Harber Asset Management LLC Makes New $4.61 Million Investment in Old Dominion Freight Line, Inc. $ODFL

Harber Asset Management LLC purchased a new stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 21,289 shares of the transportation company’s stock, valued at approximately $4,611,000. Old Dominion Freight Line accounts for approximately 2.8% of Harber Asset Management LLC’s investment portfolio, making the stock its 15th biggest holding.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Bell Investment Advisors Inc bought a new stake in shares of Old Dominion Freight Line during the 2nd quarter valued at $25,000. Annis Gardner Whiting Capital Advisors LLC lifted its position in Old Dominion Freight Line by 80.5% during the first quarter. Annis Gardner Whiting Capital Advisors LLC now owns 139 shares of the transportation company’s stock valued at $27,000 after purchasing an additional 62 shares in the last quarter. Evolution Wealth Management Inc. purchased a new position in Old Dominion Freight Line during the first quarter valued at $29,000. Reflection Asset Management bought a new stake in Old Dominion Freight Line during the fourth quarter valued at about $28,000. Finally, Cassaday & Co Wealth Management LLC bought a new stake in Old Dominion Freight Line during the first quarter valued at about $39,000. Hedge funds and other institutional investors own 77.82% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on ODFL. Rothschild & Co Redburn decreased their price objective on Old Dominion Freight Line from $176.00 to $172.00 and set a “sell” rating on the stock in a research note on Tuesday, May 12th. TD Cowen reissued a “hold” rating on shares of Old Dominion Freight Line in a report on Wednesday, June 3rd. Citigroup reaffirmed a “neutral” rating and set a $231.00 price target (up from $228.00) on shares of Old Dominion Freight Line in a report on Thursday, July 30th. Benchmark reissued a “hold” rating on shares of Old Dominion Freight Line in a research note on Thursday, June 4th. Finally, Weiss Ratings upgraded shares of Old Dominion Freight Line from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday, August 11th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, thirteen have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $226.55.

Old Dominion Freight Line Price Performance

Old Dominion Freight Line stock opened at $206.47 on Friday. Old Dominion Freight Line, Inc. has a 1 year low of $126.01 and a 1 year high of $252.03. The firm’s 50 day moving average price is $220.21 and its 200-day moving average price is $210.45. The stock has a market cap of $42.81 billion, a P/E ratio of 39.78, a PEG ratio of 3.55 and a beta of 1.18.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its earnings results 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. The firm had revenue of $1.55 billion during the quarter, compared to analyst estimates of $1.54 billion. Old Dominion Freight Line had a net margin of 19.44% and a return on equity of 24.87%. Old Dominion Freight Line’s revenue for the quarter was up 10.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.27 earnings per share. As a group, equities analysts expect that Old Dominion Freight Line, Inc. will post 5.78 EPS for the current year.

Old Dominion Freight Line Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 16th. Shareholders of record on Wednesday, September 2nd will be paid a $0.29 dividend. The ex-dividend date is Wednesday, September 2nd. This represents a $1.16 annualized dividend and a yield of 0.6%. Old Dominion Freight Line’s payout ratio is presently 22.35%.

Old Dominion Freight Line 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.