Old Dominion Freight Line, Inc. (NASDAQ:ODFL) Shares Acquired by Cornerstone Advisors LLC

Cornerstone Advisors LLC grew its stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 81.4% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 7,800 shares of the transportation company’s stock after purchasing an additional 3,500 shares during the period. Cornerstone Advisors LLC’s holdings in Old Dominion Freight Line were worth $1,711,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently made changes to their positions in ODFL. Fortitude Family Office LLC acquired a new stake in Old Dominion Freight Line in the 4th quarter valued at approximately $27,000. Trust Co. of Vermont purchased a new position in shares of Old Dominion Freight Line during the fourth quarter worth $27,000. Farmers & Merchants Investments Inc. grew its stake in shares of Old Dominion Freight Line by 100.0% in the first quarter. Farmers & Merchants Investments Inc. now owns 124 shares of the transportation company’s stock valued at $27,000 after buying an additional 62 shares in the last quarter. Raleigh Capital Management Inc. purchased a new stake in shares of Old Dominion Freight Line in the 4th quarter valued at $29,000. Finally, Washington Trust Advisors Inc. lifted its stake in Old Dominion Freight Line by 138.3% during the 1st quarter. Washington Trust Advisors Inc. now owns 143 shares of the transportation company’s stock worth $31,000 after acquiring an additional 83 shares in the last quarter. Institutional investors and hedge funds own 77.82% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. TD Cowen dropped their price objective on shares of Old Dominion Freight Line from $209.00 to $206.00 and set a “hold” rating for the company in a report on Friday, April 26th. BMO Capital Markets assumed coverage on Old Dominion Freight Line in a research report on Wednesday, June 5th. They set an “outperform” rating and a $210.00 price objective on the stock. Robert W. Baird upgraded Old Dominion Freight Line from a “neutral” rating to an “outperform” rating and set a $205.00 target price for the company in a report on Wednesday, May 8th. Susquehanna cut their price target on Old Dominion Freight Line from $245.00 to $210.00 and set a “positive” rating on the stock in a report on Wednesday, June 12th. Finally, Vertical Research upgraded Old Dominion Freight Line from a “sell” rating to a “hold” rating and set a $175.00 price objective for the company in a research note on Monday, April 29th. One analyst has rated the stock with a sell rating, twelve have given a hold rating, six have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $200.55.

Old Dominion Freight Line Stock Performance

ODFL traded up $0.01 on Friday, reaching $195.47. The company had a trading volume of 1,228,436 shares, compared to its average volume of 1,635,021. The company has a quick ratio of 2.29, a current ratio of 2.29 and a debt-to-equity ratio of 0.01. Old Dominion Freight Line, Inc. has a 1 year low of $165.49 and a 1 year high of $227.80. The stock has a market capitalization of $42.47 billion, a PE ratio of 34.41, a P/E/G ratio of 2.57 and a beta of 1.00. The stock has a 50-day moving average price of $178.69 and a 200-day moving average price of $198.64.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its earnings results on Wednesday, April 24th. The transportation company reported $1.34 earnings per share for the quarter, beating the consensus estimate of $1.33 by $0.01. The business had revenue of $1.46 billion during the quarter, compared to the consensus estimate of $1.47 billion. Old Dominion Freight Line had a return on equity of 30.12% and a net margin of 21.19%. As a group, research analysts forecast that Old Dominion Freight Line, Inc. will post 5.9 EPS for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 18th. Stockholders of record on Wednesday, September 4th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 0.53%. The ex-dividend date is Wednesday, September 4th. Old Dominion Freight Line’s payout ratio is currently 18.31%.

Old Dominion Freight Line Company Profile

Old Dominion Freight Line, Inc operates as a less-than-truckload motor carrier in the United States and North America. The company offers regional, inter-regional, and national less-than-truckload services, as well as expedited transportation. It also provides various value-added services, including container drayage, truckload brokerage, and supply chain consulting.