Encompass Capital Advisors LLC Makes New $60.59 Million Investment in Old Dominion Freight Line, Inc. $ODFL

Encompass Capital Advisors LLC acquired a new stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) in the 1st quarter, Holdings Channel.com reports. The fund acquired 310,061 shares of the transportation company’s stock, valued at approximately $60,586,000. Old Dominion Freight Line makes up 1.8% of Encompass Capital Advisors LLC’s investment portfolio, making the stock its 11th largest position.

Other hedge funds have also recently modified their holdings of the company. Brighton Jones LLC grew its position in shares of Old Dominion Freight Line by 5.3% in the 4th quarter. Brighton Jones LLC now owns 1,559 shares of the transportation company’s stock worth $275,000 after buying an additional 79 shares during the period. Empowered Funds LLC lifted its position in Old Dominion Freight Line by 134.9% during the 1st quarter. Empowered Funds LLC now owns 10,213 shares of the transportation company’s stock valued at $1,690,000 after acquiring an additional 5,866 shares during the period. Marshall Wace LLP bought a new stake in Old Dominion Freight Line during the second quarter worth about $7,478,000. Jump Financial LLC bought a new stake in Old Dominion Freight Line during the second quarter worth about $2,891,000. Finally, AXA S.A. grew its holdings in Old Dominion Freight Line by 1.2% in the second quarter. AXA S.A. now owns 20,253 shares of the transportation company’s stock worth $3,287,000 after purchasing an additional 238 shares during the period. Institutional investors own 77.82% of the company’s stock.

Old Dominion Freight Line Stock Performance

Shares of ODFL stock opened at $226.77 on Tuesday. Old Dominion Freight Line, Inc. has a one year low of $126.01 and a one year high of $252.03. The company’s 50-day moving average is $225.95 and its 200 day moving average is $205.46. The company has a market capitalization of $47.16 billion, a price-to-earnings ratio of 47.44, a price-to-earnings-growth ratio of 4.21 and a beta of 1.18.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its earnings results on Wednesday, April 29th. The transportation company reported $1.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.05 by $0.09. The business had revenue of $1.33 billion during the quarter, compared to analysts’ expectations of $1.31 billion. Old Dominion Freight Line had a net margin of 18.46% and a return on equity of 23.42%. The business’s revenue for the quarter was down 2.9% compared to the same quarter last year. During the same period in the previous year, the company earned $1.19 earnings per share. As a group, research analysts predict that Old Dominion Freight Line, Inc. will post 5.56 earnings per share for the current fiscal year.

Old Dominion Freight Line Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 16th. Investors of record on Wednesday, September 2nd will be given a dividend of $0.29 per share. The ex-dividend date of this dividend is Wednesday, September 2nd. This represents a $1.16 annualized dividend and a dividend yield of 0.5%. Old Dominion Freight Line’s dividend payout ratio (DPR) is 24.27%.

Insider Buying and Selling at Old Dominion Freight Line

In related news, Director Greg C. Gantt sold 22,107 shares of the business’s stock in a transaction that occurred on 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 completion of the transaction, the director directly owned 88,551 shares in the company, valued at $16,959,287.52. The trade was a 19.98% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 10.00% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on ODFL shares. Wells Fargo & Company raised shares of Old Dominion Freight Line from an “underweight” rating to an “overweight” rating and raised their target price for the company from $235.00 to $250.00 in a research note on Wednesday, July 8th. Robert W. Baird set a $229.00 price target on Old Dominion Freight Line and gave the stock a “neutral” rating in a research report on Tuesday, April 28th. Stephens reissued an “overweight” rating and issued a $240.00 price target (up from $232.00) on shares of Old Dominion Freight Line in a research report on Thursday, April 30th. Argus upped their price target on Old Dominion Freight Line from $220.00 to $260.00 and gave the stock a “buy” rating in a research note on Thursday, June 18th. Finally, TD Cowen reaffirmed a “hold” rating on shares of Old Dominion Freight Line in a research report on Wednesday, June 3rd. Ten research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $223.04.

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.