Old Dominion Freight Line, Inc. $ODFL Holdings Raised by Bristol Gate Capital Partners Inc.

Key Points

• Bristol Gate Capital Partners increased its stake in Old Dominion Freight Line by 35.5% in the fourth quarter, making ODFL its third-largest holding and about 5% of its portfolio.
• Insiders sold shares recently, including Earl E. Congdon and Greg C. Gantt, while institutional investors still own a large majority of the company at 77.82%.
• Old Dominion Freight Line beat quarterly earnings estimates with $1.14 EPS and revenue of $1.33 billion, and it also announced a quarterly dividend of $0.29 per share.

Bristol Gate Capital Partners Inc. lifted its position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 35.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 549,239 shares of the transportation company's stock after acquiring an additional 143,984 shares during the quarter. Old Dominion Freight Line accounts for about 5.0% of Bristol Gate Capital Partners Inc.'s holdings, making the stock its 3rd biggest position. Bristol Gate Capital Partners Inc. owned about 0.26% of Old Dominion Freight Line worth $86,121,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Brighton Jones LLC increased its holdings in shares of Old Dominion Freight Line by 5.3% during the 4th quarter. Brighton Jones LLC now owns 1,559 shares of the transportation company's stock worth $275,000 after buying an additional 79 shares during the last quarter. 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 valued at $1,690,000 after acquiring an additional 5,866 shares during the period. Marshall Wace LLP bought a new stake in Old Dominion Freight Line during the second quarter valued at about $7,478,000. Jump Financial LLC bought a new stake in Old Dominion Freight Line during the second quarter valued at about $2,891,000. Finally, AXA S.A. boosted its holdings 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 acquiring an additional 238 shares during the period. Hedge funds and other institutional investors own 77.82% of the company's stock.

Insider Transactions at Old Dominion Freight Line

In other Old Dominion Freight Line news, insider Earl E. Congdon sold 25,000 shares of the stock in a transaction that occurred on 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 transaction, the insider 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 position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Greg C. Gantt sold 22,107 shares of Old Dominion Freight Line stock in a transaction on Monday, May 4th. The shares were 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 in the company, valued at $16,959,287.52. The trade was a 19.98% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 10.00% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on ODFL. Susquehanna reissued a "neutral" rating and issued a $205.00 price target (up from $185.00) on shares of Old Dominion Freight Line in a research report on Wednesday, February 11th. Raymond James Financial reiterated an "outperform" rating and issued a $224.00 price target on shares of Old Dominion Freight Line in a research note on Thursday, April 30th. Benchmark reaffirmed a "hold" rating on shares of Old Dominion Freight Line in a report on Wednesday, March 4th. UBS Group upped their price objective on shares of Old Dominion Freight Line from $202.00 to $216.00 and gave the stock a "neutral" rating in a research report on Thursday, April 30th. Finally, The Goldman Sachs Group set a $216.00 price target on shares of Old Dominion Freight Line and gave the company a "neutral" rating in a research report on Thursday, April 30th. Eight analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and an average target price of $206.29.

Old Dominion Freight Line Trading Up 1.3%

NASDAQ:ODFL opened at $210.47 on Friday. The stock has a fifty day simple moving average of $201.08 and a 200-day simple moving average of $179.25. The company has a market cap 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 twelve month low of $126.01 and a twelve month 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. Old Dominion Freight Line had a return on equity of 23.42% and a net margin of 18.46%.The firm had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.31 billion. During the same quarter in the prior year, the firm earned $1.19 earnings per share. Old Dominion Freight Line's revenue for the quarter was down 2.9% on a year-over-year basis. As a group, equities research analysts predict that Old Dominion Freight Line, Inc. will post 5.32 EPS for the current fiscal year.

Old Dominion Freight Line Announces Dividend

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

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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