Chicago Partners Investment Group LLC Invests $430,000 in Old Dominion Freight Line, Inc. $ODFL

Chicago Partners Investment Group LLC bought a new stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 2,203 shares of the transportation company’s stock, valued at approximately $430,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in ODFL. Brighton Jones LLC lifted its position in Old Dominion Freight Line by 5.3% during the fourth quarter. Brighton Jones LLC now owns 1,559 shares of the transportation company’s stock valued at $275,000 after buying an additional 79 shares during the period. Empowered Funds LLC increased its stake in shares of Old Dominion Freight Line by 134.9% in the 1st quarter. Empowered Funds LLC now owns 10,213 shares of the transportation company’s stock worth $1,690,000 after acquiring an additional 5,866 shares in the last quarter. Marshall Wace LLP bought a new position in shares of Old Dominion Freight Line in the 2nd quarter worth about $7,478,000. Jump Financial LLC purchased a new position in Old Dominion Freight Line during the 2nd quarter valued at about $2,891,000. Finally, AXA S.A. lifted its position in Old Dominion Freight Line by 1.2% during the 2nd quarter. AXA S.A. now owns 20,253 shares of the transportation company’s stock valued at $3,287,000 after acquiring an additional 238 shares during the period. Hedge funds and other institutional investors own 77.82% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. Argus upped their price objective on shares of Old Dominion Freight Line from $220.00 to $260.00 and gave the stock a “buy” rating in a report on Thursday, June 18th. Evercore upgraded shares of Old Dominion Freight Line from an “in-line” rating to an “outperform” rating in a report on Wednesday, July 1st. BMO Capital Markets reiterated an “outperform” rating and set a $230.00 target price on shares of Old Dominion Freight Line in a report on Thursday, June 4th. Wolfe Research boosted their price target on Old Dominion Freight Line from $183.00 to $185.00 and gave the stock an “underperform” rating in a research report on Tuesday, April 7th. Finally, UBS Group upped their price target on Old Dominion Freight Line from $216.00 to $224.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 7th. Ten investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $222.00.

Insiders Place Their Bets

In related news, Director Greg C. Gantt sold 22,107 shares of the business’s stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $191.52, for a total value of $4,233,932.64. Following the completion of the transaction, the director directly owned 88,551 shares in the company, valued at $16,959,287.52. The trade was a 19.98% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 10.00% of the stock is currently owned by insiders.

Old Dominion Freight Line Stock Performance

Shares of ODFL stock opened at $233.84 on Monday. The company has a market capitalization of $48.63 billion, a price-to-earnings ratio of 48.92, a price-to-earnings-growth ratio of 4.23 and a beta of 1.18. Old Dominion Freight Line, Inc. has a one year low of $126.01 and a one year high of $252.03. The company’s 50-day moving average is $221.78 and its 200 day moving average is $202.47.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its earnings results on Wednesday, April 29th. The transportation company reported $1.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.05 by $0.09. The business had revenue of $1.33 billion during the quarter, compared to analysts’ expectations of $1.31 billion. Old Dominion Freight Line had a net margin of 18.46% and a return on equity of 23.42%. The business’s revenue for the quarter was down 2.9% compared to the same quarter last year. During the same period in the previous year, the company earned $1.19 earnings per share. As a group, research analysts predict that Old Dominion Freight Line, Inc. will post 5.55 earnings per share for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Investors of record on Wednesday, June 3rd were given a dividend of $0.29 per share. The ex-dividend date of this dividend was Wednesday, June 3rd. This represents a $1.16 annualized dividend and a dividend yield of 0.5%. Old Dominion Freight Line’s dividend payout ratio (DPR) is 24.27%.

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.