Wilkinson Global Asset Management LLC Takes $18.74 Million Position in Old Dominion Freight Line, Inc. $ODFL

Wilkinson Global Asset Management LLC purchased a new stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 86,538 shares of the transportation company’s stock, valued at approximately $18,744,000. Old Dominion Freight Line makes up about 1.5% of Wilkinson Global Asset Management LLC’s investment portfolio, making the stock its 24th largest position.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in ODFL. Norges Bank purchased a new stake in Old Dominion Freight Line in the 4th quarter valued at about $444,983,000. Bank of New York Mellon Corp purchased a new position in shares of Old Dominion Freight Line in the 2nd quarter worth approximately $543,289,000. Boston Partners purchased a new position in shares of Old Dominion Freight Line in the 3rd quarter worth approximately $292,599,000. Price T Rowe Associates Inc. MD grew 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 acquiring an additional 1,761,511 shares in the last quarter. Finally, Two Sigma Investments LP grew its holdings in shares of Old Dominion Freight Line by 637.5% in the third 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. 77.82% of the stock is currently owned by hedge funds and other institutional investors.

Old Dominion Freight Line Price Performance

Shares of ODFL stock opened at $210.97 on Monday. The company has a 50 day moving average of $223.99 and a 200-day moving average of $209.52. Old Dominion Freight Line, Inc. has a 12-month low of $126.01 and a 12-month high of $252.03. The firm has a market cap of $43.75 billion, a P/E ratio of 40.65, a PEG ratio of 3.67 and a beta of 1.18.

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

Old Dominion Freight Line Announces Dividend

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

Analysts Set New Price Targets

A number of analysts recently commented on the company. The Goldman Sachs Group reiterated a “buy” rating and set a $244.00 price target on shares of Old Dominion Freight Line in a report on Wednesday, July 29th. Susquehanna upped their price objective on Old Dominion Freight Line from $224.00 to $228.00 and gave the company a “neutral” rating in a research note on Tuesday, July 14th. JPMorgan Chase & Co. raised their target price on Old Dominion Freight Line from $197.00 to $234.00 and gave the company a “neutral” rating in a research report on Monday, June 8th. Citigroup reiterated a “neutral” rating and set a $231.00 target price (up from $228.00) on shares of Old Dominion Freight Line in a research note on Thursday, July 30th. Finally, Rothschild & Co Redburn lowered their target price on Old Dominion Freight Line from $176.00 to $172.00 and set a “sell” rating on the stock in a research note on Tuesday, May 12th. One equities 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 stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $226.55.

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.