Midwest Trust Co Acquires 10,496 Shares of Old Dominion Freight Line, Inc. $ODFL

Key Points

• Midwest Trust Co increased its stake in Old Dominion Freight Line by 26% in the first quarter, buying 10,496 additional shares and bringing its total holding to 50,885 shares worth about $9.94 million.
• Old Dominion Freight Line reported better-than-expected quarterly results, with earnings of $1.14 per share versus the $1.05 consensus estimate and revenue of $1.33 billion versus expectations of $1.31 billion.
• Analysts are mixed on the stock: the consensus rating remains Hold with a target price of $220, though firms like Argus and Goldman Sachs recently raised price targets and maintained buy ratings.

Midwest Trust Co lifted its stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 26.0% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 50,885 shares of the transportation company's stock after acquiring an additional 10,496 shares during the period. Midwest Trust Co's holdings in Old Dominion Freight Line were worth $9,943,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the company. Brighton Jones LLC raised its position in shares of Old Dominion Freight Line by 5.3% during the fourth quarter. Brighton Jones LLC now owns 1,559 shares of the transportation company's stock worth $275,000 after purchasing an additional 79 shares during the period. Empowered Funds LLC boosted its holdings in Old Dominion Freight Line by 134.9% during the first 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 during the last quarter. Marshall Wace LLP purchased a new position in shares of 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 second quarter worth $2,891,000. Finally, AXA S.A. grew its position in Old Dominion Freight Line by 1.2% during the second quarter. AXA S.A. now owns 20,253 shares of the transportation company's stock valued at $3,287,000 after buying an additional 238 shares during the period. 77.82% of the stock is owned by institutional investors and hedge funds.

Old Dominion Freight Line Price Performance

ODFL stock opened at $227.63 on Monday. Old Dominion Freight Line, Inc. has a 1 year low of $126.01 and a 1 year high of $252.03. The company has a market cap of $47.34 billion, a P/E ratio of 47.62, a PEG ratio of 4.16 and a beta of 1.18. The firm has a 50-day moving average of $218.73 and a 200 day moving average of $199.90.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last released its quarterly earnings results on Wednesday, April 29th. The transportation company reported $1.14 earnings per share for the quarter, beating the consensus estimate of $1.05 by $0.09. The company had revenue of $1.33 billion for 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%.The firm's revenue was down 2.9% on a year-over-year basis. During the same period in the previous year, the company posted $1.19 earnings per share. On average, equities research analysts expect that Old Dominion Freight Line, Inc. will post 5.5 earnings per share for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 17th. Stockholders of record on Wednesday, June 3rd were issued a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a dividend yield of 0.5%. The ex-dividend date was Wednesday, June 3rd. Old Dominion Freight Line's dividend payout ratio (DPR) is presently 24.27%.

Insider Transactions at Old Dominion Freight Line

In other Old Dominion Freight Line news, Director Greg C. Gantt sold 22,107 shares of the business'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 sale, the director directly owned 88,551 shares of the company's stock, valued at approximately $16,959,287.52. The trade was a 19.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 10.00% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on ODFL. Argus increased their price objective on Old Dominion Freight Line from $220.00 to $260.00 and gave the company a "buy" rating in a report on Thursday, June 18th. Robert W. Baird set a $229.00 price objective on shares of Old Dominion Freight Line and gave the company a "neutral" rating in a research note on Tuesday, April 28th. Benchmark restated a "hold" rating on shares of Old Dominion Freight Line in a research report on Thursday, June 4th. UBS Group increased their price target on shares of Old Dominion Freight Line from $216.00 to $224.00 and gave the stock a "neutral" rating in a report on Tuesday, July 7th. Finally, The Goldman Sachs Group reiterated a "buy" rating and set a $235.00 price objective (up from $209.00) on shares of Old Dominion Freight Line in a research report on Tuesday, June 23rd. Ten analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, Old Dominion Freight Line presently has a consensus rating of "Hold" and a consensus target price of $220.00.

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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