Castleark Management LLC Sells 61,820 Shares of Old Dominion Freight Line, Inc. $ODFL

Key Points

• Castleark Management LLC cut its Old Dominion Freight Line stake by 64.6%, selling 61,820 shares in the first quarter and retaining 33,910 shares valued at approximately $6.6 million.
• Institutional ownership remains high at 77.82%, despite the sale; other major investors, including Norges Bank and Price T. Rowe Associates, recently established or increased positions.
• Analyst sentiment is mixed, with a consensus rating of “Hold” and an average price target of $223.04. ODFL recently exceeded quarterly earnings expectations, while revenue declined 2.9% year over year, and it announced a $0.29 quarterly dividend.

Castleark Management LLC reduced its position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 64.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 33,910 shares of the transportation company's stock after selling 61,820 shares during the period. Castleark Management LLC's holdings in Old Dominion Freight Line were worth $6,626,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in ODFL. Norges Bank bought a new stake in Old Dominion Freight Line in the 4th quarter worth approximately $444,983,000. Boston Partners bought a new position in shares of Old Dominion Freight Line during the 3rd quarter valued at approximately $292,599,000. Price T Rowe Associates Inc. MD boosted its position in shares of Old Dominion Freight Line by 14.1% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 14,223,960 shares of the transportation company's stock valued at $2,230,318,000 after acquiring an additional 1,761,511 shares during the last quarter. Two Sigma Investments LP grew its holdings in shares of Old Dominion Freight Line by 637.5% in the third quarter. Two Sigma Investments LP now owns 1,576,470 shares of the transportation company's stock valued at $221,935,000 after purchasing an additional 1,362,697 shares in the last quarter. Finally, Life Cycle Investment Partners Ltd purchased a new position in shares of Old Dominion Freight Line in the fourth quarter valued at $188,651,000. 77.82% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Old Dominion Freight Line news, Director Greg C. Gantt sold 22,107 shares of the firm's stock in a transaction dated 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 completion of the sale, the director owned 88,551 shares of the company's stock, valued at $16,959,287.52. This trade represents a 19.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 10.00% of the stock is owned by company insiders.

Analyst Ratings Changes

Several equities research analysts recently weighed in on ODFL shares. Stephens restated an "overweight" rating and issued a $240.00 price target (up from $232.00) on shares of Old Dominion Freight Line in a research report on Thursday, April 30th. Rothschild & Co Redburn lowered their price objective on shares of Old Dominion Freight Line from $176.00 to $172.00 and set a "sell" rating for the company in a research report on Tuesday, May 12th. Wolfe Research lifted their price objective on shares of Old Dominion Freight Line from $183.00 to $185.00 and gave the stock an "underperform" rating in a research note on Tuesday, April 7th. Evercore upgraded shares of Old Dominion Freight Line from an "in-line" rating to an "outperform" rating in a report on Wednesday, July 1st. Finally, Susquehanna upped their target price on shares of Old Dominion Freight Line from $224.00 to $228.00 and gave the company a "neutral" rating in a research report on Tuesday, July 14th. Ten investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, Old Dominion Freight Line presently has an average rating of "Hold" and a consensus price target of $223.04.

Old Dominion Freight Line Stock Performance

NASDAQ:ODFL opened at $232.99 on Monday. The stock's fifty day moving average is $225.49 and its 200 day moving average is $205.06. Old Dominion Freight Line, Inc. has a fifty-two week low of $126.01 and a fifty-two week high of $252.03. The firm has a market capitalization of $48.45 billion, a PE ratio of 48.74, a PEG ratio of 4.21 and a beta of 1.18.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last issued its quarterly earnings results 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. The company had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.31 billion. Old Dominion Freight Line had a return on equity of 23.42% and a net margin of 18.46%.Old Dominion Freight Line's revenue was down 2.9% on a year-over-year basis. During the same period last year, the company earned $1.19 earnings per share. Equities analysts forecast that Old Dominion Freight Line, Inc. will post 5.56 EPS for the current year.

Old Dominion Freight Line Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 16th. Stockholders of record on Wednesday, September 2nd will be issued a $0.29 dividend. This represents a $1.16 annualized dividend and a dividend yield of 0.5%. The ex-dividend date is Wednesday, September 2nd. Old Dominion Freight Line's dividend payout ratio (DPR) is 24.27%.

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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