Canal Capital Management LLC Has $58.79 Million Stake in Old Dominion Freight Line, Inc. $ODFL

Key Points

• Canal Capital Management LLC trimmed its stake in Old Dominion Freight Line by 6.1% to 374,951 shares (about $58.79 million), making ODFL roughly 8.3% of Canal's portfolio and ~0.18% of the company's shares.
• Q4 results showed Old Dominion beat EPS estimates ($1.09 vs. $1.06) but revenue declined 5.7% year‑over‑year to $1.31 billion; the company has a market cap near $38.0 billion, a PE ~37.8, and an average analyst target of about $191.
• Insiders have been net sellers, disposing of 80,134 shares worth ~$15.64 million in the last 90 days — including sales by Earl E. Congdon (25,000 shares) and Chairman David S. Congdon (52,000 shares) — though insiders still own about 10% of the stock.

Canal Capital Management LLC decreased its holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 6.1% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 374,951 shares of the transportation company's stock after selling 24,152 shares during the period. Old Dominion Freight Line makes up about 8.3% of Canal Capital Management LLC's portfolio, making the stock its biggest position. Canal Capital Management LLC owned about 0.18% of Old Dominion Freight Line worth $58,792,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the business. Brighton Jones LLC boosted its stake in Old Dominion Freight Line by 5.3% in 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 in the last quarter. Empowered Funds LLC raised its stake in Old Dominion Freight Line by 134.9% during the first 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. Cetera Investment Advisers raised its stake in Old Dominion Freight Line by 4.9% during the second quarter. Cetera Investment Advisers now owns 28,289 shares of the transportation company's stock worth $4,591,000 after acquiring an additional 1,320 shares in the last quarter. Intech Investment Management LLC lifted its holdings in shares of Old Dominion Freight Line by 604.1% in the second quarter. Intech Investment Management LLC now owns 14,054 shares of the transportation company's stock worth $2,281,000 after acquiring an additional 12,058 shares during the last quarter. Finally, Nomura Asset Management Co. Ltd. lifted its holdings in shares of Old Dominion Freight Line by 10.3% in the second quarter. Nomura Asset Management Co. Ltd. now owns 96,596 shares of the transportation company's stock worth $15,678,000 after acquiring an additional 8,990 shares during the last quarter. Institutional investors and hedge funds own 77.82% of the company's stock.

Old Dominion Freight Line Stock Performance

Shares of NASDAQ:ODFL opened at $182.36 on Friday. 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 cap of $38.01 billion, a PE ratio of 37.76, a price-to-earnings-growth ratio of 3.84 and a beta of 1.23. The firm's fifty day moving average is $188.18 and its 200-day moving average is $160.04.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last posted its quarterly earnings data on Wednesday, February 4th. The transportation company reported $1.09 earnings per share for the quarter, beating analysts' consensus estimates of $1.06 by $0.03. The business had revenue of $1.31 billion during the quarter, compared to the consensus estimate of $1.30 billion. Old Dominion Freight Line had a return on equity of 24.03% and a net margin of 18.62%.Old Dominion Freight Line's quarterly revenue was down 5.7% on a year-over-year basis. During the same period in the prior year, the business posted $1.23 earnings per share. Sell-side analysts forecast 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 declared a quarterly dividend, which was paid on Wednesday, March 18th. Stockholders of record on Wednesday, March 4th were paid 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 0.6%. Old Dominion Freight Line's payout ratio is currently 24.02%.

Insider Transactions at Old Dominion Freight Line

In related news, insider Earl E. Congdon sold 25,000 shares of the company's stock in a transaction that occurred on 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 sale, the insider directly owned 2,162,113 shares in the company, valued at $424,055,222.69. This represents a 1.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Chairman David S. Congdon sold 52,000 shares of the stock in a transaction that occurred on Thursday, February 19th. The shares were sold at an average price of $194.77, for a total transaction of $10,128,040.00. Following the sale, the chairman directly owned 712,800 shares of the company's stock, valued at $138,832,056. This represents a 6.80% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 80,134 shares of company stock worth $15,640,132 over the last ninety days. 10.00% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Stifel Nicolaus set a $217.00 price target on shares of Old Dominion Freight Line in a report on Thursday, February 5th. Raymond James Financial increased their price objective on shares of Old Dominion Freight Line from $180.00 to $213.00 and gave the company an "outperform" rating in a research note on Friday, February 6th. UBS Group reaffirmed a "neutral" rating and set a $202.00 target price (up from $164.00) on shares of Old Dominion Freight Line in a research note on Thursday, February 5th. TD Cowen upped their price target on shares of Old Dominion Freight Line from $167.00 to $180.00 and gave the stock a "hold" rating in a report on Thursday, February 5th. Finally, Stephens reiterated an "overweight" rating and issued a $232.00 price target on shares of Old Dominion Freight Line in a research note on Thursday, February 5th. Nine research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $191.08.

Old Dominion Freight Line 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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