K.J. Harrison & Partners Inc Buys New Shares in Old Dominion Freight Line, Inc. $ODFL

K.J. Harrison & Partners Inc purchased a new position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) during the 2nd quarter, Holdings Channel reports. The fund purchased 12,101 shares of the transportation company’s stock, valued at approximately $2,621,000.

A number of other large investors also recently modified their holdings of the business. Bell Investment Advisors Inc bought a new position in shares of Old Dominion Freight Line in the 2nd quarter valued at about $25,000. Annis Gardner Whiting Capital Advisors LLC raised its holdings 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 worth $27,000 after acquiring an additional 62 shares in the last quarter. Evolution Wealth Management Inc. bought a new stake in Old Dominion Freight Line during the first quarter worth about $29,000. Reflection Asset Management acquired a new position in Old Dominion Freight Line during the fourth quarter valued at approximately $28,000. Finally, Cassaday & Co Wealth Management LLC acquired a new position in Old Dominion Freight Line during the first quarter valued at approximately $39,000. 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 $211.96 on Tuesday. Old Dominion Freight Line, Inc. has a 52-week low of $126.01 and a 52-week high of $252.03. The company has a market capitalization of $43.95 billion, a P/E ratio of 40.84, a price-to-earnings-growth ratio of 3.67 and a beta of 1.18. The company has a 50-day simple moving average of $223.29 and a 200 day simple moving average of $209.78.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its quarterly 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 for the quarter, compared to the consensus estimate 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 was up 10.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.27 earnings per share. As a group, equities analysts forecast that Old Dominion Freight Line, Inc. will post 5.78 earnings per share for the current year.

Old Dominion Freight Line Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 16th. Stockholders of record on Wednesday, September 2nd will be paid a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a dividend yield of 0.5%. The ex-dividend date is Wednesday, September 2nd. Old Dominion Freight Line’s payout ratio is currently 22.35%.

Analysts Set New Price Targets

A number of research firms have weighed in on ODFL. Evercore restated an “outperform” rating and issued a $243.00 price target on shares of Old Dominion Freight Line in a research note on Thursday, July 30th. Rothschild & Co Redburn cut their price objective on Old Dominion Freight Line from $176.00 to $172.00 and set a “sell” rating for the company in a report on Tuesday, May 12th. Wells Fargo & Company raised Old Dominion Freight Line from an “underweight” rating to an “overweight” rating and increased their price objective for the company from $235.00 to $250.00 in a report on Wednesday, July 8th. Benchmark reissued a “hold” rating on shares of Old Dominion Freight Line in a research note on Thursday, June 4th. Finally, BMO Capital Markets restated an “outperform” rating and set a $230.00 target price on shares of Old Dominion Freight Line in a report on Thursday, June 4th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, thirteen have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $226.55.

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.