Baron Wealth Management LLC Invests $607,000 in Old Dominion Freight Line, Inc. $ODFL

Baron Wealth Management LLC bought a new position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) during the first quarter, according to its most recent filing with the SEC. The firm bought 3,106 shares of the transportation company’s stock, valued at approximately $607,000.

A number of other large investors also recently modified their holdings of ODFL. Norges Bank acquired a new position in shares of Old Dominion Freight Line during the fourth quarter valued at about $444,983,000. Boston Partners acquired a new stake in shares of Old Dominion Freight Line in the 3rd quarter worth about $292,599,000. Price T Rowe Associates Inc. MD raised its holdings in shares of Old Dominion Freight Line by 14.1% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 14,223,960 shares of the transportation company’s stock worth $2,230,318,000 after acquiring an additional 1,761,511 shares during the last quarter. Two Sigma Investments LP lifted its position in Old Dominion Freight Line by 637.5% in the 3rd quarter. Two Sigma Investments LP now owns 1,576,470 shares of the transportation company’s stock valued at $221,935,000 after acquiring an additional 1,362,697 shares in the last quarter. Finally, Life Cycle Investment Partners Ltd bought a new position in Old Dominion Freight Line in the 4th quarter valued at about $188,651,000. 77.82% of the stock is currently owned by institutional investors.

Old Dominion Freight Line Price Performance

Shares of Old Dominion Freight Line stock opened at $221.04 on Friday. Old Dominion Freight Line, Inc. has a 1 year low of $126.01 and a 1 year high of $252.03. The firm has a market cap of $45.97 billion, a PE ratio of 46.24, a P/E/G ratio of 4.44 and a beta of 1.17. The stock has a fifty day moving average price of $217.66 and a 200-day moving average price of $192.73.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its quarterly earnings results on Wednesday, April 29th. The transportation company reported $1.14 earnings per share for the quarter, topping analysts’ consensus estimates of $1.05 by $0.09. The company had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.31 billion. Old Dominion Freight Line had a net margin of 18.46% and a return on equity of 23.42%. The firm’s quarterly revenue was down 2.9% on a year-over-year basis. During the same period in the previous year, the firm earned $1.19 EPS. As a group, equities analysts anticipate that Old Dominion Freight Line, Inc. will post 5.43 EPS for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 17th. Investors of record on Wednesday, June 3rd were issued a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date was Wednesday, June 3rd. Old Dominion Freight Line’s dividend payout ratio (DPR) is 24.27%.

Insider Buying and Selling

In other Old Dominion Freight Line news, Director Greg C. Gantt sold 22,107 shares of Old Dominion Freight Line stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $191.52, for a total value of $4,233,932.64. Following the sale, the director owned 88,551 shares of the company’s stock, valued at approximately $16,959,287.52. The trade was a 19.98% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 10.00% of the company’s stock.

Wall Street Analyst Weigh In

ODFL has been the subject of a number of analyst reports. Argus lifted their price target on Old Dominion Freight Line from $220.00 to $260.00 and gave the company a “buy” rating in a research note on Thursday. Susquehanna increased their price objective on Old Dominion Freight Line from $205.00 to $224.00 and gave the stock a “neutral” rating in a research note on Tuesday, June 2nd. Evercore set a $219.00 target price on Old Dominion Freight Line in a report on Thursday, April 30th. Citigroup cut Old Dominion Freight Line from a “neutral” rating to a “sell” rating and lifted their target price for the company from $225.00 to $228.00 in a research report on Monday, June 15th. Finally, Wells Fargo & Company set a $235.00 price target on Old Dominion Freight Line and gave the stock an “equal weight” rating in a report on Friday, June 5th. Eight investment analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $217.30.

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.