Davidson Capital Management Inc. Buys 5,922 Shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Davidson Capital Management Inc. boosted its stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 52.9% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,118 shares of the transportation company’s stock after buying an additional 5,922 shares during the quarter. Davidson Capital Management Inc.’s holdings in Old Dominion Freight Line were worth $3,023,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Benjamin Edwards Inc. bought a new stake in shares of Old Dominion Freight Line during the second quarter valued at approximately $25,000. Benjamin F. Edwards & Company Inc. raised its position in Old Dominion Freight Line by 45.0% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 1,541 shares of the transportation company’s stock valued at $273,000 after purchasing an additional 478 shares in the last quarter. Trust Investment Advisors lifted its holdings in shares of Old Dominion Freight Line by 100.0% in the 2nd quarter. Trust Investment Advisors now owns 1,844 shares of the transportation company’s stock worth $326,000 after buying an additional 922 shares during the period. Bristol Gate Capital Partners Inc. bought a new position in shares of Old Dominion Freight Line during the 2nd quarter worth $92,697,000. Finally, MQS Management LLC bought a new position in shares of Old Dominion Freight Line during the 2nd quarter worth $224,000. 77.82% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on ODFL shares. Robert W. Baird upped their price objective on shares of Old Dominion Freight Line from $205.00 to $215.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. Benchmark reiterated a “hold” rating on shares of Old Dominion Freight Line in a research note on Wednesday, September 11th. Morgan Stanley reduced their price objective on shares of Old Dominion Freight Line from $174.00 to $168.00 and set an “equal weight” rating for the company in a research note on Monday, July 8th. Stephens reaffirmed an “overweight” rating and set a $214.00 target price on shares of Old Dominion Freight Line in a research report on Thursday, September 5th. Finally, Barclays reduced their price target on Old Dominion Freight Line from $205.00 to $195.00 and set an “equal weight” rating for the company in a research report on Wednesday, June 12th. One analyst has rated the stock with a sell rating, thirteen have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Old Dominion Freight Line has an average rating of “Hold” and an average target price of $201.83.

Insider Buying and Selling at Old Dominion Freight Line

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

Old Dominion Freight Line Price Performance

Shares of ODFL opened at $204.52 on Friday. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.46 and a quick ratio of 1.46. The company’s fifty day moving average price is $195.84 and its 200-day moving average price is $195.95. Old Dominion Freight Line, Inc. has a 1-year low of $165.49 and a 1-year high of $227.80. The firm has a market capitalization of $44.44 billion, a PE ratio of 36.01, a price-to-earnings-growth ratio of 3.92 and a beta of 0.99.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its quarterly earnings results on Wednesday, July 24th. The transportation company reported $1.48 earnings per share for the quarter, beating the consensus estimate of $1.45 by $0.03. Old Dominion Freight Line had a return on equity of 30.33% and a net margin of 21.38%. The business had revenue of $1.50 billion for the quarter, compared to the consensus estimate of $1.50 billion. During the same quarter in the previous year, the business earned $1.33 EPS. The company’s quarterly revenue was up 6.1% compared to the same quarter last year. On average, equities research analysts predict that Old Dominion Freight Line, Inc. will post 5.64 EPS for the current year.

Old Dominion Freight Line Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 18th. Shareholders of record on Wednesday, September 4th were given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 0.51%. The ex-dividend date was Wednesday, September 4th. Old Dominion Freight Line’s dividend payout ratio is presently 18.31%.

Old Dominion Freight Line Profile

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.