Principle Wealth Partners LLC Acquires Shares of 19,516 Old Dominion Freight Line, Inc. $ODFL

Principle Wealth Partners LLC acquired a new stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 19,516 shares of the transportation company’s stock, valued at approximately $4,227,000.

A number of other hedge funds have also recently made changes to their positions in ODFL. Price T Rowe Associates Inc. MD boosted its stake in Old Dominion Freight Line by 14.1% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 14,223,960 shares of the transportation company’s stock valued at $2,230,318,000 after purchasing an additional 1,761,511 shares during the last quarter. State Street Corp raised its stake in shares of Old Dominion Freight Line by 0.9% in the fourth quarter. State Street Corp now owns 7,746,286 shares of the transportation company’s stock worth $1,214,618,000 after purchasing an additional 70,736 shares during the last quarter. Boston Partners raised its stake in shares of Old Dominion Freight Line by 98.4% in the fourth quarter. Boston Partners now owns 4,122,696 shares of the transportation company’s stock worth $648,186,000 after purchasing an additional 2,044,434 shares during the last quarter. T. Rowe Price Investment Management Inc. lifted its holdings in shares of Old Dominion Freight Line by 11.0% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 3,680,719 shares of the transportation company’s stock valued at $577,137,000 after purchasing an additional 365,424 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its holdings in shares of Old Dominion Freight Line by 23.9% in the fourth quarter. Goldman Sachs Group Inc. now owns 3,314,157 shares of the transportation company’s stock valued at $519,660,000 after purchasing an additional 639,769 shares in the last quarter. 77.82% of the stock is currently owned by institutional investors and hedge funds.

Old Dominion Freight Line Price Performance

Shares of NASDAQ:ODFL opened at $211.96 on Tuesday. Old Dominion Freight Line, Inc. has a 1 year low of $126.01 and a 1 year high of $252.03. The company has a market capitalization of $43.95 billion, a PE ratio of 40.84, a price-to-earnings-growth ratio of 3.67 and a beta of 1.18. The business has a fifty day moving average price of $223.29 and a two-hundred day moving average price of $209.78.

Old Dominion Freight Line (NASDAQ:ODFL) last released 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 company had revenue of $1.55 billion for 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 business’s revenue for the quarter was up 10.4% compared to the same quarter last year. During the same period in the previous year, the business posted $1.27 EPS. Sell-side analysts anticipate that Old Dominion Freight Line, Inc. will post 5.78 earnings per share for the current year.

Old Dominion Freight Line Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 16th. Investors of record on Wednesday, September 2nd will be issued a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date is Wednesday, September 2nd. Old Dominion Freight Line’s dividend payout ratio (DPR) is 22.35%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on ODFL. Argus lifted their target price on Old Dominion Freight Line from $220.00 to $260.00 and gave the company a “buy” rating in a research report on Thursday, June 18th. Morgan Stanley reissued an “equal weight” rating and issued a $245.00 price target (up from $235.00) on shares of Old Dominion Freight Line in a research report on Monday, July 6th. Robert W. Baird set a $229.00 price objective on Old Dominion Freight Line and gave the company a “neutral” rating in a research note on Tuesday, April 28th. TD Cowen reaffirmed a “hold” rating on shares of Old Dominion Freight Line in a report on Wednesday, June 3rd. Finally, Stifel Nicolaus set a $263.00 target price on shares of Old Dominion Freight Line and gave the stock a “buy” rating in a research note on Thursday, July 30th. One 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 given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average 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.