Summitry LLC Acquires 5,450 Shares of Old Dominion Freight Line, Inc. $ODFL

Summitry LLC increased its holdings in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 2.5% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 223,625 shares of the transportation company’s stock after purchasing an additional 5,450 shares during the period. Old Dominion Freight Line accounts for 1.5% of Summitry LLC’s holdings, making the stock its 23rd biggest holding. Summitry LLC’s holdings in Old Dominion Freight Line were worth $43,696,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the business. Baillie Gifford & Co. bought a new position in shares of Old Dominion Freight Line in the 4th quarter worth $13,322,000. Waterfront Wealth Inc. bought a new stake in Old Dominion Freight Line during the fourth quarter valued at about $1,430,000. AustralianSuper Pty Ltd grew its stake in Old Dominion Freight Line by 955.4% in the fourth 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 during the last quarter. Partners Group Holding AG grew its stake in 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 purchasing an additional 52,514 shares during the last quarter. Finally, M&T Bank Corp raised its holdings in 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 purchasing an additional 6,582 shares in the last quarter. 77.82% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. TD Cowen restated a “hold” rating on shares of Old Dominion Freight Line in a report on Wednesday, June 3rd. 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 note on Monday, July 6th. The Goldman Sachs Group restated a “buy” rating and issued a $244.00 target price on shares of Old Dominion Freight Line in a research note on Wednesday. Rothschild & Co Redburn lowered 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 report on Tuesday, May 12th. Finally, Wolfe Research boosted their price target on Old Dominion Freight Line from $183.00 to $185.00 and gave the company an “underperform” rating in a research note on Tuesday, April 7th. Nine investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $226.55.

Insiders Place Their Bets

In other Old Dominion Freight Line news, Director Greg C. Gantt sold 22,107 shares of Old Dominion Freight Line stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $191.52, for a total transaction of $4,233,932.64. Following the completion of the transaction, the director owned 88,551 shares in the company, valued at approximately $16,959,287.52. This trade represents a 19.98% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 10.00% of the company’s stock.

Old Dominion Freight Line Trading Down 0.2%

Shares of NASDAQ ODFL opened at $212.14 on Friday. The company has a 50 day simple moving average of $226.77 and a two-hundred day simple moving average of $206.57. The stock has a market cap of $44.12 billion, a price-to-earnings ratio of 40.87, a PEG ratio of 3.70 and a beta of 1.18. Old Dominion Freight Line, Inc. has a 12 month low of $126.01 and a 12 month high of $252.03.

Old Dominion Freight Line (NASDAQ:ODFL) last released its quarterly earnings data on Wednesday, July 29th. The transportation company reported $1.68 earnings per share for the quarter, topping 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 firm had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.54 billion. During the same quarter in the prior year, the business earned $1.27 earnings per share. The business’s quarterly revenue was up 10.4% compared to the same quarter last year. Analysts forecast that Old Dominion Freight Line, Inc. will post 5.76 EPS for the current year.

Old Dominion Freight Line Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 16th. Shareholders of record on Wednesday, September 2nd will be issued a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend is Wednesday, September 2nd. Old Dominion Freight Line’s dividend payout ratio is presently 22.35%.

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.