Sanctuary Advisors LLC Purchases 6,097 Shares of Old Dominion Freight Line, Inc. $ODFL

Key Points

• Sanctuary Advisors LLC increased its stake in Old Dominion Freight Line by 12.2% in the first quarter, buying 6,097 additional shares and bringing its total holding to 55,873 shares valued at about $10.9 million.
• Old Dominion also saw notable insider selling, as Director Greg C. Gantt sold 22,107 shares for roughly $4.23 million, trimming his ownership by about 20%.
• Analysts remain mixed but generally cautious: the stock has a Hold consensus rating with an average price target of $222, while the company recently beat quarterly earnings estimates and paid a $0.29 dividend.

Sanctuary Advisors LLC raised its position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 12.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 55,873 shares of the transportation company's stock after purchasing an additional 6,097 shares during the period. Sanctuary Advisors LLC's holdings in Old Dominion Freight Line were worth $10,918,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Value Partners Investments Inc. raised its stake in Old Dominion Freight Line by 38.7% during the fourth quarter. Value Partners Investments Inc. now owns 20,103 shares of the transportation company's stock worth $3,157,000 after acquiring an additional 5,610 shares in the last quarter. Waterfront Wealth Inc. acquired a new stake in shares of Old Dominion Freight Line in the 4th quarter valued at approximately $1,430,000. Baillie Gifford & Co. bought a new stake in shares of Old Dominion Freight Line during the 4th quarter valued at approximately $13,322,000. AustralianSuper Pty Ltd grew its holdings in shares of Old Dominion Freight Line by 955.4% during the 4th quarter. AustralianSuper Pty Ltd now owns 75,005 shares of the transportation company's stock valued at $11,761,000 after purchasing an additional 67,898 shares during the last quarter. Finally, Procyon Advisors LLC acquired a new position in Old Dominion Freight Line during the 4th quarter worth approximately $1,726,000. Institutional investors and hedge funds own 77.82% of the company's stock.

Insider Buying and Selling at Old Dominion Freight Line

In other news, Director Greg C. Gantt sold 22,107 shares of the stock in a transaction dated 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 sale, the director owned 88,551 shares of the company's stock, valued at approximately $16,959,287.52. This represents a 19.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 10.00% of the company's stock.

Analyst Ratings Changes

A number of analysts have weighed in on ODFL shares. Stephens reaffirmed an "overweight" rating and set a $240.00 target price (up from $232.00) on shares of Old Dominion Freight Line in a research note on Thursday, April 30th. Jefferies Financial Group increased their price target on Old Dominion Freight Line from $230.00 to $250.00 and gave the company a "hold" rating in a research note on Tuesday, June 9th. JPMorgan Chase & Co. boosted their price objective on Old Dominion Freight Line from $197.00 to $234.00 and gave the stock a "neutral" rating in a research report on Monday, June 8th. Stifel Nicolaus upped their target price on Old Dominion Freight Line from $228.00 to $232.00 in a report on Thursday, April 30th. Finally, Raymond James Financial reiterated an "outperform" rating and issued a $241.00 target price (up from $224.00) on shares of Old Dominion Freight Line in a research report on Monday. Ten research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $222.00.

Old Dominion Freight Line Stock Performance

Shares of NASDAQ:ODFL opened at $237.15 on Friday. The firm has a market cap of $49.32 billion, a PE ratio of 49.61, a price-to-earnings-growth ratio of 4.07 and a beta of 1.18. The firm's fifty day moving average is $221.07 and its 200-day moving average is $201.95. Old Dominion Freight Line, Inc. has a 52 week low of $126.01 and a 52 week high of $252.03.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last posted its quarterly earnings data on Wednesday, April 29th. The transportation company reported $1.14 earnings per share for the quarter, beating analysts' consensus estimates of $1.05 by $0.09. The business had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.31 billion. Old Dominion Freight Line had a return on equity of 23.42% and a net margin of 18.46%.Old Dominion Freight Line's quarterly revenue was down 2.9% on a year-over-year basis. During the same period in the prior year, the business posted $1.19 earnings per share. Sell-side analysts forecast that Old Dominion Freight Line, Inc. will post 5.55 EPS for the current year.

Old Dominion Freight Line Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Shareholders of record on Wednesday, June 3rd were given a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date was Wednesday, June 3rd. Old Dominion Freight Line's payout ratio is 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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