Sumitomo Mitsui Trust Group Inc. Increases Stock Position in Old Dominion Freight Line, Inc. $ODFL

Key Points

• Sumitomo Mitsui Trust Group increased its stake in Old Dominion Freight Line by 3.2% in Q4, buying 15,313 shares to hold 494,041 shares (0.24% of the company) worth about $77.47 million.
• Insiders have been net sellers: 80,134 shares were sold in the last 90 days (totaling ~$15.64 million), including Chairman David S. Congdon (52,000 shares at ~$194.77) and Earl E. Congdon (25,000 shares at ~$196.13), leaving insiders with roughly 10% ownership.
• Recent results and payout: ODFL beat quarterly EPS estimates ($1.09 vs. $1.06) with slightly higher-than-expected revenue, raised its quarterly dividend to $0.29 (0.6% yield), and carries a consensus analyst rating of "Hold" with a $194.92 target.

Sumitomo Mitsui Trust Group Inc. increased its holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 3.2% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 494,041 shares of the transportation company's stock after buying an additional 15,313 shares during the period. Sumitomo Mitsui Trust Group Inc. owned 0.24% of Old Dominion Freight Line worth $77,466,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. E Fund Management Hong Kong Co. Ltd. lifted its position in shares of Old Dominion Freight Line by 175.7% during the third quarter. E Fund Management Hong Kong Co. Ltd. now owns 193 shares of the transportation company's stock worth $27,000 after acquiring an additional 123 shares in the last quarter. Westside Investment Management Inc. grew its position in shares of Old Dominion Freight Line by 100.0% in the third quarter. Westside Investment Management Inc. now owns 196 shares of the transportation company's stock valued at $27,000 after purchasing an additional 98 shares in the last quarter. Raiffeisen Bank International AG bought a new stake in shares of Old Dominion Freight Line during the 3rd quarter valued at $37,000. Caitong International Asset Management Co. Ltd purchased a new stake in Old Dominion Freight Line during the 3rd quarter worth about $55,000. Finally, Zions Bancorporation National Association UT boosted its stake in Old Dominion Freight Line by 273.5% in the 3rd quarter. Zions Bancorporation National Association UT now owns 437 shares of the transportation company's stock worth $62,000 after purchasing an additional 320 shares during the period. 77.82% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Old Dominion Freight Line

In other news, Chairman David S. Congdon sold 52,000 shares of the company'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 completion of the transaction, the chairman directly owned 712,800 shares in the company, valued at approximately $138,832,056. This represents a 6.80% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Earl E. Congdon sold 25,000 shares of the stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $196.13, for a total value of $4,903,250.00. Following the transaction, the insider owned 2,162,113 shares in the company, valued at $424,055,222.69. This trade represents a 1.14% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 80,134 shares of company stock valued at $15,640,132 over the last 90 days. 10.00% of the stock is owned by insiders.

Old Dominion Freight Line Trading Up 1.3%

ODFL stock opened at $210.41 on Wednesday. The company's 50 day moving average is $195.82 and its 200 day moving average is $166.83. The stock has a market cap of $43.86 billion, a price-to-earnings ratio of 43.56, a price-to-earnings-growth ratio of 4.37 and a beta of 1.20. Old Dominion Freight Line, Inc. has a 1-year low of $126.01 and a 1-year high of $221.63.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last released its quarterly earnings results on Wednesday, February 4th. The transportation company reported $1.09 EPS for the quarter, topping analysts' consensus estimates of $1.06 by $0.03. The business 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 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 EPS. As a group, sell-side analysts forecast that Old Dominion Freight Line, Inc. will post 5.68 EPS for the current fiscal year.

Old Dominion Freight Line Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 18th. Investors of record on Wednesday, March 4th were given a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 0.6%. This is a boost from Old Dominion Freight Line's previous quarterly dividend of $0.28. The ex-dividend date was Wednesday, March 4th. Old Dominion Freight Line's dividend payout ratio (DPR) is presently 24.02%.

Analyst Ratings Changes

ODFL has been the topic of several analyst reports. Morgan Stanley upped their price target on Old Dominion Freight Line from $209.00 to $215.00 and gave the company an "overweight" rating in a research report on Monday, April 6th. Stifel Nicolaus set a $217.00 price objective on shares of Old Dominion Freight Line in a research note on Thursday, February 5th. Wells Fargo & Company raised shares of Old Dominion Freight Line from an "underweight" rating to an "equal weight" rating and upped their target price for the stock from $165.00 to $200.00 in a report on Tuesday, April 7th. Evercore increased their target price on shares of Old Dominion Freight Line from $200.00 to $201.00 in a research note on Friday, March 27th. Finally, Susquehanna restated a "neutral" rating and set a $205.00 price target (up from $185.00) on shares of Old Dominion Freight Line in a research report on Wednesday, February 11th. Nine equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, Old Dominion Freight Line presently has a consensus rating of "Hold" and a consensus target price of $194.92.

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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