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

Key Points

• Vest Financial LLC increased its stake in Old Dominion Freight Line by 6.0% in Q4 to 136,759 shares, worth about $21.44 million.
• ODFL beat quarterly estimates, reporting $1.14 EPS vs. $1.05 expected and $1.33 billion in revenue (down 2.9% YoY), and sell-side analysts forecast roughly $5.13 EPS for the fiscal year.
• Despite the beat, the consensus rating is a Hold with a $197.38 target below the recent ~$222 share price; insiders sold about 80,134 shares (~$15.6M) in the last three months while institutions own ~77.8% of the stock.

Vest Financial LLC raised its holdings in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 6.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 136,759 shares of the transportation company's stock after purchasing an additional 7,738 shares during the period. Vest Financial LLC owned 0.07% of Old Dominion Freight Line worth $21,444,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in ODFL. E Fund Management Hong Kong Co. Ltd. boosted its holdings in 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 in the last quarter. Westside Investment Management Inc. boosted its stake in Old Dominion Freight Line by 100.0% in the 3rd quarter. Westside Investment Management Inc. now owns 196 shares of the transportation company's stock worth $27,000 after purchasing an additional 98 shares in the last quarter. Raiffeisen Bank International AG purchased a new stake in Old Dominion Freight Line during the 3rd quarter worth approximately $37,000. Torren Management LLC purchased a new stake in Old Dominion Freight Line during the 4th quarter worth approximately $41,000. Finally, Caitong International Asset Management Co. Ltd acquired a new position in Old Dominion Freight Line during the 3rd quarter valued at approximately $55,000. Institutional investors and hedge funds own 77.82% of the company's stock.

Old Dominion Freight Line Stock Up 0.6%

Shares of ODFL stock opened at $221.77 on Wednesday. Old Dominion Freight Line, Inc. has a 52-week low of $126.01 and a 52-week high of $227.08. The stock has a market cap of $46.19 billion, a PE ratio of 45.92, a price-to-earnings-growth ratio of 4.62 and a beta of 1.20. The business has a 50-day simple moving average of $200.34 and a 200-day simple moving average of $172.33.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last announced 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. Old Dominion Freight Line had a return on equity of 24.03% and a net margin of 18.62%.The company had revenue of $1.33 billion during the quarter, compared to analysts' expectations of $1.30 billion. During the same period last year, the business earned $1.19 earnings per share. Old Dominion Freight Line's quarterly revenue was down 2.9% on a year-over-year basis. Sell-side analysts anticipate that Old Dominion Freight Line, Inc. will post 5.13 earnings per share for the current fiscal year.

Old Dominion Freight Line Increases Dividend

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

Analysts Set New Price Targets

Several equities analysts recently issued reports on ODFL shares. Deutsche Bank Aktiengesellschaft downgraded Old Dominion Freight Line from a "buy" rating to a "hold" rating and set a $205.00 target price on the stock. in a research report on Thursday, February 5th. Benchmark restated a "hold" rating on shares of Old Dominion Freight Line in a research note on Wednesday, March 4th. UBS Group reiterated a "neutral" rating and issued a $202.00 target price (up from $164.00) on shares of Old Dominion Freight Line in a research report on Thursday, February 5th. Rothschild & Co Redburn increased their price target on shares of Old Dominion Freight Line from $114.00 to $176.00 and gave the stock a "sell" rating in a report on Friday, February 6th. Finally, Jefferies Financial Group raised their price target on shares of Old Dominion Freight Line from $210.00 to $230.00 and gave the stock a "hold" rating in a research report on Wednesday, April 22nd. Nine research analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $197.38.

Insider Activity

In related news, insider Earl E. Congdon sold 25,000 shares of the business's stock in a transaction on 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 completion of the transaction, the insider directly owned 2,162,113 shares in the company, valued at $424,055,222.69. The trade was a 1.14% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Bradley R. Gabosch sold 3,134 shares of the stock in a transaction on Wednesday, February 18th. The stock was sold at an average price of $194.27, for a total transaction of $608,842.18. Following the sale, the director directly owned 11,278 shares in the company, valued at $2,190,977.06. This trade represents a 21.75% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 80,134 shares of company stock valued at $15,640,132 in the last three months. 10.00% of the stock is currently owned by corporate insiders.

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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