Balboa Wealth Partners Makes New Investment in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Balboa Wealth Partners purchased a new position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) in the 4th quarter, Holdings Channel reports. The institutional investor purchased 2,158 shares of the transportation company’s stock, valued at approximately $381,000.

A number of other institutional investors have also added to or reduced their stakes in the stock. Whipplewood Advisors LLC bought a new stake in Old Dominion Freight Line in the 4th quarter valued at $35,000. RPg Family Wealth Advisory LLC bought a new position in Old Dominion Freight Line during the third quarter valued at approximately $45,000. Synergy Asset Management LLC bought a new stake in Old Dominion Freight Line in the 4th quarter worth approximately $41,000. Brown Brothers Harriman & Co. boosted its position in shares of Old Dominion Freight Line by 398.1% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 269 shares of the transportation company’s stock valued at $53,000 after acquiring an additional 215 shares during the last quarter. Finally, Versant Capital Management Inc grew its holdings in shares of Old Dominion Freight Line by 45.5% in the fourth quarter. Versant Capital Management Inc now owns 352 shares of the transportation company’s stock valued at $62,000 after purchasing an additional 110 shares in the last quarter. 77.82% of the stock is owned by hedge funds and other institutional investors.

Old Dominion Freight Line Price Performance

Shares of ODFL opened at $162.98 on Friday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.33 and a current ratio of 1.33. The company has a 50 day moving average price of $186.67 and a 200-day moving average price of $195.81. Old Dominion Freight Line, Inc. has a fifty-two week low of $158.64 and a fifty-two week high of $233.26. The stock has a market capitalization of $34.64 billion, a PE ratio of 29.74, a PEG ratio of 2.89 and a beta of 1.10.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its earnings results on Wednesday, February 5th. The transportation company reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.17 by $0.06. Old Dominion Freight Line had a return on equity of 28.02% and a net margin of 20.40%. Equities analysts predict that Old Dominion Freight Line, Inc. will post 5.68 earnings per share for the current fiscal year.

Old Dominion Freight Line Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 5th will be given a $0.28 dividend. The ex-dividend date is Wednesday, March 5th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.69%. This is an increase from Old Dominion Freight Line’s previous quarterly dividend of $0.26. Old Dominion Freight Line’s payout ratio is presently 18.98%.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Wells Fargo & Company lowered their price objective on shares of Old Dominion Freight Line from $195.00 to $185.00 and set an “underweight” rating for the company in a research report on Tuesday, January 7th. Bank of America reduced their target price on shares of Old Dominion Freight Line from $237.00 to $204.00 and set a “neutral” rating on the stock in a research note on Thursday, January 16th. Citigroup dropped their price target on shares of Old Dominion Freight Line from $205.00 to $186.00 and set a “neutral” rating for the company in a research note on Tuesday, March 4th. The Goldman Sachs Group raised their price objective on shares of Old Dominion Freight Line from $213.00 to $235.00 and gave the stock a “neutral” rating in a research note on Thursday, December 12th. Finally, StockNews.com upgraded Old Dominion Freight Line from a “sell” rating to a “hold” rating in a report on Saturday, February 15th. One equities research analyst has rated the stock with a sell rating, sixteen have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Old Dominion Freight Line presently has a consensus rating of “Hold” and an average target price of $202.65.

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.