Markel Group Inc. Increases Stock Position in Old Dominion Freight Line, Inc. $ODFL

Key Points

• Markel Group boosted its Old Dominion Freight Line stake by 17.5% in the fourth quarter, buying 62,900 shares and lifting its holding to 421,650 shares valued at about $66.1 million.
• Old Dominion reported better-than-expected quarterly results, with earnings of $1.14 per share versus estimates of $1.05 and revenue of $1.33 billion versus $1.31 billion expected, though revenue still fell 2.9% year over year.
• The company declared a quarterly dividend of $0.29 per share, while analysts currently rate the stock a consensus Hold with an average price target of $206.29.

Markel Group Inc. increased its position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 17.5% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 421,650 shares of the transportation company's stock after buying an additional 62,900 shares during the period. Markel Group Inc. owned 0.20% of Old Dominion Freight Line worth $66,115,000 as of its most recent filing with the SEC.

Other large investors also recently added to or reduced their stakes in the company. Westside Investment Management Inc. raised its position in Old Dominion Freight Line by 100.0% during the third quarter. Westside Investment Management Inc. now owns 196 shares of the transportation company's stock worth $27,000 after acquiring an additional 98 shares during the period. Torren Management LLC acquired a new position in Old Dominion Freight Line during the fourth quarter worth $41,000. Raiffeisen Bank International AG acquired a new position in Old Dominion Freight Line during the third quarter worth $37,000. Kohmann Bosshard Financial Services LLC acquired a new position in Old Dominion Freight Line during the fourth quarter worth $50,000. Finally, Caitong International Asset Management Co. Ltd acquired a new position in Old Dominion Freight Line during the third quarter worth $55,000. 77.82% of the stock is currently owned by institutional investors and hedge funds.

Old Dominion Freight Line Stock Up 1.3%

Shares of NASDAQ ODFL opened at $210.47 on Friday. The firm has a 50-day simple moving average of $201.08 and a 200-day simple moving average of $179.25. The stock has a market capitalization of $43.77 billion, a price-to-earnings ratio of 44.03, a price-to-earnings-growth ratio of 4.25 and a beta of 1.17. Old Dominion Freight Line, Inc. has a 52 week low of $126.01 and a 52 week high of $233.79.

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 analysts' expectations of $1.31 billion. Old Dominion Freight Line had a net margin of 18.46% and a return on equity of 23.42%. The company's quarterly revenue was down 2.9% compared to the same quarter last year. During the same period in the prior year, the business earned $1.19 earnings per share. As a group, equities research analysts expect that Old Dominion Freight Line, Inc. will post 5.32 EPS for the current year.

Old Dominion Freight Line Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 17th. Stockholders of record on Wednesday, June 3rd will be given a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date is Wednesday, June 3rd. Old Dominion Freight Line's dividend payout ratio is 24.27%.

Insider Transactions at Old Dominion Freight Line

In other news, insider Earl E. Congdon sold 25,000 shares of the stock in a transaction dated 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 completion of the sale, the insider directly owned 2,162,113 shares in the company, valued at $424,055,222.69. This represents a 1.14% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Greg C. Gantt sold 22,107 shares of the stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $191.52, for a total transaction 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 disclosure for this sale is available in the SEC filing. 10.00% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Wolfe Research upped 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 report on Tuesday, April 7th. Truist Financial set a $225.00 price objective on shares of Old Dominion Freight Line in a research report on Thursday, February 5th. BMO Capital Markets upped their price objective on shares of Old Dominion Freight Line from $215.00 to $230.00 and gave the stock an "outperform" rating in a research report on Monday, May 4th. Robert W. Baird set a $229.00 price objective on shares of Old Dominion Freight Line and gave the stock a "neutral" rating in a research report on Tuesday, April 28th. Finally, Stephens restated an "overweight" rating and set a $240.00 price objective (up from $232.00) on shares of Old Dominion Freight Line in a research report on Thursday, April 30th. Eight research analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $206.29.

Old Dominion Freight Line Company 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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