4,963 Shares in Old Dominion Freight Line, Inc. $ODFL Bought by Silphium Asset Management Ltd

Key Points

• Silphium Asset Management initiated a new position in Old Dominion Freight Line (NASDAQ:ODFL), buying 4,963 shares in Q4 valued at about $778,000.
• Heavy insider selling: insiders sold 80,134 shares (~$15.64 million) over the last quarter, including Earl E. Congdon's 25,000‑share sale at $196.13; company insiders now own 10% of the stock.
• Market and analyst backdrop: the consensus rating is "Hold" with an average price target of $195.50, while the stock trades near $217.76 (52‑week high $221.63), has a P/E of ~45 and recently raised its quarterly dividend to $0.29 (yield ~0.5%).

Silphium Asset Management Ltd purchased a new position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 4,963 shares of the transportation company's stock, valued at approximately $778,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. E Fund Management Hong Kong Co. Ltd. grew its stake in Old Dominion Freight Line by 175.7% in the third quarter. E Fund Management Hong Kong Co. Ltd. now owns 193 shares of the transportation company's stock valued at $27,000 after purchasing an additional 123 shares during the last quarter. Westside Investment Management Inc. grew its stake in shares of Old Dominion Freight Line by 100.0% during the third quarter. Westside Investment Management Inc. now owns 196 shares of the transportation company's stock worth $27,000 after acquiring an additional 98 shares during the last quarter. Raiffeisen Bank International AG purchased a new stake in Old Dominion Freight Line in the third quarter valued at approximately $37,000. Caitong International Asset Management Co. Ltd purchased a new stake in Old Dominion Freight Line in the 3rd quarter worth approximately $55,000. Finally, Zions Bancorporation National Association UT raised its stake in shares of Old Dominion Freight Line by 273.5% during the 3rd quarter. Zions Bancorporation National Association UT now owns 437 shares of the transportation company's stock worth $62,000 after buying an additional 320 shares during the period. 77.82% of the stock is currently owned by institutional investors.

Insider Transactions at Old Dominion Freight Line

In other news, insider Earl E. Congdon sold 25,000 shares of the company's stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $196.13, for a total value of $4,903,250.00. Following the completion of the sale, the insider owned 2,162,113 shares of the company's stock, valued at $424,055,222.69. This represents a 1.14% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Bradley R. Gabosch sold 3,134 shares of the company's stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $194.27, for a total value of $608,842.18. Following the completion of the sale, the director directly owned 11,278 shares of the company's stock, valued at $2,190,977.06. The trade was a 21.75% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 80,134 shares of company stock valued at $15,640,132 over the last quarter. Company insiders own 10.00% of the company's stock.

Old Dominion Freight Line Stock Performance

Old Dominion Freight Line stock opened at $217.76 on Monday. The stock has a fifty day moving average price of $196.29 and a 200 day moving average price of $168.34. Old Dominion Freight Line, Inc. has a 52 week low of $126.01 and a 52 week high of $221.63. The firm has a market capitalization of $45.39 billion, a P/E ratio of 45.08, a PEG ratio of 4.57 and a beta of 1.20.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last posted its quarterly earnings results on Wednesday, February 4th. The transportation company reported $1.09 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.06 by $0.03. Old Dominion Freight Line had a return on equity of 24.03% and a net margin of 18.62%.The firm had revenue of $1.31 billion during the quarter, compared to the consensus estimate of $1.30 billion. During the same quarter in the previous year, the business earned $1.23 earnings per share. The firm's quarterly revenue was down 5.7% compared to the same quarter last year. As a group, equities analysts predict that Old Dominion Freight Line, Inc. will post 5.68 EPS for the current year.

Old Dominion Freight Line Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 18th. Stockholders of record on Wednesday, March 4th were given a $0.29 dividend. The ex-dividend date of this dividend was Wednesday, March 4th. This is a positive change from Old Dominion Freight Line's previous quarterly dividend of $0.28. This represents a $1.16 annualized dividend and a dividend yield of 0.5%. Old Dominion Freight Line's dividend payout ratio (DPR) is currently 24.02%.

Analysts Set New Price Targets

ODFL has been the subject of a number of recent research reports. The Goldman Sachs Group raised their target price on Old Dominion Freight Line from $195.00 to $198.00 and gave the stock a "buy" rating in a research note on Thursday. Wells Fargo & Company upgraded Old Dominion Freight Line from an "underweight" rating to an "equal weight" rating and lifted their price objective for the company from $165.00 to $200.00 in a research note on Tuesday, April 7th. UBS Group reiterated a "neutral" rating and issued a $202.00 price objective (up from $164.00) on shares of Old Dominion Freight Line in a research note on Thursday, February 5th. TD Cowen raised their target price on Old Dominion Freight Line from $167.00 to $180.00 and gave the stock a "hold" rating in a research report on Thursday, February 5th. Finally, Benchmark reaffirmed a "hold" rating on shares of Old Dominion Freight Line in a research report on Wednesday, March 4th. Nine analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, Old Dominion Freight Line currently has a consensus rating of "Hold" and an average price target of $195.50.

Old Dominion Freight Line Company Profile

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.

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