Fairscale Capital LLC Buys Shares of 2,400 Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Fairscale Capital LLC purchased a new position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 2,400 shares of the transportation company’s stock, valued at approximately $424,000.

Several other institutional investors and hedge funds have also made changes to their positions in ODFL. Epoch Investment Partners Inc. raised its position in Old Dominion Freight Line by 0.7% during the second quarter. Epoch Investment Partners Inc. now owns 342,650 shares of the transportation company’s stock worth $60,512,000 after acquiring an additional 2,496 shares during the last quarter. 1832 Asset Management L.P. increased its stake in shares of Old Dominion Freight Line by 24.8% during the 2nd quarter. 1832 Asset Management L.P. now owns 72,577 shares of the transportation company’s stock worth $12,817,000 after purchasing an additional 14,445 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC raised its position in shares of Old Dominion Freight Line by 5.3% during the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 510,244 shares of the transportation company’s stock worth $90,109,000 after purchasing an additional 25,584 shares during the last quarter. Summit Trail Advisors LLC lifted its stake in Old Dominion Freight Line by 26.7% in the 2nd quarter. Summit Trail Advisors LLC now owns 2,043 shares of the transportation company’s stock valued at $361,000 after buying an additional 431 shares in the last quarter. Finally, Sei Investments Co. grew its holdings in Old Dominion Freight Line by 7.5% during the 2nd quarter. Sei Investments Co. now owns 46,415 shares of the transportation company’s stock valued at $8,198,000 after buying an additional 3,227 shares during the last quarter. 77.82% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Old Dominion Freight Line news, Chairman David S. Congdon sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $195.17, for a total value of $1,951,700.00. Following the completion of the transaction, the chairman now owns 1,391,621 shares in the company, valued at approximately $271,602,670.57. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, Chairman David S. Congdon sold 29,975 shares of the firm’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $201.30, for a total transaction of $6,033,967.50. Following the completion of the sale, the chairman now directly owns 1,401,621 shares in the company, valued at $282,146,307.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman David S. Congdon sold 10,000 shares of the business’s stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $195.17, for a total value of $1,951,700.00. Following the completion of the transaction, the chairman now owns 1,391,621 shares in the company, valued at approximately $271,602,670.57. The disclosure for this sale can be found here. Insiders own 9.90% of the company’s stock.

Old Dominion Freight Line Trading Down 5.2 %

Shares of ODFL stock opened at $193.97 on Friday. The company has a quick ratio of 1.46, a current ratio of 1.46 and a debt-to-equity ratio of 0.01. Old Dominion Freight Line, Inc. has a fifty-two week low of $165.49 and a fifty-two week high of $227.80. The firm’s 50 day moving average price is $196.27 and its two-hundred day moving average price is $195.67. The stock has a market cap of $42.15 billion, a price-to-earnings ratio of 34.15, a price-to-earnings-growth ratio of 3.92 and a beta of 0.99.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its quarterly earnings results on Wednesday, July 24th. The transportation company reported $1.48 earnings per share for the quarter, topping analysts’ consensus estimates of $1.45 by $0.03. Old Dominion Freight Line had a net margin of 21.38% and a return on equity of 30.33%. The firm had revenue of $1.50 billion during the quarter, compared to analysts’ expectations of $1.50 billion. During the same period in the prior year, the company earned $1.33 EPS. The firm’s revenue was up 6.1% on a year-over-year basis. On average, analysts anticipate that Old Dominion Freight Line, Inc. will post 5.64 EPS for the current year.

Old Dominion Freight Line Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 18th. Stockholders of record on Wednesday, September 4th were paid a $0.26 dividend. The ex-dividend date was Wednesday, September 4th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.54%. Old Dominion Freight Line’s dividend payout ratio (DPR) is currently 18.31%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on ODFL. TD Cowen reduced their price objective on Old Dominion Freight Line from $214.00 to $209.00 and set a “hold” rating on the stock in a research report on Friday, September 6th. Susquehanna raised their price target on shares of Old Dominion Freight Line from $210.00 to $225.00 and gave the stock a “positive” rating in a research note on Wednesday. Bank of America lowered their price target on shares of Old Dominion Freight Line from $210.00 to $206.00 and set a “neutral” rating for the company in a report on Friday, September 6th. Raymond James upped their price objective on shares of Old Dominion Freight Line from $190.00 to $209.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. Finally, Barclays decreased their target price on shares of Old Dominion Freight Line from $205.00 to $195.00 and set an “equal weight” rating on the stock in a research report on Wednesday, June 12th. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Old Dominion Freight Line currently has an average rating of “Hold” and an average target price of $201.83.

About Old Dominion Freight Line

Old Dominion Freight Line, Inc operates as a less-than-truckload motor carrier in the United States and North America. The company offers regional, inter-regional, and national less-than-truckload services, as well as expedited transportation. It also provides various value-added services, including container drayage, truckload brokerage, and supply chain consulting.