Legal & General Group Plc Raises Stock Position in Old Dominion Freight Line, Inc. $ODFL

Key Points

• Legal & General increased its stake in Old Dominion by 1.4% to 1,297,919 shares (about 0.62%) worth ~$182.7M, and other large moves — including a new $372M position from Norges Bank and Vanguard's 23.25M shares (~$3.27B) — leave institutional ownership at ~77.82%.
• Company insiders sold 80,134 shares (~$15.6M) in the last quarter, including notable sales by Earl E. Congdon and Chairman David S. Congdon, bringing insider ownership to about 10.0%.
• Old Dominion slightly beat quarterly EPS estimates ($1.09 vs. $1.06) while revenue fell 5.7% YoY, raised its quarterly dividend to $0.29 (annualized $1.16, ~0.7% yield), and carries a consensus analyst rating of "Hold" with a $191.08 price target.

Legal & General Group Plc raised its stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 1.4% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,297,919 shares of the transportation company's stock after buying an additional 18,201 shares during the period. Legal & General Group Plc owned about 0.62% of Old Dominion Freight Line worth $182,721,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Norges Bank purchased a new position in shares of Old Dominion Freight Line in the 2nd quarter worth $371,961,000. JPMorgan Chase & Co. increased its position in Old Dominion Freight Line by 21.3% during the third quarter. JPMorgan Chase & Co. now owns 3,544,588 shares of the transportation company's stock valued at $499,007,000 after acquiring an additional 622,275 shares during the last quarter. First Trust Advisors LP lifted its holdings in Old Dominion Freight Line by 63.8% in the second quarter. First Trust Advisors LP now owns 1,521,054 shares of the transportation company's stock valued at $246,867,000 after acquiring an additional 592,605 shares during the period. Vanguard Group Inc. lifted its holdings in Old Dominion Freight Line by 2.2% in the third quarter. Vanguard Group Inc. now owns 23,252,921 shares of the transportation company's stock valued at $3,273,546,000 after acquiring an additional 494,674 shares during the period. Finally, Fisher Funds Management LTD purchased a new position in Old Dominion Freight Line in the third quarter worth about $65,951,000. 77.82% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Old Dominion Freight Line news, insider Earl E. Congdon sold 25,000 shares of the firm's stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $196.13, for a total transaction of $4,903,250.00. Following the sale, the insider directly 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman David S. Congdon sold 52,000 shares of the business's stock in a transaction dated 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 transaction, the chairman owned 712,800 shares in the company, valued at $138,832,056. The trade was a 6.80% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 80,134 shares of company stock worth $15,640,132. Corporate insiders own 10.00% of the company's stock.

Old Dominion Freight Line Trading Down 6.6%

NASDAQ ODFL opened at $176.24 on Friday. 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 cap of $36.73 billion, a price-to-earnings ratio of 36.49, a PEG ratio of 3.97 and a beta of 1.23. The company's 50 day moving average is $186.50 and its two-hundred day moving average is $159.01.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last posted its quarterly earnings results on Wednesday, February 4th. The transportation company reported $1.09 earnings per share for the quarter, topping analysts' consensus estimates of $1.06 by $0.03. The business had revenue of $1.31 billion during the quarter, compared to analyst estimates of $1.30 billion. Old Dominion Freight Line had a net margin of 18.62% and a return on equity of 24.03%. The company's 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 company also recently announced a quarterly dividend, which will be paid on Wednesday, March 18th. Investors of record on Wednesday, March 4th will be issued a $0.29 dividend. The ex-dividend date of this dividend is Wednesday, March 4th. This represents a $1.16 annualized dividend and a yield of 0.7%. This is an increase from Old Dominion Freight Line's previous quarterly dividend of $0.28. Old Dominion Freight Line's payout ratio is currently 24.02%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Susquehanna restated a "neutral" rating and set a $205.00 price target (up from $185.00) on shares of Old Dominion Freight Line in a research note on Wednesday, February 11th. Bank of America set a $165.00 price objective on shares of Old Dominion Freight Line in a report on Thursday, December 18th. Barclays set a $185.00 target price on shares of Old Dominion Freight Line in a research report on Thursday, February 5th. Morgan Stanley reaffirmed an "overweight" rating and set a $209.00 target price (up from $190.00) on shares of Old Dominion Freight Line in a report on Wednesday, February 4th. Finally, BMO Capital Markets reiterated an "outperform" rating on shares of Old Dominion Freight Line in a research report on Thursday, February 19th. Nine equities research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target 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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