Old Dominion Freight Line, Inc. $ODFL Shares Sold by Ritholtz Wealth Management

Key Points

• Ritholtz Wealth Management cut its stake in Old Dominion Freight Line by 32.6% in Q4, selling 8,232 shares and leaving 16,990 shares worth about $2.66 million.
• Company insiders have been net sellers—80,134 shares (~$15.64 million) sold in the last 90 days (notable: Bradley Gabosch 3,134 shares at $194.27; Earl Congdon 25,000 shares at $196.13); insiders now own 10% while institutional investors own 77.82%.
• Wall Street's consensus is a Hold with a $194.92 price target (9 Buys, 14 Holds, 3 Sells); ODFL trades near $208, has a $43.4B market cap, recently beat EPS estimates slightly, and raised its quarterly dividend to $0.29 (0.6% yield).

Ritholtz Wealth Management cut its holdings in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 32.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 16,990 shares of the transportation company's stock after selling 8,232 shares during the quarter. Ritholtz Wealth Management's holdings in Old Dominion Freight Line were worth $2,664,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of ODFL. Boston Partners acquired a new position in Old Dominion Freight Line during the third quarter worth about $292,599,000. Two Sigma Investments LP boosted its position in Old Dominion Freight Line by 637.5% during the third quarter. Two Sigma Investments LP now owns 1,576,470 shares of the transportation company's stock worth $221,935,000 after acquiring an additional 1,362,697 shares during the last quarter. CIBC Private Wealth Group LLC boosted its position in Old Dominion Freight Line by 21.6% during the third 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 last quarter. JPMorgan Chase & Co. boosted its position in Old Dominion Freight Line by 21.3% during the third 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 last quarter. Finally, Voloridge Investment Management LLC boosted its position in Old Dominion Freight Line by 134.5% during the third quarter. Voloridge Investment Management LLC now owns 982,066 shares of the transportation company's stock worth $138,255,000 after acquiring an additional 563,254 shares during the last quarter. 77.82% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Bradley R. Gabosch sold 3,134 shares of the company'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 transaction of $608,842.18. Following the sale, the director directly owned 11,278 shares of the company's stock, valued at $2,190,977.06. This represents a 21.75% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Earl E. Congdon sold 25,000 shares of the company's stock in a transaction that occurred on Thursday, February 26th. The stock was sold at an average price of $196.13, for a total transaction 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 ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 80,134 shares of company stock valued at $15,640,132 in the last ninety days. Company insiders own 10.00% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. JPMorgan Chase & Co. lifted 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 note on Tuesday, April 7th. Rothschild & Co Redburn lifted their target price on shares of Old Dominion Freight Line from $114.00 to $176.00 and gave the stock a "sell" rating in a research note on Friday, February 6th. Robert W. Baird downgraded shares of Old Dominion Freight Line from a "neutral" rating to an "underperform" rating and lifted their target price for the stock from $166.00 to $204.00 in a research note on Thursday, February 5th. The Goldman Sachs Group reaffirmed a "buy" rating and set a $195.00 target price on shares of Old Dominion Freight Line in a research note on Wednesday, February 4th. Finally, Argus raised shares of Old Dominion Freight Line from a "hold" rating to a "buy" rating and set a $220.00 target price on the stock in a research note on Thursday, February 12th. Nine analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $194.92.

Old Dominion Freight Line Price Performance

Shares of NASDAQ ODFL opened at $208.35 on Monday. The firm has a market cap of $43.43 billion, a price-to-earnings ratio of 43.14, a PEG ratio of 4.38 and a beta of 1.20. Old Dominion Freight Line, Inc. has a 52-week low of $126.01 and a 52-week high of $221.63. The business's 50 day moving average is $194.98 and its two-hundred day moving average is $165.85.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last announced its earnings results on Wednesday, February 4th. The transportation company reported $1.09 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.06 by $0.03. The company had revenue of $1.31 billion for the quarter, compared to analyst estimates of $1.30 billion. Old Dominion Freight Line had a return on equity of 24.03% and a net margin of 18.62%.The firm's quarterly revenue was down 5.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.23 earnings per share. Analysts anticipate 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 announced a quarterly dividend, which was paid on Wednesday, March 18th. Investors of record on Wednesday, March 4th were paid a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend was Wednesday, March 4th. This is an increase from Old Dominion Freight Line's previous quarterly dividend of $0.28. Old Dominion Freight Line's payout ratio is currently 24.02%.

About Old Dominion Freight Line

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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