Old Dominion Freight Line, Inc. $ODFL Shares Bought by Kinsale Capital Group Inc.

Key Points

• Kinsale Capital increased its ODFL stake by 26.9% in the third quarter, adding 14,722 shares to reach 69,516 shares valued at about $12.1 million.
• Old Dominion beat quarterly estimates, reporting EPS of $1.65 versus $1.61 expected and revenue of $1.59 billion, up 13.1% year over year.
• Analysts’ consensus rating was Hold, with an average price target of $217.22; the company also announced a $0.29 quarterly dividend, yielding about 0.7% annually.

Kinsale Capital Group Inc. increased its position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 26.9% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 69,516 shares of the transportation company's stock after purchasing an additional 14,722 shares during the period. Old Dominion Freight Line comprises about 1.6% of Kinsale Capital Group Inc.'s investment portfolio, making the stock its 25th largest position. Kinsale Capital Group Inc.'s holdings in Old Dominion Freight Line were worth $12,085,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the company. Bell Investment Advisors Inc bought a new position in Old Dominion Freight Line in the second quarter worth $25,000. Solstein Capital LLC bought a new stake in Old Dominion Freight Line in the 2nd quarter valued at $26,000. Annis Gardner Whiting Capital Advisors LLC increased its holdings in Old Dominion Freight Line by 80.5% in the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 139 shares of the transportation company's stock valued at $27,000 after buying an additional 62 shares during the period. EFG International AG acquired a new position in shares of Old Dominion Freight Line in the 2nd quarter valued at $29,000. Finally, Transamerica Financial Advisors LLC acquired a new position in shares of Old Dominion Freight Line in the 2nd quarter valued at $30,000. 77.82% of the stock is currently owned by institutional investors and hedge funds.

Old Dominion Freight Line Price Performance

Shares of NASDAQ:ODFL opened at $170.89 on Tuesday. The business's fifty day moving average price is $180.26 and its two-hundred day moving average price is $201.42. Old Dominion Freight Line, Inc. has a fifty-two week low of $126.01 and a fifty-two week high of $252.03. The stock has a market capitalization of $35.44 billion, a price-to-earnings ratio of 30.74, a price-to-earnings-growth ratio of 2.93 and a beta of 1.14.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last issued its quarterly earnings data on Wednesday, October 28th. The transportation company reported $1.65 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.61 by $0.04. Old Dominion Freight Line had a return on equity of 25.92% and a net margin of 20.08%. The company had revenue of $1.59 billion during the quarter, compared to analysts' expectations of $1.57 billion. During the same period last year, the business earned $1.28 earnings per share. The business's revenue was up 13.1% on a year-over-year basis. Research analysts expect that Old Dominion Freight Line, Inc. will post 5.93 EPS for the current fiscal year.

Old Dominion Freight Line Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 16th. Investors of record on Wednesday, December 2nd will be given a dividend of $0.29 per share. The ex-dividend date is Wednesday, December 2nd. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.7%. Old Dominion Freight Line's dividend payout ratio (DPR) is 20.86%.

Analysts Set New Price Targets

A number of equities analysts have recently commented on ODFL shares. UBS Group reduced their price objective on shares of Old Dominion Freight Line from $228.00 to $194.00 and set a "neutral" rating for the company in a report on Thursday, October 29th. Evercore reissued an "outperform" rating and issued a $243.00 target price (up from $237.00) on shares of Old Dominion Freight Line in a research note on Thursday, July 30th. Sanford C. Bernstein assumed coverage on shares of Old Dominion Freight Line in a research report on Thursday, September 10th. They issued a "market perform" rating and a $200.00 price target for the company. JPMorgan Chase & Co. dropped their price target on shares of Old Dominion Freight Line from $232.00 to $216.00 and set a "neutral" rating for the company in a research report on Friday, October 30th. Finally, Jefferies Financial Group restated a "hold" rating and set a $190.00 price target on shares of Old Dominion Freight Line in a research note on Thursday, October 29th. Ten investment analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Old Dominion Freight Line presently has a consensus rating of "Hold" and a consensus price target of $217.22.

Insider Activity

In related news, SVP Cecil Overbey, Jr. sold 19,952 shares of the stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $198.39, for a total transaction of $3,958,277.28. Following the completion of the sale, the senior vice president owned 22,746 shares in the company, valued at $4,512,578.94. This trade represents a 46.73% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 8.20% of the stock is owned by company insiders.

About Old Dominion Freight Line

Old Dominion Freight Line is a transportation and logistics company specializing in less-than-truckload (LTL) shipping. It combines freight from multiple customers in its network to transport shipments that do not require an entire truck, and provides pickup and delivery services for businesses.

Founded in 1934 by Earl and Lillian Congdon, the company began with a single truck serving routes between Virginia and North Carolina. It has since expanded its service-center network across the United States, offering regional and national freight transportation.

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