Freestone Grove Partners LP Takes $38.84 Million Position in Old Dominion Freight Line, Inc. $ODFL

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

Other institutional investors also recently bought and sold shares of the company. AustralianSuper Pty Ltd increased its stake in Old Dominion Freight Line by 955.4% in the 4th quarter. AustralianSuper Pty Ltd now owns 75,005 shares of the transportation company’s stock worth $11,761,000 after buying an additional 67,898 shares in the last quarter. Summitry LLC lifted its position in shares of Old Dominion Freight Line by 5.4% in the fourth quarter. Summitry LLC now owns 218,175 shares of the transportation company’s stock valued at $34,210,000 after acquiring an additional 11,223 shares in the last quarter. Partners Group Holding AG lifted its position 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 acquiring an additional 52,514 shares in the last quarter. M&T Bank Corp boosted 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 worth $2,384,000 after acquiring an additional 6,582 shares during the period. Finally, Northwestern Mutual Wealth Management Co. boosted its stake in shares of Old Dominion Freight Line by 15,188.0% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 407,885 shares of the transportation company’s stock worth $63,956,000 after acquiring an additional 405,217 shares during the period. 77.82% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Old Dominion Freight Line news, SVP Cecil E. Jr. Overbey sold 19,952 shares of the business’s stock in a transaction on 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 transaction, the senior vice president owned 22,746 shares in the company, valued at $4,512,578.94. The trade was a 46.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 8.20% of the stock is owned by insiders.

Old Dominion Freight Line Price Performance

Shares of ODFL stock opened at $199.43 on Thursday. The company has a market cap of $41.35 billion, a PE 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 50 day simple moving average is $218.44 and its two-hundred day simple moving average is $210.62.

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 analysts’ consensus estimates of $1.54 by $0.14. The firm had revenue of $1.55 billion during the quarter, compared to analysts’ expectations 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 quarterly revenue was up 10.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.27 EPS. Equities research analysts expect that Old Dominion Freight Line, Inc. will post 5.78 EPS for the current 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 dividend of $0.29 per share. This represents a $1.16 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend is Wednesday, September 2nd. Old Dominion Freight Line’s payout ratio is presently 22.35%.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on ODFL shares. UBS Group reissued a “neutral” rating and set a $228.00 target price (up from $224.00) on shares of Old Dominion Freight Line in a research note on Thursday, July 30th. Argus increased their price objective on shares of Old Dominion Freight Line from $220.00 to $260.00 and gave the company a “buy” rating in a report on Thursday, June 18th. Morgan Stanley reiterated an “equal weight” rating and set a $245.00 price objective (up from $235.00) on shares of Old Dominion Freight Line in a research report on Monday, July 6th. Stephens reissued an “overweight” rating and issued a $240.00 target price (up from $232.00) on shares of Old Dominion Freight Line in a report on Thursday, April 30th. Finally, Rothschild & Co Redburn dropped their target price on shares of Old Dominion Freight Line from $176.00 to $172.00 and set a “sell” rating for the company in a research report on Tuesday, May 12th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, thirteen have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus 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.