London Co. of Virginia Sells 58,107 Shares of Old Dominion Freight Line, Inc. $ODFL

Key Points

• London Co. of Virginia cut its Old Dominion Freight Line stake by 5.3% in the fourth quarter, selling 58,107 shares and leaving it with 1,030,574 shares worth about $161.6 million.
• Old Dominion reported better-than-expected quarterly results, with EPS of $1.14 versus estimates of $1.05 and revenue of $1.33 billion versus $1.31 billion expected, even as revenue fell 2.9% year over year.
• The stock is trading near its highs, opening at $231.62 after a 2.4% decline, while analysts currently rate it a consensus “Hold” with an average price target of $215.57.

London Co. of Virginia lowered its stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 5.3% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,030,574 shares of the transportation company's stock after selling 58,107 shares during the quarter. London Co. of Virginia owned about 0.49% of Old Dominion Freight Line worth $161,595,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in ODFL. Norges Bank bought a new stake in Old Dominion Freight Line during the fourth quarter worth approximately $444,983,000. Boston Partners bought a new stake in Old Dominion Freight Line during the third quarter worth approximately $292,599,000. Two Sigma Investments LP boosted its position in Old Dominion Freight Line by 637.5% during the third quarter. Two Sigma Investments LP now owns 1,576,470 shares of the transportation company's stock worth $221,935,000 after purchasing an additional 1,362,697 shares during the period. Life Cycle Investment Partners Ltd bought a new stake in Old Dominion Freight Line during the fourth quarter worth approximately $188,651,000. Finally, Franklin Resources Inc. boosted its position in Old Dominion Freight Line by 122.9% during the fourth quarter. Franklin Resources Inc. now owns 1,822,304 shares of the transportation company's stock worth $285,737,000 after purchasing an additional 1,004,609 shares during the period. Institutional investors own 77.82% of the company's stock.

Old Dominion Freight Line Trading Down 2.4%

Shares of NASDAQ ODFL opened at $231.62 on Wednesday. The business has a fifty day simple moving average of $216.62 and a 200 day simple moving average of $191.34. The firm has a market capitalization of $48.17 billion, a price-to-earnings ratio of 48.46, a PEG ratio of 4.81 and a beta of 1.17. 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 earnings results on Wednesday, April 29th. The transportation company reported $1.14 EPS for the quarter, beating analysts' consensus estimates of $1.05 by $0.09. The business had revenue of $1.33 billion during the quarter, compared to analyst estimates 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 in the prior year, the company posted $1.19 earnings per share. On average, research analysts anticipate that Old Dominion Freight Line, Inc. will post 5.38 earnings per share for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

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

Insider Activity at Old Dominion Freight Line

In related news, Director Greg C. Gantt sold 22,107 shares of the company's stock in a transaction on Monday, May 4th. The stock was sold at an average price of $191.52, for a total value of $4,233,932.64. Following the completion of the transaction, the director directly owned 88,551 shares in the company, valued at approximately $16,959,287.52. This represents a 19.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 10.00% of the company's stock.

Wall Street Analyst Weigh In

ODFL has been the subject of a number of research analyst reports. Wolfe Research upped their price target on Old Dominion Freight Line from $183.00 to $185.00 and gave the stock an "underperform" rating in a report on Tuesday, April 7th. Evercore set a $219.00 price target on Old Dominion Freight Line in a report on Thursday, April 30th. Citigroup lowered Old Dominion Freight Line from a "neutral" rating to a "sell" rating and upped their price target for the stock from $225.00 to $228.00 in a report on Monday. BMO Capital Markets reiterated an "outperform" rating and set a $230.00 price target on shares of Old Dominion Freight Line in a report on Thursday, June 4th. Finally, Stifel Nicolaus upped their price target on Old Dominion Freight Line from $228.00 to $232.00 in a report on Thursday, April 30th. Eight analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $215.57.

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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