Castleark Management LLC Acquires Shares of 95,730 Old Dominion Freight Line, Inc. $ODFL

Key Points

• Castleark Management LLC disclosed a new stake in Old Dominion Freight Line, buying 95,730 shares valued at about $15.0 million in the fourth quarter.
• Old Dominion Freight Line reported better-than-expected quarterly earnings of $1.14 per share and revenue of $1.33 billion, though revenue was still down 2.9% from a year earlier.
• The company announced a quarterly dividend of $0.29 per share, payable June 17, and analysts currently rate the stock a consensus “Hold” with an average price target of $215.43.

Castleark Management LLC acquired a new stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 95,730 shares of the transportation company's stock, valued at approximately $15,010,000.

Other institutional investors have also bought and sold shares of the company. DT Investment Partners LLC lifted its position in Old Dominion Freight Line by 600.0% during the fourth quarter. DT Investment Partners LLC now owns 210 shares of the transportation company's stock valued at $33,000 after purchasing an additional 180 shares during the last quarter. Raiffeisen Bank International AG bought a new position in Old Dominion Freight Line during the third quarter valued at $37,000. Torren Management LLC bought a new position in Old Dominion Freight Line during the fourth quarter valued at $41,000. Kohmann Bosshard Financial Services LLC bought a new position in Old Dominion Freight Line during the fourth quarter valued at $50,000. Finally, Caitong International Asset Management Co. Ltd bought a new stake in shares of Old Dominion Freight Line in the 3rd quarter worth about $55,000. Institutional investors own 77.82% of the company's stock.

Old Dominion Freight Line Stock Performance

NASDAQ ODFL opened at $245.75 on Friday. The company has a market capitalization of $51.11 billion, a price-to-earnings ratio of 51.41, a price-to-earnings-growth ratio of 5.02 and a beta of 1.17. The company's 50-day simple moving average is $215.16 and its two-hundred day simple moving average is $189.53. Old Dominion Freight Line, Inc. has a one year low of $126.01 and a one year high of $252.03.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last issued its quarterly earnings data on Wednesday, April 29th. The transportation company reported $1.14 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.05 by $0.09. Old Dominion Freight Line had a net margin of 18.46% and a return on equity of 23.42%. The firm had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.31 billion. During the same quarter in the previous year, the firm earned $1.19 EPS. The company's quarterly revenue was down 2.9% compared to the same quarter last year. Equities analysts expect that Old Dominion Freight Line, Inc. will post 5.38 earnings per share for the current fiscal year.

Old Dominion Freight Line Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 17th. Stockholders of record on Wednesday, June 3rd will be given a $0.29 dividend. The ex-dividend date of this dividend is Wednesday, June 3rd. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.5%. Old Dominion Freight Line's payout ratio is presently 24.27%.

Insider Activity

In other news, Director Greg C. Gantt sold 22,107 shares of Old Dominion Freight Line 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 transaction, the director owned 88,551 shares of the company's stock, valued at $16,959,287.52. The trade was a 19.98% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 10.00% of the stock is currently owned by insiders.

Analyst Ratings Changes

ODFL has been the subject of several analyst reports. Stifel Nicolaus raised their target price on shares of Old Dominion Freight Line from $228.00 to $232.00 in a report on Thursday, April 30th. Jefferies Financial Group raised their target price on shares of Old Dominion Freight Line from $230.00 to $250.00 and gave the stock a "hold" rating in a report on Tuesday. Benchmark restated a "hold" rating on shares of Old Dominion Freight Line in a report on Thursday, June 4th. Raymond James Financial restated an "outperform" rating and issued a $224.00 target price on shares of Old Dominion Freight Line in a report on Thursday, April 30th. Finally, The Goldman Sachs Group set a $216.00 target price on shares of Old Dominion Freight Line and gave the stock a "neutral" rating in a report on Thursday, April 30th. Eight equities research analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, Old Dominion Freight Line currently has an average rating of "Hold" and an average price target of $215.43.

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.

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