Old Dominion Freight Line, Inc. $ODFL Shares Bought by Summitry LLC

Key Points

• Summitry LLC increased its stake in Old Dominion Freight Line by 5.4% in the fourth quarter, buying 11,223 more shares and bringing its total to 218,175 shares worth about $34.2 million.
• Institutional ownership remains high, with hedge funds and other investors holding 77.82% of ODFL shares. Several big firms, including Boston Partners and Two Sigma, also recently boosted their positions.
• Old Dominion reported solid quarterly results, beating earnings and revenue estimates with $1.14 EPS on $1.33 billion in revenue, while also announcing a quarterly dividend of $0.29 per share.

Summitry LLC raised its holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 5.4% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 218,175 shares of the transportation company's stock after acquiring an additional 11,223 shares during the period. Old Dominion Freight Line makes up approximately 1.4% of Summitry LLC's investment portfolio, making the stock its 28th largest position. Summitry LLC owned about 0.10% of Old Dominion Freight Line worth $34,210,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of ODFL. Boston Partners acquired a new stake in Old Dominion Freight Line in the 3rd quarter valued at about $292,599,000. Two Sigma Investments LP raised its holdings in Old Dominion Freight Line by 637.5% in the 3rd quarter. Two Sigma Investments LP now owns 1,576,470 shares of the transportation company's stock valued at $221,935,000 after acquiring an additional 1,362,697 shares during the last quarter. Life Cycle Investment Partners Ltd acquired a new stake in Old Dominion Freight Line in the 4th quarter valued at about $188,651,000. CIBC Private Wealth Group LLC raised its holdings in shares of Old Dominion Freight Line by 21.6% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 4,366,843 shares of the transportation company's stock worth $614,764,000 after acquiring an additional 776,004 shares during the period. Finally, JPMorgan Chase & Co. raised its holdings in shares of Old Dominion Freight Line by 21.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,544,588 shares of the transportation company's stock worth $499,007,000 after acquiring an additional 622,275 shares during the period. Institutional investors and hedge funds own 77.82% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on ODFL shares. Rothschild & Co Redburn lowered their price target on shares of Old Dominion Freight Line from $176.00 to $172.00 and set a "sell" rating on the stock in a research report on Tuesday, May 12th. Argus raised shares of Old Dominion Freight Line from a "hold" rating to a "buy" rating and set a $220.00 price target on the stock in a research report on Thursday, February 12th. Truist Financial set a $225.00 price target on shares of Old Dominion Freight Line in a research report on Thursday, February 5th. Zacks Research raised shares of Old Dominion Freight Line from a "strong sell" rating to a "hold" rating in a research report on Tuesday, February 10th. Finally, Evercore set a $219.00 price target on shares of Old Dominion Freight Line in a research report on Thursday, April 30th. Eight analysts have rated the stock with a Buy rating, sixteen have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and an average target price of $206.29.

Insider Activity

In related news, insider Earl E. Congdon sold 25,000 shares of the business's 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 sale, the insider directly owned 2,162,113 shares in the company, valued at approximately $424,055,222.69. The trade was a 1.14% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Greg C. Gantt sold 22,107 shares of the business's 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 in the company, valued at approximately $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 currently owned by insiders.

Old Dominion Freight Line Stock Performance

Shares of ODFL stock opened at $210.47 on Tuesday. The company's 50-day moving average price is $201.77 and its 200-day moving average price is $180.03. The stock has a market cap of $43.77 billion, a price-to-earnings ratio of 44.03, a PEG ratio of 4.31 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 quarterly earnings data on Wednesday, April 29th. The transportation company reported $1.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.05 by $0.09. The firm had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.31 billion. Old Dominion Freight Line had a net margin of 18.46% and a return on equity of 23.42%. Old Dominion Freight Line's revenue was down 2.9% on a year-over-year basis. During the same period in the previous year, the firm earned $1.19 EPS. As a group, equities research analysts predict that Old Dominion Freight Line, Inc. will post 5.32 EPS for the current year.

Old Dominion Freight Line Announces Dividend

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

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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