Emissary Wealth LLC Makes New $1.86 Million Investment in Old Dominion Freight Line, Inc. $ODFL

Key Points

• Emissary Wealth LLC opened a new position in Old Dominion Freight Line, buying 11,844 shares worth about $1.86 million, representing ~1.6% of its portfolio and its 27th-largest holding.
• Analyst sentiment is mixed with a MarketBeat consensus of "Hold" and an average price target of $195.50, while some firms (e.g., Wells Fargo) recently raised targets and adjusted ratings.
• Insiders sold a net 80,134 shares worth $15.64 million in the last quarter (including the chairman's 52,000-share sale); institutions own ~77.82% of the stock and insiders hold 10%.

Emissary Wealth LLC bought a new position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm bought 11,844 shares of the transportation company's stock, valued at approximately $1,857,000. Old Dominion Freight Line makes up approximately 1.6% of Emissary Wealth LLC's investment portfolio, making the stock its 27th biggest position.

A number of other institutional investors have also bought and sold shares of ODFL. Brighton Jones LLC lifted its stake in Old Dominion Freight Line by 5.3% in the 4th quarter. Brighton Jones LLC now owns 1,559 shares of the transportation company's stock worth $275,000 after purchasing an additional 79 shares in the last quarter. Empowered Funds LLC lifted its stake in Old Dominion Freight Line by 134.9% in the 1st quarter. Empowered Funds LLC now owns 10,213 shares of the transportation company's stock worth $1,690,000 after purchasing an additional 5,866 shares in the last quarter. Marshall Wace LLP purchased a new position in Old Dominion Freight Line in the 2nd quarter worth approximately $7,478,000. Jump Financial LLC purchased a new position in Old Dominion Freight Line in the 2nd quarter worth approximately $2,891,000. Finally, AXA S.A. lifted its stake in Old Dominion Freight Line by 1.2% in the 2nd quarter. AXA S.A. now owns 20,253 shares of the transportation company's stock worth $3,287,000 after purchasing an additional 238 shares in the last quarter. 77.82% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on ODFL shares. Benchmark reissued a "hold" rating on shares of Old Dominion Freight Line in a research note on Wednesday, March 4th. Wolfe Research raised their target price 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 raised their price target on shares of Old Dominion Freight Line from $200.00 to $201.00 in a report on Friday, March 27th. Wall Street Zen upgraded shares of Old Dominion Freight Line from a "sell" rating to a "hold" rating in a report on Sunday, January 25th. Finally, Wells Fargo & Company upgraded shares of Old Dominion Freight Line from an "underweight" rating to an "equal weight" rating and raised their price target for the stock from $165.00 to $200.00 in a report on Tuesday, April 7th. Nine investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $195.50.

Insider Activity at Old Dominion Freight Line

In related news, Chairman David S. Congdon sold 52,000 shares of Old Dominion Freight Line stock in a transaction that occurred on Thursday, February 19th. The shares were sold at an average price of $194.77, for a total value of $10,128,040.00. Following the completion of the sale, the chairman owned 712,800 shares in the company, valued at approximately $138,832,056. This trade represents a 6.80% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Earl E. Congdon sold 25,000 shares of Old Dominion Freight Line stock in a transaction that occurred on Thursday, February 26th. The shares were sold at an average price of $196.13, for a total transaction 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 trade represents a 1.14% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 80,134 shares of company stock worth $15,640,132. 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. Old Dominion Freight Line, Inc. has a fifty-two week low of $126.01 and a fifty-two week high of $221.63. The firm has a 50 day moving average price of $196.29 and a 200 day moving average price of $168.34. The company has a market capitalization of $45.39 billion, a PE ratio of 45.08, a price-to-earnings-growth ratio of 4.57 and a beta of 1.20.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last posted its earnings results on Wednesday, February 4th. The transportation company reported $1.09 earnings per share for the quarter, beating the consensus estimate of $1.06 by $0.03. Old Dominion Freight Line had a net margin of 18.62% and a return on equity of 24.03%. The firm had revenue of $1.31 billion during the quarter, compared to the consensus estimate of $1.30 billion. During the same quarter last year, the firm earned $1.23 EPS. The firm's revenue for the quarter was down 5.7% on a year-over-year basis. As a group, equities research analysts forecast that Old Dominion Freight Line, Inc. will post 5.68 earnings per share 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. Investors of record on Wednesday, March 4th were issued a $0.29 dividend. This is a boost from Old Dominion Freight Line's previous quarterly dividend of $0.28. The ex-dividend date was Wednesday, March 4th. This represents a $1.16 annualized dividend and a yield of 0.5%. Old Dominion Freight Line's payout ratio is 24.02%.

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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