Thrivent Financial for Lutherans Sells 136,069 Shares of Old Dominion Freight Line, Inc. $ODFL

Key Points

• Thrivent Financial for Lutherans cut its stake in Old Dominion Freight Line by 18.4% in the fourth quarter, selling 136,069 shares and leaving it with 602,160 shares valued at about $94.4 million.
• Old Dominion Freight Line reported better-than-expected quarterly earnings of $1.14 per share on revenue of $1.33 billion, topping analyst estimates, though revenue still declined 2.9% year over year.
• Wall Street remains cautious on the stock overall: analysts have a Hold consensus rating with an average price target of $206.29, while insiders have also been selling shares in recent months.

Thrivent Financial for Lutherans reduced its position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 18.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 602,160 shares of the transportation company's stock after selling 136,069 shares during the quarter. Thrivent Financial for Lutherans owned approximately 0.29% of Old Dominion Freight Line worth $94,418,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Verdence Capital Advisors LLC lifted its position in Old Dominion Freight Line by 1.2% in the fourth quarter. Verdence Capital Advisors LLC now owns 5,181 shares of the transportation company's stock worth $812,000 after purchasing an additional 60 shares during the period. Diversified Trust Co. lifted its position in Old Dominion Freight Line by 1.7% in the fourth quarter. Diversified Trust Co. now owns 3,883 shares of the transportation company's stock worth $609,000 after purchasing an additional 65 shares during the period. Modera Wealth Management LLC lifted its position in Old Dominion Freight Line by 2.7% in the fourth quarter. Modera Wealth Management LLC now owns 2,765 shares of the transportation company's stock worth $434,000 after purchasing an additional 72 shares during the period. Cim LLC lifted its position in Old Dominion Freight Line by 1.0% in the third quarter. Cim LLC now owns 7,685 shares of the transportation company's stock worth $1,082,000 after purchasing an additional 75 shares during the period. Finally, Brighton Jones LLC lifted its holdings in shares of Old Dominion Freight Line by 5.3% during the fourth quarter. Brighton Jones LLC now owns 1,559 shares of the transportation company's stock valued at $275,000 after acquiring an additional 79 shares during the period. 77.82% of the stock is owned by institutional investors.

Old Dominion Freight Line Stock Performance

Shares of NASDAQ:ODFL opened at $198.81 on Friday. Old Dominion Freight Line, Inc. has a twelve month low of $126.01 and a twelve month high of $233.79. The firm has a market cap of $41.35 billion, a PE ratio of 41.59, a price-to-earnings-growth ratio of 3.87 and a beta of 1.17. The business has a fifty day moving average of $200.33 and a 200-day moving average of $176.61.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last announced its earnings results 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. Old Dominion Freight Line had a return on equity of 23.42% and a net margin of 18.46%.The company had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.31 billion. During the same period last year, the company posted $1.19 earnings per share. The firm's quarterly revenue was down 2.9% compared to the same quarter last year. On average, analysts anticipate that Old Dominion Freight Line, Inc. will post 5.32 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

ODFL has been the subject of a number of analyst reports. The Goldman Sachs Group set a $216.00 price objective on Old Dominion Freight Line and gave the company a "neutral" rating in a report on Thursday, April 30th. Truist Financial set a $225.00 price objective on Old Dominion Freight Line in a report on Thursday, February 5th. Citigroup reissued a "neutral" rating and set a $225.00 price objective (up from $218.00) on shares of Old Dominion Freight Line in a report on Thursday, April 30th. Raymond James Financial reissued an "outperform" rating and set a $224.00 price objective on shares of Old Dominion Freight Line in a report on Thursday, April 30th. Finally, Rothschild & Co Redburn cut their price objective on Old Dominion Freight Line from $176.00 to $172.00 and set a "sell" rating for the company in a report on Tuesday. Eight investment analysts have rated the stock with a Buy rating, sixteen have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $206.29.

Insiders Place Their Bets

In related news, insider Earl E. Congdon sold 25,000 shares of Old Dominion Freight Line stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $196.13, for a total value of $4,903,250.00. Following the completion of the sale, the insider directly 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. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Greg C. Gantt sold 22,107 shares of Old Dominion Freight Line 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. The trade was a 19.98% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 102,241 shares of company stock valued at $19,874,065. 10.00% of the stock is owned by corporate insiders.

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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