Global Retirement Partners LLC Makes New Investment in Old Dominion Freight Line, Inc. $ODFL

Global Retirement Partners LLC acquired a new position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 8,397 shares of the transportation company’s stock, valued at approximately $1,819,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Annis Gardner Whiting Capital Advisors LLC increased its position in shares of Old Dominion Freight Line by 80.5% during the 1st 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 during the last quarter. Reflection Asset Management bought a new stake in Old Dominion Freight Line in the fourth quarter worth $28,000. Evolution Wealth Management Inc. bought a new stake in Old Dominion Freight Line in the first quarter worth $29,000. DT Investment Partners LLC boosted its stake in shares of Old Dominion Freight Line by 600.0% during the 4th quarter. DT Investment Partners LLC now owns 210 shares of the transportation company’s stock worth $33,000 after purchasing an additional 180 shares during the period. Finally, Cassaday & Co Wealth Management LLC purchased a new position in shares of Old Dominion Freight Line during the first quarter valued at approximately $39,000. 77.82% of the stock is currently owned by hedge funds and other institutional investors.

Old Dominion Freight Line Stock Performance

Old Dominion Freight Line stock opened at $211.96 on Tuesday. The company has a 50 day moving average price of $223.29 and a 200-day moving average price of $209.78. Old Dominion Freight Line, Inc. has a fifty-two week low of $126.01 and a fifty-two week high of $252.03. The company has a market capitalization of $43.95 billion, a PE ratio of 40.84, a P/E/G ratio of 3.67 and a beta of 1.18.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its quarterly earnings data on Wednesday, July 29th. The transportation company reported $1.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.54 by $0.14. Old Dominion Freight Line had a return on equity of 24.87% and a net margin of 19.44%.The company had revenue of $1.55 billion for the quarter, compared to analysts’ expectations of $1.54 billion. During the same quarter in the prior year, the firm earned $1.27 earnings per share. Old Dominion Freight Line’s revenue was up 10.4% compared to the same quarter last year. On average, analysts forecast that Old Dominion Freight Line, Inc. will post 5.78 earnings per share for the current year.

Old Dominion Freight Line Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 16th. Shareholders of record on Wednesday, September 2nd will be issued a $0.29 dividend. 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 dividend payout ratio is currently 22.35%.

Wall Street Analyst Weigh In

ODFL has been the topic of several recent analyst reports. Truist Financial increased their price target on Old Dominion Freight Line from $225.00 to $250.00 and gave the stock a “buy” rating in a report on Wednesday, July 15th. Citigroup reaffirmed a “neutral” rating and issued a $231.00 price objective (up from $228.00) on shares of Old Dominion Freight Line in a research report on Thursday, July 30th. BMO Capital Markets reiterated an “outperform” rating and issued a $230.00 target price on shares of Old Dominion Freight Line in a research note on Thursday, June 4th. Wall Street Zen upgraded Old Dominion Freight Line from a “hold” rating to a “buy” rating in a research report on Saturday, August 8th. Finally, The Goldman Sachs Group reissued a “buy” rating and set a $244.00 target price on shares of Old Dominion Freight Line in a research note on Wednesday, July 29th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, thirteen have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Old Dominion Freight Line currently has an average rating of “Hold” and an average price target of $226.55.

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.