Pointe Capital Management LLC Invests $807,000 in Old Dominion Freight Line, Inc. $ODFL

Pointe Capital Management LLC purchased a new position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 3,726 shares of the transportation company’s stock, valued at approximately $807,000.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Bell Investment Advisors Inc acquired a new stake in Old Dominion Freight Line during the second quarter worth about $25,000. Solstein Capital LLC acquired a new position in Old Dominion Freight Line in the second quarter valued at approximately $26,000. Annis Gardner Whiting Capital Advisors LLC grew its holdings in shares of Old Dominion Freight Line by 80.5% during the first quarter. Annis Gardner Whiting Capital Advisors LLC now owns 139 shares of the transportation company’s stock valued at $27,000 after purchasing an additional 62 shares during the last quarter. Reflection Asset Management bought a new position in shares of Old Dominion Freight Line during the fourth quarter valued at approximately $28,000. Finally, Evolution Wealth Management Inc. bought a new position in shares of Old Dominion Freight Line during the first quarter valued at approximately $29,000. 77.82% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

ODFL has been the topic of several recent research reports. Rothschild & Co Redburn cut their price target on Old Dominion Freight Line from $176.00 to $172.00 and set a “sell” rating on the stock in a report on Tuesday, May 12th. Robert W. Baird set a $229.00 price objective on Old Dominion Freight Line and gave the stock a “neutral” rating in a research note on Tuesday, April 28th. Zacks Research raised Old Dominion Freight Line from a “hold” rating to a “strong-buy” rating in a research report on Friday, July 31st. Stifel Nicolaus set a $263.00 target price on Old Dominion Freight Line and gave the stock a “buy” rating in a research report on Thursday, July 30th. Finally, Evercore reiterated an “outperform” rating and issued a $243.00 target price on shares of Old Dominion Freight Line in a research note on Thursday, July 30th. One research 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’s stock. According to MarketBeat.com, Old Dominion Freight Line presently has an average rating of “Hold” and an average target price of $226.55.

Old Dominion Freight Line Trading Down 1.6%

Shares of NASDAQ ODFL opened at $198.34 on Wednesday. Old Dominion Freight Line, Inc. has a 12-month low of $126.01 and a 12-month high of $252.03. The company has a market cap of $41.13 billion, a PE ratio of 38.22, a P/E/G ratio of 3.50 and a beta of 1.18. The stock has a 50 day simple moving average of $218.82 and a 200-day simple moving average of $210.64.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its earnings results on Wednesday, July 29th. The transportation company reported $1.68 EPS for the quarter, beating the consensus estimate of $1.54 by $0.14. The firm had revenue of $1.55 billion for 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 was up 10.4% compared to the same quarter last year. During the same period last year, the firm earned $1.27 EPS. Sell-side analysts forecast that Old Dominion Freight Line, Inc. will post 5.78 earnings per share for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 16th. Stockholders 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 dividend yield of 0.6%. Old Dominion Freight Line’s dividend payout ratio is presently 22.35%.

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.