Cornerstone Advisors LLC Purchases New Shares in Old Dominion Freight Line, Inc. $ODFL

Cornerstone Advisors LLC purchased a new position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 53,062 shares of the transportation company’s stock, valued at approximately $11,493,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. BlackRock Inc. acquired a new position in shares of Old Dominion Freight Line during the 2nd quarter worth approximately $3,416,007,000. Norges Bank bought a new position in shares of Old Dominion Freight Line during the fourth quarter worth approximately $444,983,000. Bank of New York Mellon Corp acquired a new stake in shares of Old Dominion Freight Line in the second quarter valued at approximately $543,289,000. Boston Partners acquired a new stake in shares of Old Dominion Freight Line in the third quarter valued at approximately $292,599,000. Finally, Price T Rowe Associates Inc. MD boosted its stake 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 buying an additional 1,761,511 shares during the period. Institutional investors and hedge funds own 77.82% of the company’s stock.

Old Dominion Freight Line Price Performance

Shares of NASDAQ:ODFL opened at $211.96 on Tuesday. Old Dominion Freight Line, Inc. has a 1 year low of $126.01 and a 1 year high of $252.03. The stock has a market capitalization of $43.95 billion, a price-to-earnings ratio of 40.84, a price-to-earnings-growth ratio of 3.67 and a beta of 1.18. The company’s 50 day simple moving average is $223.29 and its 200 day simple moving average is $209.78.

Old Dominion Freight Line (NASDAQ:ODFL) last released its earnings results on Wednesday, July 29th. The transportation company reported $1.68 earnings per share 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 firm had revenue of $1.55 billion during the quarter, compared to analysts’ expectations of $1.54 billion. During the same period in the prior year, the company earned $1.27 earnings per share. The company’s quarterly revenue was up 10.4% on a year-over-year basis. As a group, analysts anticipate that Old Dominion Freight Line, Inc. will post 5.78 EPS for the current fiscal year.

Old Dominion Freight Line Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 16th. Investors of record on Wednesday, September 2nd will be paid a $0.29 dividend. The ex-dividend date of this dividend is Wednesday, September 2nd. This represents a $1.16 annualized dividend and a yield of 0.5%. Old Dominion Freight Line’s dividend payout ratio (DPR) is 22.35%.

Analyst Ratings Changes

A number of brokerages recently issued reports on ODFL. UBS Group reissued a “neutral” rating and set a $228.00 price target (up from $224.00) on shares of Old Dominion Freight Line in a research report on Thursday, July 30th. Truist Financial upped their target price on Old Dominion Freight Line from $225.00 to $250.00 and gave the company a “buy” rating in a research report on Wednesday, July 15th. Evercore reissued an “outperform” rating and set a $243.00 target price on shares of Old Dominion Freight Line in a report on Thursday, July 30th. Raymond James Financial restated an “outperform” rating and issued a $241.00 price target (up from $224.00) on shares of Old Dominion Freight Line in a research report on Monday, July 13th. Finally, Rothschild & Co Redburn dropped their price target on Old Dominion Freight Line from $176.00 to $172.00 and set a “sell” rating for the company in a research note on Tuesday, May 12th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, thirteen have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company 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.