Sone Capital Management LLC Buys New Stake in Old Dominion Freight Line, Inc. $ODFL

Sone Capital Management LLC purchased a new position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 51,842 shares of the transportation company’s stock, valued at approximately $11,229,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Bogart Wealth LLC boosted 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 in the last quarter. Private Advisor Group LLC lifted its position in shares of Old Dominion Freight Line by 1.3% during the 1st quarter. Private Advisor Group LLC now owns 4,164 shares of the transportation company’s stock worth $814,000 after buying an additional 55 shares during the period. Keybank National Association OH boosted its stake in Old Dominion Freight Line by 2.3% in the 1st quarter. Keybank National Association OH now owns 2,450 shares of the transportation company’s stock valued at $479,000 after buying an additional 56 shares in the last quarter. Deseret Mutual Benefit Administrators boosted its stake in Old Dominion Freight Line by 9.7% in the 4th quarter. Deseret Mutual Benefit Administrators now owns 645 shares of the transportation company’s stock valued at $101,000 after buying an additional 57 shares in the last quarter. Finally, Verdence Capital Advisors LLC grew its position in Old Dominion Freight Line by 1.2% in the fourth quarter. Verdence Capital Advisors LLC now owns 5,181 shares of the transportation company’s stock valued at $812,000 after acquiring an additional 60 shares during the period. Institutional investors own 77.82% of the company’s stock.

Old Dominion Freight Line Stock Performance

Shares of ODFL stock opened at $201.48 on Tuesday. The stock’s fifty day moving average is $219.49 and its 200-day moving average is $210.71. The stock has a market capitalization of $41.78 billion, a PE ratio of 38.82, a PEG ratio of 3.59 and a beta of 1.18. Old Dominion Freight Line, Inc. has a 52 week low of $126.01 and a 52 week 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 analysts’ consensus estimates of $1.54 by $0.14. The business had revenue of $1.55 billion during the quarter, compared to analysts’ expectations of $1.54 billion. Old Dominion Freight Line had a return on equity of 24.87% and a net margin of 19.44%.The firm’s revenue for the quarter was up 10.4% compared to the same quarter last year. During the same period in the previous year, the business posted $1.27 earnings per share. As a group, analysts forecast that Old Dominion Freight Line, Inc. will post 5.78 earnings per share for the current fiscal year.

Old Dominion Freight Line Announces Dividend

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

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Citigroup reiterated a “neutral” rating and set a $231.00 price objective (up from $228.00) on shares of Old Dominion Freight Line in a research note on Thursday, July 30th. UBS Group restated a “neutral” rating and issued a $228.00 target price (up from $224.00) on shares of Old Dominion Freight Line in a research note on Thursday, July 30th. Barclays increased their target price on shares of Old Dominion Freight Line from $210.00 to $220.00 and gave the stock an “equal weight” rating in a research report on Thursday, June 25th. JPMorgan Chase & Co. lifted their price target on shares of Old Dominion Freight Line from $197.00 to $234.00 and gave the company a “neutral” rating in a report on Monday, June 8th. Finally, Wells Fargo & Company upgraded shares of Old Dominion Freight Line from an “underweight” rating to an “overweight” rating and boosted their price target for the company from $235.00 to $250.00 in a research report on Wednesday, July 8th. One 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 given a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target 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.