Elevation Point Wealth Partners LLC Grows Stock Holdings in Old Dominion Freight Line, Inc. $ODFL

Elevation Point Wealth Partners LLC lifted its stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 142.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 14,461 shares of the transportation company’s stock after purchasing an additional 8,498 shares during the period. Elevation Point Wealth Partners LLC’s holdings in Old Dominion Freight Line were worth $2,826,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in ODFL. Price T Rowe Associates Inc. MD increased its holdings in shares of Old Dominion Freight Line by 14.1% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 14,223,960 shares of the transportation company’s stock valued at $2,230,318,000 after purchasing an additional 1,761,511 shares during the last quarter. State Street Corp boosted its stake in Old Dominion Freight Line by 0.9% during the fourth quarter. State Street Corp now owns 7,746,286 shares of the transportation company’s stock worth $1,214,618,000 after buying an additional 70,736 shares during the last quarter. CIBC Private Wealth Group LLC boosted its stake in Old Dominion Freight Line by 21.6% during the third quarter. CIBC Private Wealth Group LLC now owns 4,366,843 shares of the transportation company’s stock worth $614,764,000 after buying an additional 776,004 shares during the last quarter. Boston Partners grew its holdings in Old Dominion Freight Line by 98.4% in the 4th quarter. Boston Partners now owns 4,122,696 shares of the transportation company’s stock valued at $648,186,000 after buying an additional 2,044,434 shares in the last quarter. Finally, T. Rowe Price Investment Management Inc. grew its holdings in Old Dominion Freight Line by 11.0% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 3,680,719 shares of the transportation company’s stock valued at $577,137,000 after buying an additional 365,424 shares in the last quarter. 77.82% of the stock is currently owned by hedge funds and other institutional investors.

Old Dominion Freight Line Price Performance

ODFL stock opened at $217.65 on Friday. Old Dominion Freight Line, Inc. has a 52-week low of $126.01 and a 52-week high of $252.03. The stock has a market cap of $45.26 billion, a price-to-earnings ratio of 45.53, a price-to-earnings-growth ratio of 4.36 and a beta of 1.18. The business has a fifty day moving average of $218.55 and a two-hundred day moving average of $197.40.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its quarterly earnings results on Wednesday, April 29th. The transportation company reported $1.14 EPS for the quarter, beating the consensus estimate of $1.05 by $0.09. The business had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.31 billion. Old Dominion Freight Line had a return on equity of 23.42% and a net margin of 18.46%.The company’s quarterly revenue was down 2.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.19 EPS. As a group, sell-side analysts anticipate that Old Dominion Freight Line, Inc. will post 5.44 EPS for the current year.

Old Dominion Freight Line Dividend Announcement

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

Insider Buying and Selling

In other Old Dominion Freight Line news, Director Greg C. Gantt sold 22,107 shares of the stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $191.52, for a total transaction of $4,233,932.64. Following the completion of the transaction, 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 sale was disclosed in a filing with the SEC, which is available through the SEC website. 10.00% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research firms have recently commented on ODFL. Morgan Stanley set a $235.00 price target on Old Dominion Freight Line and gave the stock an “overweight” rating in a report on Thursday, April 30th. TD Cowen reissued a “hold” rating on shares of Old Dominion Freight Line in a report on Wednesday, June 3rd. Argus raised their price objective on shares of Old Dominion Freight Line from $220.00 to $260.00 and gave the stock a “buy” rating in a research report on Thursday, June 18th. Wells Fargo & Company set a $235.00 target price on shares of Old Dominion Freight Line and gave the stock an “equal weight” rating in a research note on Friday, June 5th. Finally, JPMorgan Chase & Co. boosted their target price 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. Ten investment analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, Old Dominion Freight Line has an average rating of “Hold” and an average target price of $218.57.

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.