Freestone Grove Partners LP Takes Position in Old Dominion Freight Line, Inc. $ODFL

Freestone Grove Partners LP purchased a new stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 179,312 shares of the transportation company’s stock, valued at approximately $38,839,000. Freestone Grove Partners LP owned approximately 0.09% of Old Dominion Freight Line as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Caisse de depot et placement du Quebec bought a new position in Old Dominion Freight Line in the 2nd quarter valued at approximately $190,557,000. Pointe Capital Management LLC bought a new stake in shares of Old Dominion Freight Line in the 2nd quarter worth $807,000. Man Group plc bought a new stake in shares of Old Dominion Freight Line in the 2nd quarter worth $39,028,000. Jupiter Topco LLC purchased a new position in shares of Old Dominion Freight Line in the second quarter worth $4,467,000. Finally, Hsbc Holdings PLC purchased a new position in shares of Old Dominion Freight Line in the second quarter worth $86,248,000. 77.82% of the stock is currently owned by hedge funds and other institutional investors.

Old Dominion Freight Line Price Performance

ODFL stock opened at $199.43 on Thursday. The company has a market cap of $41.35 billion, a P/E ratio of 38.43, a price-to-earnings-growth ratio of 3.45 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. The stock’s fifty day moving average price is $218.44 and its 200-day moving average price is $210.62.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its quarterly earnings data 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 company had revenue of $1.55 billion during the quarter, compared to analyst estimates 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 quarter in the previous year, the company posted $1.27 earnings per share. As a group, analysts expect 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 declared a quarterly dividend, which will be paid on Wednesday, September 16th. Shareholders of record on Wednesday, September 2nd will be paid a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date is Wednesday, September 2nd. Old Dominion Freight Line’s payout ratio is currently 22.35%.

Analysts Set New Price Targets

Several equities research analysts recently commented on ODFL shares. Benchmark reaffirmed a “hold” rating on shares of Old Dominion Freight Line in a research report on Thursday, June 4th. Jefferies Financial Group reissued a “hold” rating and issued a $227.00 target price on shares of Old Dominion Freight Line in a research report on Thursday, July 30th. Weiss Ratings upgraded shares of Old Dominion Freight Line from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, August 11th. Raymond James Financial reaffirmed an “outperform” rating and set a $241.00 price target (up from $224.00) on shares of Old Dominion Freight Line in a report on Monday, July 13th. Finally, Wells Fargo & Company upgraded shares of Old Dominion Freight Line from an “underweight” rating to an “overweight” rating and lifted their price target for the stock from $235.00 to $250.00 in a research note on Wednesday, July 8th. One research 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 has an average rating of “Hold” and a consensus target price of $226.55.

Insider Activity

In other news, SVP Cecil E. Jr. Overbey sold 19,952 shares of the company’s stock in a transaction dated 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 owned 22,746 shares of the company’s stock, valued at $4,512,578.94. This represents a 46.73% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 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.