Waterfront Wealth Inc. Makes New Investment in Old Dominion Freight Line, Inc. $ODFL

Key Points

• Waterfront Wealth opened a new Q4 position in Old Dominion Freight Line of 8,294 shares (~$1.43M), joining several other institutional buyers and bringing total institutional ownership to about 77.82%.
• Brokerage sentiment is mixed: the consensus rating is a Hold with a $195.50 average price target, although several firms recently raised individual targets (e.g., Stephens $232, Raymond James $213).
• Insiders have been net sellers (Chairman sold 52,000 shares for ~$10.13M; insiders disposed of 80,134 shares worth ~$15.64M over 90 days), while the stock trades around $217.76 with a P/E of 45.08, a modest EPS beat for the quarter but a 5.7% revenue decline, and a recently raised quarterly dividend to $0.29.

Waterfront Wealth Inc. acquired a new position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 8,294 shares of the transportation company's stock, valued at approximately $1,430,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Emissary Wealth LLC acquired a new position in shares of Old Dominion Freight Line during the fourth quarter worth about $1,857,000. Cannon Wealth Management Services LLC acquired a new position in shares of Old Dominion Freight Line during the fourth quarter worth about $200,000. GF Fund Management CO. LTD. lifted its stake in shares of Old Dominion Freight Line by 4.8% during the fourth quarter. GF Fund Management CO. LTD. now owns 44,106 shares of the transportation company's stock worth $6,916,000 after purchasing an additional 2,018 shares in the last quarter. Moran Wealth Management LLC lifted its stake in shares of Old Dominion Freight Line by 32.8% during the fourth quarter. Moran Wealth Management LLC now owns 35,113 shares of the transportation company's stock worth $5,506,000 after purchasing an additional 8,664 shares in the last quarter. Finally, Patriot Financial Group Insurance Agency LLC acquired a new position in shares of Old Dominion Freight Line during the fourth quarter worth about $455,000. Institutional investors and hedge funds own 77.82% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have commented on ODFL. The Goldman Sachs Group boosted their price objective on Old Dominion Freight Line from $195.00 to $198.00 and gave the stock a "buy" rating in a research note on Thursday. Stephens restated an "overweight" rating and set a $232.00 price objective on shares of Old Dominion Freight Line in a research note on Thursday, February 5th. Citigroup boosted their price objective on Old Dominion Freight Line from $216.00 to $218.00 and gave the stock a "neutral" rating in a research note on Tuesday, April 7th. TD Cowen boosted their price objective on Old Dominion Freight Line from $167.00 to $180.00 and gave the stock a "hold" rating in a research note on Thursday, February 5th. Finally, Raymond James Financial boosted their price objective on Old Dominion Freight Line from $180.00 to $213.00 and gave the stock an "outperform" rating in a research note on Friday, February 6th. Nine investment analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, Old Dominion Freight Line currently has an average rating of "Hold" and a consensus price target of $195.50.

Insider Activity

In other news, Chairman David S. Congdon sold 52,000 shares of the company's stock in a transaction that occurred on Thursday, February 19th. The stock was sold at an average price of $194.77, for a total transaction of $10,128,040.00. Following the completion of the transaction, the chairman directly owned 712,800 shares of the company's stock, valued at approximately $138,832,056. This represents a 6.80% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Bradley R. Gabosch sold 3,134 shares of the company'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 of the company's stock, valued at $2,190,977.06. This trade represents a 21.75% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 80,134 shares of company stock valued at $15,640,132. 10.00% of the stock is currently owned by insiders.

Old Dominion Freight Line Price Performance

Shares of NASDAQ ODFL opened at $217.76 on Monday. The stock has a market capitalization of $45.39 billion, a P/E ratio of 45.08, a PEG ratio of 4.57 and a beta of 1.20. The stock's 50 day moving average price is $196.29 and its two-hundred day moving average price is $168.34. Old Dominion Freight Line, Inc. has a 52-week low of $126.01 and a 52-week high of $221.63.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last posted 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 analyst estimates of $1.30 billion. Old Dominion Freight Line had a return on equity of 24.03% and a net margin of 18.62%.The business's revenue was down 5.7% compared to the same quarter last year. During the same period in the prior year, the company earned $1.23 earnings per share. On average, analysts anticipate 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 announced a quarterly dividend, which was paid on Wednesday, March 18th. Stockholders of record on Wednesday, March 4th were issued a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a dividend yield of 0.5%. This is a boost from Old Dominion Freight Line's previous quarterly dividend of $0.28. The ex-dividend date of this dividend was 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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