Portside Wealth Group LLC Purchases Shares of 1,883 Old Dominion Freight Line, Inc. $ODFL

Portside Wealth Group LLC purchased a new position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,883 shares of the transportation company’s stock, valued at approximately $306,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Empowered Funds LLC lifted its stake in shares of Old Dominion Freight Line by 164.8% during the 2nd quarter. Empowered Funds LLC now owns 27,046 shares of the transportation company’s stock valued at $4,390,000 after buying an additional 16,833 shares in the last quarter. Vanguard Group Inc. raised its holdings in Old Dominion Freight Line by 0.4% during the second quarter. Vanguard Group Inc. now owns 22,758,247 shares of the transportation company’s stock valued at $3,693,663,000 after acquiring an additional 91,842 shares during the period. Nomura Asset Management Co. Ltd. lifted its position in shares of Old Dominion Freight Line by 10.3% in the second quarter. Nomura Asset Management Co. Ltd. now owns 96,596 shares of the transportation company’s stock valued at $15,678,000 after acquiring an additional 8,990 shares in the last quarter. Citigroup Inc. lifted its position in shares of Old Dominion Freight Line by 149.5% in the second quarter. Citigroup Inc. now owns 710,786 shares of the transportation company’s stock valued at $115,360,000 after acquiring an additional 425,846 shares in the last quarter. Finally, Financial Gravity Companies Inc. bought a new position in shares of Old Dominion Freight Line in the second quarter worth about $26,000. 77.82% of the stock is owned by hedge funds and other institutional investors.

Old Dominion Freight Line Stock Down 2.4%

NASDAQ ODFL opened at $127.51 on Thursday. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.38 and a current ratio of 1.20. The company has a market capitalization of $26.66 billion, a P/E ratio of 25.66, a P/E/G ratio of 3.22 and a beta of 1.22. Old Dominion Freight Line, Inc. has a one year low of $126.57 and a one year high of $228.72. The stock has a 50 day moving average price of $139.08 and a 200-day moving average price of $152.04.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its quarterly earnings results on Wednesday, October 29th. The transportation company reported $1.28 earnings per share for the quarter, topping the consensus estimate of $1.22 by $0.06. The company had revenue of $1.41 billion for the quarter, compared to analysts’ expectations of $1.41 billion. Old Dominion Freight Line had a net margin of 18.97% and a return on equity of 24.92%. Old Dominion Freight Line’s quarterly revenue was down 4.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.43 earnings per share. As a group, equities analysts predict that Old Dominion Freight Line, Inc. will post 5.68 EPS for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 17th. Stockholders of record on Wednesday, December 3rd will be issued a $0.28 dividend. The ex-dividend date is Wednesday, December 3rd. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.9%. Old Dominion Freight Line’s payout ratio is 22.54%.

Wall Street Analyst Weigh In

ODFL has been the topic of several recent analyst reports. JPMorgan Chase & Co. lifted their target price on Old Dominion Freight Line from $143.00 to $144.00 and gave the company a “neutral” rating in a research note on Thursday, October 30th. Citigroup reduced their price objective on shares of Old Dominion Freight Line from $173.00 to $168.00 and set a “buy” rating on the stock in a research report on Thursday, October 30th. TD Cowen lowered their target price on shares of Old Dominion Freight Line from $159.00 to $154.00 in a report on Thursday, October 30th. Weiss Ratings restated a “hold (c-)” rating on shares of Old Dominion Freight Line in a research report on Wednesday, October 8th. Finally, Stifel Nicolaus reduced their price target on shares of Old Dominion Freight Line from $168.00 to $162.00 and set a “buy” rating on the stock in a report on Tuesday, October 28th. Eight investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $159.33.

Old Dominion Freight Line Profile

Old Dominion Freight Line, Inc operates as a less-than-truckload motor carrier in the United States and North America. The company offers regional, inter-regional, and national less-than-truckload services, as well as expedited transportation. It also provides various value-added services, including container drayage, truckload brokerage, and supply chain consulting.