Diversify Wealth Management LLC Makes New $598,000 Investment in Old Dominion Freight Line, Inc. $ODFL

Diversify Wealth Management LLC bought a new stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 2,858 shares of the transportation company’s stock, valued at approximately $598,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Value Partners Investments Inc. grew its stake in shares of Old Dominion Freight Line by 38.7% in the 4th quarter. Value Partners Investments Inc. now owns 20,103 shares of the transportation company’s stock valued at $3,157,000 after purchasing an additional 5,610 shares during the period. Waterfront Wealth Inc. bought a new position in shares of Old Dominion Freight Line in the fourth quarter valued at approximately $1,430,000. Baillie Gifford & Co. acquired a new position in Old Dominion Freight Line in the fourth quarter worth $13,322,000. AustralianSuper Pty Ltd grew its holdings in shares of Old Dominion Freight Line by 955.4% during the fourth quarter. AustralianSuper Pty Ltd now owns 75,005 shares of the transportation company’s stock worth $11,761,000 after purchasing an additional 67,898 shares during the last quarter. Finally, Procyon Advisors LLC bought a new stake in shares of Old Dominion Freight Line during the fourth quarter worth $1,726,000. Institutional investors and hedge funds own 77.82% of the company’s stock.

Old Dominion Freight Line Price Performance

ODFL opened at $233.84 on Friday. The company has a market cap of $48.63 billion, a price-to-earnings ratio of 48.92, a price-to-earnings-growth ratio of 4.29 and a beta of 1.18. The firm has a 50 day simple moving average of $221.78 and a 200 day simple moving average of $202.17. Old Dominion Freight Line, Inc. has a fifty-two week low of $126.01 and a fifty-two week high of $252.03.

Old Dominion Freight Line (NASDAQ:ODFL) last released its earnings results on Wednesday, April 29th. The transportation company reported $1.14 EPS for the quarter, topping analysts’ consensus estimates of $1.05 by $0.09. The firm had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.31 billion. Old Dominion Freight Line had a net margin of 18.46% and a return on equity of 23.42%. The business’s quarterly revenue was down 2.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.19 EPS. As a group, analysts expect that Old Dominion Freight Line, Inc. will post 5.55 EPS for the current year.

Old Dominion Freight Line Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 17th. Shareholders of record on Wednesday, June 3rd were paid a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend was Wednesday, June 3rd. Old Dominion Freight Line’s dividend payout ratio is presently 24.27%.

Insider Activity

In other news, Director Greg C. Gantt sold 22,107 shares of the firm’s stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $191.52, for a total transaction of $4,233,932.64. Following the sale, the director owned 88,551 shares of the company’s stock, valued at $16,959,287.52. This trade represents a 19.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 10.00% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on ODFL shares. UBS Group increased their price objective on shares of Old Dominion Freight Line from $216.00 to $224.00 and gave the stock a “neutral” rating in a report on Tuesday, July 7th. TD Cowen reiterated a “hold” rating on shares of Old Dominion Freight Line in a research report on Wednesday, June 3rd. Robert W. Baird set a $229.00 price target on shares of Old Dominion Freight Line and gave the company a “neutral” rating in a research note on Tuesday, April 28th. Wolfe Research raised their price target on shares of Old Dominion Freight Line from $183.00 to $185.00 and gave the company an “underperform” rating in a report on Tuesday, April 7th. Finally, Stifel Nicolaus boosted their price objective on shares of Old Dominion Freight Line from $228.00 to $232.00 in a research report on Thursday, April 30th. Ten analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $222.00.

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.