Diversify Wealth Management LLC Invests $598,000 in Old Dominion Freight Line, Inc. $ODFL

Diversify Wealth Management LLC acquired a new stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) during the 1st quarter, HoldingsChannel.com reports. The institutional investor acquired 2,858 shares of the transportation company’s stock, valued at approximately $598,000.

A number of other institutional investors also recently modified their holdings of the business. Pittenger & Anderson Inc. increased its holdings in Old Dominion Freight Line by 3,700.0% in the 1st quarter. Pittenger & Anderson Inc. now owns 8,360 shares of the transportation company’s stock valued at $1,634,000 after buying an additional 8,140 shares during the period. Citizens Financial Group Inc. RI raised its holdings in shares of Old Dominion Freight Line by 30.7% during the 1st quarter. Citizens Financial Group Inc. RI now owns 2,777 shares of the transportation company’s stock worth $543,000 after buying an additional 653 shares in the last quarter. Midwest Trust Co raised its holdings in shares of Old Dominion Freight Line by 26.0% during the 1st quarter. Midwest Trust Co now owns 50,885 shares of the transportation company’s stock worth $9,943,000 after buying an additional 10,496 shares in the last quarter. Fifth Third Bancorp lifted its position in shares of Old Dominion Freight Line by 484.3% during the 1st quarter. Fifth Third Bancorp now owns 39,218 shares of the transportation company’s stock worth $7,663,000 after buying an additional 32,506 shares during the last quarter. Finally, Markel Group Inc. increased its position in Old Dominion Freight Line by 1.8% during the 1st quarter. Markel Group Inc. now owns 429,150 shares of the transportation company’s stock worth $83,856,000 after purchasing an additional 7,500 shares in the last quarter. Institutional investors own 77.82% of the company’s stock.

Analyst Ratings Changes

ODFL has been the topic of several recent research reports. Barclays raised their price objective on Old Dominion Freight Line from $210.00 to $220.00 and gave the company an “equal weight” rating in a report on Thursday, June 25th. Raymond James Financial reiterated an “outperform” rating and set a $241.00 price objective (up from $224.00) on shares of Old Dominion Freight Line in a research report on Monday. BMO Capital Markets reaffirmed an “outperform” rating and set a $230.00 target price on shares of Old Dominion Freight Line in a research note on Thursday, June 4th. UBS Group increased their target price on shares of Old Dominion Freight Line from $216.00 to $224.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 7th. Finally, Wells Fargo & Company raised shares of Old Dominion Freight Line from an “underweight” rating to an “overweight” rating and lifted their price target for the company from $235.00 to $250.00 in a research note on Wednesday, July 8th. Ten research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Old Dominion Freight Line presently has an average rating of “Hold” and an average price target of $222.00.

Old Dominion Freight Line Stock Performance

Shares of ODFL opened at $233.84 on Friday. Old Dominion Freight Line, Inc. has a 52-week low of $126.01 and a 52-week high of $252.03. The stock’s 50-day simple moving average is $221.78 and its 200 day simple moving average is $202.17. The stock has a market capitalization of $48.63 billion, a price-to-earnings ratio of 48.92, a price-to-earnings-growth ratio of 4.29 and a beta of 1.18.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its quarterly earnings results on Wednesday, April 29th. The transportation company reported $1.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.05 by $0.09. Old Dominion Freight Line had a return on equity of 23.42% and a net margin of 18.46%.The firm had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.31 billion. During the same quarter last year, the company posted $1.19 EPS. The company’s revenue for the quarter was down 2.9% on a year-over-year basis. On average, research analysts forecast that Old Dominion Freight Line, Inc. will post 5.55 earnings per share for the current fiscal year.

Old Dominion Freight Line Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Shareholders of record on Wednesday, June 3rd were issued a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date of this dividend was Wednesday, June 3rd. Old Dominion Freight Line’s dividend payout ratio (DPR) is 24.27%.

Insider Transactions at Old Dominion Freight Line

In other Old Dominion Freight Line news, Director Greg C. Gantt sold 22,107 shares of the business’s stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $191.52, for a total value of $4,233,932.64. Following the transaction, the director owned 88,551 shares in the company, valued at approximately $16,959,287.52. The trade was a 19.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 10.00% of the stock is currently owned by company insiders.

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.