Eventide Asset Management LLC Grows Position in Old Dominion Freight Line, Inc. $ODFL

Key Points

• Eventide Asset Management boosted its stake in Old Dominion Freight Line by 1.3% in Q3 to 606,679 shares (about $85.4M), representing 1.4% of Eventide’s portfolio and roughly 0.29% of ODFL outstanding.
• Company insiders have been net sellers recently—including Earl E. Congdon (25,000 shares) and Chairman David S. Congdon (52,000 shares)—with 80,134 shares sold in the past 90 days worth about $15.64M; insiders currently own about 10% of the stock.
• Analysts show a consensus "Hold" rating with a $191.08 price target; ODFL slightly beat Q results (EPS $1.09 vs. $1.06) despite revenue down 5.7% y/y, and the company raised its quarterly dividend to $0.29.

Eventide Asset Management LLC grew its holdings in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 1.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 606,679 shares of the transportation company's stock after acquiring an additional 7,848 shares during the quarter. Old Dominion Freight Line comprises 1.4% of Eventide Asset Management LLC's investment portfolio, making the stock its 16th largest position. Eventide Asset Management LLC owned about 0.29% of Old Dominion Freight Line worth $85,413,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Brighton Jones LLC raised 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 purchasing an additional 79 shares in the last quarter. Empowered Funds LLC grew 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 buying an additional 5,866 shares in the last quarter. Campbell & CO Investment Adviser LLC purchased a new position in Old Dominion Freight Line in the 2nd quarter worth approximately $305,000. KBC Group NV increased its holdings in shares of Old Dominion Freight Line by 2.6% in the 2nd quarter. KBC Group NV now owns 33,536 shares of the transportation company's stock worth $5,442,000 after buying an additional 838 shares during the last quarter. Finally, Forsta AP Fonden increased its holdings in shares of Old Dominion Freight Line by 2.4% in the 2nd quarter. Forsta AP Fonden now owns 38,600 shares of the transportation company's stock worth $6,265,000 after buying an additional 900 shares during the last quarter. Hedge funds and other institutional investors own 77.82% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. TD Cowen raised their price objective on shares of Old Dominion Freight Line from $167.00 to $180.00 and gave the company a "hold" rating in a research report on Thursday, February 5th. Stephens reiterated an "overweight" rating and issued a $232.00 target price on shares of Old Dominion Freight Line in a research report on Thursday, February 5th. Citigroup reissued a "neutral" rating and issued a $216.00 target price (up from $196.00) on shares of Old Dominion Freight Line in a research note on Friday, February 6th. Morgan Stanley restated an "overweight" rating and set a $209.00 price target (up from $190.00) on shares of Old Dominion Freight Line in a research report on Wednesday, February 4th. Finally, BMO Capital Markets reaffirmed an "outperform" rating on shares of Old Dominion Freight Line in a research note on Thursday, February 19th. Nine analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and four have assigned a Sell rating to the company's stock. Based on data from MarketBeat, Old Dominion Freight Line currently has a consensus rating of "Hold" and a consensus price target of $191.08.

Insider Buying and Selling at Old Dominion Freight Line

In other news, insider Earl E. Congdon sold 25,000 shares of the firm's stock in a transaction that occurred on Thursday, February 26th. The shares were sold at an average price of $196.13, for a total value of $4,903,250.00. Following the transaction, the insider owned 2,162,113 shares in the company, valued at approximately $424,055,222.69. This trade represents a 1.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman David S. Congdon sold 52,000 shares of Old Dominion Freight Line stock in a transaction on Thursday, February 19th. The stock was sold at an average price of $194.77, for a total transaction of $10,128,040.00. Following the completion of the transaction, the chairman directly owned 712,800 shares in the company, valued at approximately $138,832,056. The trade was a 6.80% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 80,134 shares of company stock worth $15,640,132. 10.00% of the stock is currently owned by insiders.

Old Dominion Freight Line Trading Up 2.6%

Shares of NASDAQ:ODFL opened at $180.75 on Friday. The stock's 50-day moving average price is $186.93 and its 200-day moving average price is $159.22. Old Dominion Freight Line, Inc. has a 12-month low of $126.01 and a 12-month high of $221.63. The stock has a market capitalization of $37.67 billion, a P/E ratio of 37.42, a price-to-earnings-growth ratio of 3.80 and a beta of 1.23.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last released its earnings results 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. Old Dominion Freight Line had a return on equity of 24.03% and a net margin of 18.62%.The company had revenue of $1.31 billion during the quarter, compared to analyst estimates of $1.30 billion. During the same quarter in the previous year, the company posted $1.23 EPS. Old Dominion Freight Line's revenue for the quarter was down 5.7% on a year-over-year basis. As a group, research 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 declared a quarterly dividend, which will be paid on Wednesday, March 18th. Shareholders of record on Wednesday, March 4th will be paid a $0.29 dividend. This is an increase from Old Dominion Freight Line's previous quarterly dividend of $0.28. The ex-dividend date of this dividend is Wednesday, March 4th. This represents a $1.16 dividend on an annualized basis and a yield of 0.6%. Old Dominion Freight Line's payout ratio is presently 24.02%.

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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