Portfolio Design Labs LLC Purchases Shares of 5,748 Old Dominion Freight Line, Inc. $ODFL

Portfolio Design Labs LLC acquired a new stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) during the 2nd quarter, Holdings Channel reports. The firm acquired 5,748 shares of the transportation company’s stock, valued at approximately $1,245,000.

Several other large investors also recently made changes to their positions in ODFL. AustralianSuper Pty Ltd increased its stake in Old Dominion Freight Line by 955.4% during the 4th quarter. AustralianSuper Pty Ltd now owns 75,005 shares of the transportation company’s stock valued at $11,761,000 after purchasing an additional 67,898 shares in the last quarter. Summitry LLC raised its holdings in Old Dominion Freight Line by 5.4% during the fourth quarter. Summitry LLC now owns 218,175 shares of the transportation company’s stock worth $34,210,000 after buying an additional 11,223 shares during the last quarter. Partners Group Holding AG lifted its stake in shares of Old Dominion Freight Line by 37.0% in the fourth quarter. Partners Group Holding AG now owns 194,631 shares of the transportation company’s stock valued at $30,518,000 after buying an additional 52,514 shares in the last quarter. M&T Bank Corp lifted its stake in shares of Old Dominion Freight Line by 76.3% in the fourth quarter. M&T Bank Corp now owns 15,204 shares of the transportation company’s stock valued at $2,384,000 after buying an additional 6,582 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. grew its holdings in shares of Old Dominion Freight Line by 15,188.0% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 407,885 shares of the transportation company’s stock valued at $63,956,000 after buying an additional 405,217 shares during the last quarter. 77.82% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have recently commented on ODFL. TD Cowen reissued a “hold” rating on shares of Old Dominion Freight Line in a research report on Wednesday, June 3rd. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $244.00 price target on shares of Old Dominion Freight Line in a research report on Wednesday, July 29th. Rothschild & Co Redburn cut their price target 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. UBS Group reissued a “neutral” rating and set a $228.00 price objective (up from $224.00) on shares of Old Dominion Freight Line in a report on Thursday, July 30th. Finally, Citigroup reissued a “neutral” rating and issued a $231.00 price objective (up from $228.00) on shares of Old Dominion Freight Line in a research note on Thursday, July 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 assigned a Sell rating to the stock. According to data from MarketBeat, Old Dominion Freight Line currently has an average rating of “Hold” and a consensus price target of $226.55.

Old Dominion Freight Line Price Performance

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 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. The company has a fifty day moving average price of $220.99 and a 200-day moving average price of $210.48.

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. Old Dominion Freight Line had a net margin of 19.44% and a return on equity of 24.87%. The company had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.54 billion. During the same period last year, the firm earned $1.27 earnings per share. The firm’s revenue was up 10.4% on a year-over-year basis. On average, research analysts anticipate that Old Dominion Freight Line, Inc. will post 5.78 EPS for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The company 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 is Wednesday, September 2nd. This represents a $1.16 annualized dividend and a yield of 0.6%. Old Dominion Freight Line’s dividend payout ratio (DPR) is 22.35%.

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.