Old Dominion Freight Line, Inc. $ODFL Shares Bought by Moran Wealth Management LLC

Key Points

• Moran Wealth Management increased its stake in Old Dominion Freight Line by 32.8% during Q4 to 35,113 shares, valued at about $5.51 million according to an SEC filing.
• Insider selling was notable last quarter, with insiders offloading 80,134 shares worth $15.64 million (including the chairman's 52,000-share sale); company insiders now own about 10% of the stock.
• Analysts have a consensus rating of "Hold" with an average target of $195.50; ODFL is trading near $217.76 (52-week high $221.63), sports a P/E of 45.1, recently beat EPS estimates but saw revenue decline 5.7% year-over-year, and raised its quarterly dividend to $0.29.

Moran Wealth Management LLC grew its position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 32.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 35,113 shares of the transportation company's stock after purchasing an additional 8,664 shares during the period. Moran Wealth Management LLC's holdings in Old Dominion Freight Line were worth $5,506,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of ODFL. E Fund Management Hong Kong Co. Ltd. boosted its position in shares of Old Dominion Freight Line by 175.7% in the third quarter. E Fund Management Hong Kong Co. Ltd. now owns 193 shares of the transportation company's stock worth $27,000 after acquiring an additional 123 shares during the last quarter. Westside Investment Management Inc. boosted its position in shares of Old Dominion Freight Line by 100.0% in 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 last quarter. Raiffeisen Bank International AG acquired a new stake in shares of Old Dominion Freight Line in the third quarter worth approximately $37,000. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Old Dominion Freight Line in the third quarter worth approximately $55,000. Finally, Zions Bancorporation National Association UT boosted its position in shares of Old Dominion Freight Line by 273.5% in the third quarter. Zions Bancorporation National Association UT now owns 437 shares of the transportation company's stock worth $62,000 after acquiring an additional 320 shares during the last quarter. 77.82% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on ODFL. Stephens reissued an "overweight" rating and issued a $232.00 target price on shares of Old Dominion Freight Line in a research report on Thursday, February 5th. Truist Financial set a $225.00 target price on shares of Old Dominion Freight Line in a research report on Thursday, February 5th. Susquehanna reissued a "neutral" rating and issued a $205.00 target price (up from $185.00) on shares of Old Dominion Freight Line in a research report on Wednesday, February 11th. Jefferies Financial Group raised their target price on shares of Old Dominion Freight Line from $195.00 to $210.00 and gave the stock a "hold" rating in a research report on Tuesday, March 3rd. Finally, JPMorgan Chase & Co. raised their target price on shares of Old Dominion Freight Line from $182.00 to $183.00 and gave the stock a "neutral" rating in a research report on Tuesday, April 7th. Nine equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, Old Dominion Freight Line presently has a consensus rating of "Hold" and an average price target of $195.50.

Insider Activity at Old Dominion Freight Line

In related news, Director Bradley R. Gabosch sold 3,134 shares of the firm's stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $194.27, for a total value of $608,842.18. Following the transaction, the director owned 11,278 shares in the company, valued at approximately $2,190,977.06. This trade represents a 21.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Chairman David S. Congdon sold 52,000 shares of the firm's stock in a transaction that occurred on Thursday, February 19th. The shares were sold at an average price of $194.77, for a total transaction of $10,128,040.00. Following the completion of the transaction, the chairman owned 712,800 shares in the company, valued at $138,832,056. The trade was a 6.80% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 80,134 shares of company stock worth $15,640,132. Company insiders own 10.00% of the company's stock.

Old Dominion Freight Line Stock Performance

NASDAQ ODFL opened at $217.76 on Friday. Old Dominion Freight Line, Inc. has a one year low of $126.01 and a one year high of $221.63. The company's 50 day moving average price is $196.29 and its 200 day moving average price is $168.14. The firm has a market capitalization of $45.39 billion, a price-to-earnings ratio of 45.08, a PEG ratio of 4.50 and a beta of 1.20.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last posted its quarterly earnings results on Wednesday, February 4th. The transportation company reported $1.09 EPS for the quarter, beating the consensus estimate of $1.06 by $0.03. Old Dominion Freight Line had a net margin of 18.62% and a return on equity of 24.03%. The firm had revenue of $1.31 billion for the quarter, compared to analyst estimates of $1.30 billion. During the same quarter last year, the firm posted $1.23 earnings per share. Old Dominion Freight Line's revenue for the quarter was down 5.7% compared to the same quarter last year. Sell-side analysts forecast that Old Dominion Freight Line, Inc. will post 5.68 EPS for the current fiscal year.

Old Dominion Freight Line Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 18th. Investors of record on Wednesday, March 4th were issued a $0.29 dividend. The ex-dividend date was Wednesday, March 4th. This is a positive change from Old Dominion Freight Line's previous quarterly dividend of $0.28. This represents a $1.16 annualized dividend and a yield of 0.5%. Old Dominion Freight Line's payout ratio is 24.02%.

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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