Old Dominion Freight Line, Inc. $ODFL Shares Purchased by Elevation Point Wealth Partners LLC

Elevation Point Wealth Partners LLC raised its position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 142.5% during the first quarter, Holdings Channel reports. The firm owned 14,461 shares of the transportation company’s stock after buying an additional 8,498 shares during the quarter. Elevation Point Wealth Partners LLC’s holdings in Old Dominion Freight Line were worth $2,826,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Value Partners Investments Inc. boosted its holdings in Old Dominion Freight Line by 38.7% during the 4th quarter. Value Partners Investments Inc. now owns 20,103 shares of the transportation company’s stock valued at $3,157,000 after acquiring an additional 5,610 shares during the period. Baillie Gifford & Co. purchased a new stake in Old Dominion Freight Line during the fourth quarter worth about $13,322,000. Waterfront Wealth Inc. purchased a new stake in Old Dominion Freight Line during the fourth quarter worth about $1,430,000. Quantum Capital Management LLC NJ increased its stake in Old Dominion Freight Line by 26.2% during the third quarter. Quantum Capital Management LLC NJ now owns 594,391 shares of the transportation company’s stock worth $83,678,000 after purchasing an additional 123,271 shares during the period. Finally, AustralianSuper Pty Ltd lifted its position in shares of Old Dominion Freight Line by 955.4% during the fourth quarter. AustralianSuper Pty Ltd now owns 75,005 shares of the transportation company’s stock worth $11,761,000 after purchasing an additional 67,898 shares in the last quarter. 77.82% of the stock is currently owned by institutional investors and hedge funds.

Old Dominion Freight Line Stock Performance

Shares of NASDAQ:ODFL opened at $217.65 on Friday. Old Dominion Freight Line, Inc. has a 52 week low of $126.01 and a 52 week high of $252.03. The company’s 50 day moving average is $218.55 and its two-hundred day moving average is $197.40. The company has a market cap of $45.26 billion, a PE ratio of 45.53, a P/E/G ratio of 4.36 and a beta of 1.18.

Old Dominion Freight Line (NASDAQ:ODFL) last released its quarterly earnings data 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 company’s revenue for the quarter was down 2.9% on a year-over-year basis. During the same period in the previous year, the company earned $1.19 EPS. As a group, equities research analysts expect that Old Dominion Freight Line, Inc. will post 5.44 EPS for the current year.

Old Dominion Freight Line Announces Dividend

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

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 sale, the director directly owned 88,551 shares of the company’s stock, valued at $16,959,287.52. The trade was a 19.98% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 10.00% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the stock. Stifel Nicolaus raised their price objective on shares of Old Dominion Freight Line from $228.00 to $232.00 in a research note on Thursday, April 30th. Wells Fargo & Company set a $235.00 target price on shares of Old Dominion Freight Line and gave the stock an “equal weight” rating in a research note on Friday, June 5th. JPMorgan Chase & Co. increased their target price on shares of Old Dominion Freight Line from $197.00 to $234.00 and gave the stock a “neutral” rating in a report on Monday, June 8th. BMO Capital Markets reissued an “outperform” rating and issued a $230.00 price target on shares of Old Dominion Freight Line in a research report on Thursday, June 4th. Finally, Wolfe Research boosted their price target on shares of Old Dominion Freight Line from $183.00 to $185.00 and gave the stock an “underperform” rating in a research note on Tuesday, April 7th. Ten investment analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $218.57.

About Old Dominion Freight Line

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.