Corient takes new $11.51M stake in Old Dominion Freight Line
What's the deal? Corient Private Wealth LPDealroom has a profile for this one. Try Dealroom → acquired a new position in Old Dominion Freight LineDealroom has a profile for this one. Try Dealroom → during the second quarter, buying 53,123 shares worth roughly $11,507,000, according to a HoldingsChannel.com filing. The purchase adds Corient to a long roster of institutions holding the trucking company, which count for 77.82% of the stock.
What does the company do? Old Dominion Freight Line is a US less-than-truckload carrier. It trades on the Nasdaq under ODFL and carries a market cap of $41.19 billion.
How are the numbers? The company beat expectations in its most recent quarter, reported on July 29. It posted earnings of $1.68 per share against a $1.54 consensus, on revenue of $1.55 billion — up 10.4% year on year.
Why now? The disclosure lands as several other funds build or add positions, including Bell Investment AdvisorsDealroom has a profile for this one. Try Dealroom →, Solstein CapitalDealroom has a profile for this one. Try Dealroom →, and EFG InternationalDealroom has a profile for this one. Try Dealroom →. Corient's stake dwarfs those moves, most of which sat below $30,000.
What could go wrong? Shares opened at $198.63 on Friday, below both the 50-day average of $217.58 and the 200-day average of $210.52. The stock swung between $126.01 and $252.03 over the past year, and analysts rate it a "Hold" with a $226.55 consensus target.
The signal: Analysts remain split — one strong buy, nine buys, 13 holds, and two sells — but the fresh institutional money signals continued appetite for freight names despite a soft share price.
Read more: tickerreport.com
Image credit: Lav Ulv
