Sequoia Financial Advisors LLC Increases Holdings in Old Dominion Freight Line, Inc. $ODFL

Key Points

• Sequoia Financial Advisors LLC nearly doubled its stake in Old Dominion Freight Line during the fourth quarter, increasing holdings by 97.7% to 11,088 shares valued at about $1.74 million.
• Several other institutional investors also adjusted their positions, and hedge funds and other institutions now own 77.82% of the company, indicating strong institutional interest.
• Old Dominion shares were down 1.6% to $195.12, while the company recently beat quarterly EPS and revenue estimates; analysts currently have a consensus Hold rating with a $206.46 target price.

Sequoia Financial Advisors LLC lifted its position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 97.7% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 11,088 shares of the transportation company's stock after buying an additional 5,479 shares during the period. Sequoia Financial Advisors LLC's holdings in Old Dominion Freight Line were worth $1,739,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. 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 period. Torren Management LLC purchased a new position in Old Dominion Freight Line in the 4th quarter worth $41,000. Raiffeisen Bank International AG purchased a new position in Old Dominion Freight Line in the 3rd quarter worth $37,000. Kohmann Bosshard Financial Services LLC purchased a new position in Old Dominion Freight Line in the 4th quarter worth $50,000. Finally, Caitong International Asset Management Co. Ltd purchased a new position in Old Dominion Freight Line in the 3rd quarter worth $55,000. 77.82% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, insider Earl E. Congdon sold 25,000 shares of the business'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 transaction, the insider directly owned 2,162,113 shares of the company's stock, valued at approximately $424,055,222.69. The trade was a 1.14% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Bradley R. Gabosch sold 3,134 shares of the business'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 value of $608,842.18. Following the transaction, 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 disclosure for this sale is available in the SEC filing. Insiders sold a total of 102,241 shares of company stock valued at $19,874,065 over the last three months. 10.00% of the stock is currently owned by corporate insiders.

Old Dominion Freight Line Trading Down 1.6%

ODFL stock opened at $195.12 on Tuesday. The firm's 50-day moving average price is $201.12 and its two-hundred day moving average price is $175.45. Old Dominion Freight Line, Inc. has a 12-month low of $126.01 and a 12-month high of $233.79. The stock has a market capitalization of $40.58 billion, a price-to-earnings ratio of 40.82, a PEG ratio of 4.06 and a beta of 1.17.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last released its quarterly earnings data on Wednesday, April 29th. The transportation company reported $1.14 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.05 by $0.09. Old Dominion Freight Line had a net margin of 18.46% and a return on equity of 23.42%. The firm had revenue of $1.33 billion for the quarter, compared to analysts' expectations of $1.31 billion. During the same quarter in the previous year, the company earned $1.19 earnings per share. The company's revenue for the quarter was down 2.9% compared to the same quarter last year. Equities analysts predict that Old Dominion Freight Line, Inc. will post 5.32 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. Citigroup reiterated a "neutral" rating and issued a $225.00 target price (up from $218.00) on shares of Old Dominion Freight Line in a research report on Thursday, April 30th. Wall Street Zen raised Old Dominion Freight Line from a "sell" rating to a "hold" rating in a research note on Sunday, January 25th. Stephens reaffirmed an "overweight" rating and issued a $240.00 price target (up from $232.00) on shares of Old Dominion Freight Line in a research note on Thursday, April 30th. Wolfe Research lifted their price target on Old Dominion Freight Line from $183.00 to $185.00 and gave the stock an "underperform" rating in a research note on Tuesday, April 7th. Finally, Stifel Nicolaus lifted their price target on Old Dominion Freight Line from $228.00 to $232.00 in a research note on Thursday, April 30th. Eight investment analysts have rated the stock with a Buy rating, sixteen have assigned a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $206.46.

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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