight Line and gave the company a “buy” rating in a research report on Thursday, July 30th. Rothschild & Co Redburn dropped their price objective on Old Dominion Freight Line from $176.00 to $172.00 and set a “sell” rating for the company in a research note on Tuesday, May 12th. Finally, Stephens reissued an “overweight” rating and set a $240.00 price objective (up from $232.00) on shares of Old Dominion Freight Line in a report on Thursday, April 30th. 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 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 Trading Down 0.3%

NASDAQ ODFL opened at $204.52 on Friday. Old Dominion Freight Line, Inc. has a 1-year low of $126.01 and a 1-year high of $252.03. The company has a 50 day moving average of $220.99 and a 200-day moving average of $210.48. The firm has a market cap of $42.41 billion, a price-to-earnings ratio of 39.41, a PEG ratio of 3.56 and a beta of 1.18.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its earnings results on Wednesday, July 29th. The transportation company reported $1.68 EPS for the quarter, topping the consensus estimate of $1.54 by $0.14. The business had revenue of $1.55 billion for 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%.Old Dominion Freight Line’s revenue was up 10.4% compared to the same quarter last year. During the same period in the previous year, the business earned $1.27 EPS. On average, analysts forecast that Old Dominion Freight Line, Inc. will post 5.78 earnings per share for the current year.

Old Dominion Freight Line Dividend Announcement

The firm 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. The ex-dividend date of this dividend is Wednesday, September 2nd. This represents a $1.16 dividend on an annualized basis and a yield of 0.6%. Old Dominion Freight Line’s payout ratio is currently 22.35%.

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.