Elevation Point Wealth Partners LLC Takes Position in Old Dominion Freight Line, Inc. $ODFL

Elevation Point Wealth Partners LLC purchased a new stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) during the second quarter, according to its most recent filing with the SEC. The firm purchased 12,073 shares of the transportation company’s stock, valued at approximately $2,615,000.

Several other hedge funds and other institutional investors have also bought and sold shares of ODFL. Bogart Wealth LLC grew its holdings in Old Dominion Freight Line by 9.9% during the first quarter. Bogart Wealth LLC now owns 511 shares of the transportation company’s stock valued at $100,000 after purchasing an additional 46 shares during the period. Private Advisor Group LLC raised its holdings in Old Dominion Freight Line by 1.3% in the first quarter. Private Advisor Group LLC now owns 4,164 shares of the transportation company’s stock worth $814,000 after purchasing an additional 55 shares during the period. Keybank National Association OH raised its holdings in Old Dominion Freight Line by 2.3% in the first quarter. Keybank National Association OH now owns 2,450 shares of the transportation company’s stock worth $479,000 after purchasing an additional 56 shares during the period. Deseret Mutual Benefit Administrators boosted its position in shares of Old Dominion Freight Line by 9.7% during the fourth quarter. Deseret Mutual Benefit Administrators now owns 645 shares of the transportation company’s stock worth $101,000 after purchasing an additional 57 shares in the last quarter. Finally, Verdence Capital Advisors LLC grew its holdings in shares of Old Dominion Freight Line by 1.2% in the 4th quarter. Verdence Capital Advisors LLC now owns 5,181 shares of the transportation company’s stock valued at $812,000 after buying an additional 60 shares during the period. Institutional investors own 77.82% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the stock. Wells Fargo & Company upgraded shares of Old Dominion Freight Line from an “underweight” rating to an “overweight” rating and upped their price objective for the company from $235.00 to $250.00 in a research report on Wednesday, July 8th. Evercore reissued an “outperform” rating and issued a $243.00 target price on shares of Old Dominion Freight Line in a research note on Thursday, July 30th. Barclays increased their price target on Old Dominion Freight Line from $210.00 to $220.00 and gave the stock an “equal weight” rating in a report on Thursday, June 25th. Raymond James Financial reaffirmed an “outperform” rating and set a $241.00 price target (up from $224.00) on shares of Old Dominion Freight Line in a research report on Monday, July 13th. Finally, Benchmark reiterated a “hold” rating on shares of Old Dominion Freight Line in a report on Thursday, June 4th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, thirteen have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $226.55.

Old Dominion Freight Line Stock Performance

Shares of NASDAQ ODFL opened at $206.47 on Monday. The company has a fifty day moving average price of $220.21 and a 200 day moving average price of $210.63. The firm has a market cap of $42.81 billion, a PE ratio of 39.78, a PEG ratio of 3.59 and a beta of 1.18. Old Dominion Freight Line, Inc. has a 1-year low of $126.01 and a 1-year high of $252.03.

Old Dominion Freight Line (NASDAQ:ODFL) last released its quarterly earnings results on Wednesday, July 29th. The transportation company reported $1.68 earnings per share (EPS) for the quarter, beating the consensus estimate 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 company’s revenue for the quarter was up 10.4% on a year-over-year basis. During the same quarter last year, the business posted $1.27 EPS. Equities research analysts forecast that Old Dominion Freight Line, Inc. will post 5.78 EPS for the current year.

Old Dominion Freight Line Dividend Announcement

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