Schroder Investment Management Group Has $29.94 Million Stock Position in Old Dominion Freight Line, Inc. $ODFL

Key Points

• Schroder Investment Management Group trimmed its stake in Old Dominion Freight Line by 4.7% to 212,675 shares, valued at about $29.94 million.
• Insiders have been net sellers — Chairman David S. Congdon sold 52,000 shares (~$10.13M) and insiders sold 80,134 shares (~$15.64M) in the last quarter, leaving insiders with roughly 10% ownership.
• Old Dominion slightly beat quarterly expectations (EPS $1.09 vs $1.06; revenue $1.31B vs $1.30B) despite a 5.7% year-over-year revenue decline, and raised its quarterly dividend to $0.29 (annualized $1.16, yield ~0.6%).

Schroder Investment Management Group lessened its stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 4.7% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 212,675 shares of the transportation company's stock after selling 10,560 shares during the quarter. Schroder Investment Management Group owned about 0.10% of Old Dominion Freight Line worth $29,940,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Financial Gravity Companies Inc. bought a new stake in shares of Old Dominion Freight Line during the second quarter valued at approximately $26,000. E Fund Management Hong Kong Co. Ltd. increased its holdings in shares of 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 valued at $27,000 after purchasing an additional 123 shares in the last quarter. Westside Investment Management Inc. raised its position 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 during the last quarter. Raiffeisen Bank International AG bought a new position in Old Dominion Freight Line in the 3rd quarter worth approximately $37,000. Finally, Zions Bancorporation National Association UT lifted its holdings in Old Dominion Freight Line by 273.5% during the 3rd quarter. Zions Bancorporation National Association UT now owns 437 shares of the transportation company's stock worth $62,000 after buying an additional 320 shares in the last quarter. 77.82% of the stock is owned by institutional investors.

Insider Activity at Old Dominion Freight Line

In other Old Dominion Freight Line news, Director Bradley R. Gabosch sold 3,134 shares of the stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $194.27, for a total value of $608,842.18. Following the transaction, the director owned 11,278 shares of the company's stock, valued at approximately $2,190,977.06. This represents a 21.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Chairman David S. Congdon sold 52,000 shares of the firm's stock in a transaction dated Thursday, February 19th. The stock was sold at an average price of $194.77, for a total value of $10,128,040.00. Following the transaction, the chairman owned 712,800 shares in the company, valued at approximately $138,832,056. This trade represents a 6.80% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 80,134 shares of company stock worth $15,640,132. 10.00% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts have commented on ODFL shares. Rothschild & Co Redburn increased their price objective on Old Dominion Freight Line from $114.00 to $176.00 and gave the company a "sell" rating in a research report on Friday, February 6th. Wolfe Research set a $138.00 target price on Old Dominion Freight Line in a research report on Thursday, January 8th. Argus raised 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 note on Thursday, February 12th. Citigroup reiterated a "neutral" rating and issued a $216.00 price target (up from $196.00) on shares of Old Dominion Freight Line in a report on Friday, February 6th. Finally, Benchmark reiterated a "hold" rating on shares of Old Dominion Freight Line in a research report on Wednesday, March 4th. Nine research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and four have issued a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $191.08.

Old Dominion Freight Line Stock Performance

ODFL opened at $188.78 on Thursday. The company has a fifty day moving average price of $186.11 and a two-hundred day moving average price of $158.89. Old Dominion Freight Line, Inc. has a 52 week low of $126.01 and a 52 week high of $221.63. The firm has a market capitalization of $39.35 billion, a PE ratio of 39.08, a P/E/G ratio of 4.10 and a beta of 1.23.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last issued its earnings results on Wednesday, February 4th. The transportation company reported $1.09 EPS for the quarter, beating the consensus estimate of $1.06 by $0.03. The company had revenue of $1.31 billion during the quarter, compared to analysts' expectations of $1.30 billion. Old Dominion Freight Line had a net margin of 18.62% and a return on equity of 24.03%. The business's revenue for the quarter was down 5.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.23 EPS. Equities analysts forecast that Old Dominion Freight Line, Inc. will post 5.68 EPS for the current year.

Old Dominion Freight Line Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 18th. Investors of record on Wednesday, March 4th will be issued a $0.29 dividend. This is a boost from Old Dominion Freight Line's previous quarterly dividend of $0.28. This represents a $1.16 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date is Wednesday, March 4th. Old Dominion Freight Line's dividend payout ratio is currently 24.02%.

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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