Old Dominion Freight Line, Inc. $ODFL Shares Sold by London Co. of Virginia

Key Points

• London Co. of Virginia reduced its stake in Old Dominion Freight Line by 6.4% in the first quarter, selling 65,921 shares and ending with 964,653 shares worth about $188.5 million.
• Analysts are mixed on ODFL: the stock currently carries a consensus Hold rating with an average price target of $223.04, though some firms recently raised their views while others cut targets or kept sell ratings.
• Old Dominion reported better-than-expected earnings for the latest quarter, with EPS of $1.14 versus $1.05 expected, and it also announced a quarterly dividend of $0.29 per share, payable Sept. 16.

London Co. of Virginia lowered its stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 6.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 964,653 shares of the transportation company's stock after selling 65,921 shares during the quarter. London Co. of Virginia owned about 0.46% of Old Dominion Freight Line worth $188,494,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Baillie Gifford & Co. purchased a new position in shares of Old Dominion Freight Line in the 4th quarter worth $13,322,000. Waterfront Wealth Inc. purchased a new stake in Old Dominion Freight Line during the fourth quarter valued at about $1,430,000. AustralianSuper Pty Ltd grew its position in Old Dominion Freight Line by 955.4% during the fourth quarter. AustralianSuper Pty Ltd now owns 75,005 shares of the transportation company's stock valued at $11,761,000 after acquiring an additional 67,898 shares during the period. Summitry LLC increased its stake in Old Dominion Freight Line by 5.4% during the fourth quarter. Summitry LLC now owns 218,175 shares of the transportation company's stock worth $34,210,000 after acquiring an additional 11,223 shares during the last quarter. Finally, Partners Group Holding AG increased its stake in Old Dominion Freight Line by 37.0% during the fourth quarter. Partners Group Holding AG now owns 194,631 shares of the transportation company's stock worth $30,518,000 after acquiring an additional 52,514 shares during the last quarter. 77.82% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. TD Cowen reaffirmed a "hold" rating on shares of Old Dominion Freight Line in a research note on Wednesday, June 3rd. Rothschild & Co Redburn cut their target price on shares of Old Dominion Freight Line from $176.00 to $172.00 and set a "sell" rating on the stock in a research note on Tuesday, May 12th. Evercore raised shares of Old Dominion Freight Line from an "in-line" rating to an "outperform" rating in a research report on Wednesday, July 1st. Stifel Nicolaus set a $256.00 price target on Old Dominion Freight Line and gave the company a "buy" rating in a report on Tuesday. Finally, Morgan Stanley reissued an "equal weight" rating and issued a $245.00 price objective (up from $235.00) on shares of Old Dominion Freight Line in a research report on Monday, July 6th. Ten research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $223.04.

Insider Buying and Selling

In other news, Director Greg C. Gantt sold 22,107 shares of Old Dominion Freight Line stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $191.52, for a total value of $4,233,932.64. Following the completion of the transaction, 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 10.00% of the stock is currently owned by corporate insiders.

Old Dominion Freight Line Stock Up 1.0%

ODFL stock opened at $232.99 on Friday. The stock's 50 day moving average is $225.49 and its two-hundred day moving average is $204.77. Old Dominion Freight Line, Inc. has a 52-week low of $126.01 and a 52-week high of $252.03. The company has a market capitalization of $48.45 billion, a PE ratio of 48.74, a P/E/G ratio of 4.21 and a beta of 1.18.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last released its earnings results on Wednesday, April 29th. The transportation company reported $1.14 EPS for the quarter, beating the consensus estimate of $1.05 by $0.09. The company had revenue of $1.33 billion during the quarter, compared to analysts' expectations of $1.31 billion. Old Dominion Freight Line had a return on equity of 23.42% and a net margin of 18.46%.The business's revenue was down 2.9% on a year-over-year basis. During the same period in the prior year, the business posted $1.19 EPS. As a group, sell-side analysts anticipate that Old Dominion Freight Line, Inc. will post 5.56 EPS for the current year.

Old Dominion Freight Line Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 16th. Shareholders of record on Wednesday, September 2nd will be issued a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date of this dividend is Wednesday, September 2nd. Old Dominion Freight Line's dividend payout ratio (DPR) is currently 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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