Greg Gantt Sells 22,107 Shares of Old Dominion Freight Line (NASDAQ:ODFL) Stock

Key Points

• Director Greg Gantt sold 22,107 shares of Old Dominion Freight Line at an average price of $191.52 for a total of $4,233,932.64, reducing his stake by 19.98% to 88,551 shares (valued at about $16.96 million) — the sale was disclosed on the SEC filing.
• Old Dominion reported a quarterly EPS beat of $1.14 versus $1.05 expected and revenue of $1.33 billion (slightly above estimates) but revenue was down 2.9% year-over-year; the company has a market cap of about $40.8 billion and a P/E of ~41.
• Shares traded up ~2% to $196.08 on Tuesday with volume near 1.98 million, the quarterly dividend was raised to $0.29 (annualized $1.16, yield ~0.6%), and analysts hold a consensus "Hold" rating with an average target of $206.46.

Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Get Free Report) Director Greg Gantt sold 22,107 shares of Old Dominion Freight Line stock in a transaction on Monday, May 4th. The shares were sold at an average price of $191.52, for a total transaction of $4,233,932.64. Following the sale, the director directly owned 88,551 shares of the company's stock, valued at $16,959,287.52. This trade represents a 19.98% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Old Dominion Freight Line Stock Up 2.0%

Shares of ODFL traded up $3.90 during midday trading on Tuesday, reaching $196.08. 1,978,412 shares of the stock were exchanged, compared to its average volume of 2,280,481. Old Dominion Freight Line, Inc. has a 12-month low of $126.01 and a 12-month high of $233.79. The firm has a 50 day simple moving average of $201.00 and a 200-day simple moving average of $173.39. The company has a market cap of $40.84 billion, a price-to-earnings ratio of 41.02, a P/E/G ratio of 4.22 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 the consensus estimate of $1.05 by $0.09. The business had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.31 billion. Old Dominion Freight Line had a net margin of 18.46% and a return on equity of 23.42%. Old Dominion Freight Line's quarterly revenue was down 2.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.19 EPS. Research analysts expect that Old Dominion Freight Line, Inc. will post 5.31 earnings per share for the current fiscal year.

Old Dominion Freight Line Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 18th. Shareholders of record on Wednesday, March 4th were given a $0.29 dividend. This is an increase from Old Dominion Freight Line's previous quarterly dividend of $0.28. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date of this dividend was Wednesday, March 4th. Old Dominion Freight Line's payout ratio is presently 24.27%.

Institutional Trading of Old Dominion Freight Line

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. grew its position in Old Dominion Freight Line by 21.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,544,588 shares of the transportation company's stock worth $499,007,000 after purchasing an additional 622,275 shares during the last quarter. Truist Financial Corp raised its position in shares of Old Dominion Freight Line by 12.9% during the third quarter. Truist Financial Corp now owns 88,119 shares of the transportation company's stock valued at $12,405,000 after buying an additional 10,046 shares during the last quarter. Wilson Asset Management International PTY Ltd. acquired a new position in shares of Old Dominion Freight Line during the third quarter valued at about $4,307,000. Atlantic Union Bankshares Corp bought a new stake in shares of Old Dominion Freight Line in the third quarter valued at about $1,999,000. Finally, Citigroup Inc. lifted its stake in shares of Old Dominion Freight Line by 46.4% in the third quarter. Citigroup Inc. now owns 1,040,681 shares of the transportation company's stock valued at $146,507,000 after buying an additional 329,895 shares during the period. Institutional investors and hedge funds own 77.82% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. Evercore set a $219.00 price objective on Old Dominion Freight Line in a research note on Thursday, April 30th. Truist Financial set a $225.00 price target on Old Dominion Freight Line in a report on Thursday, February 5th. Raymond James Financial reissued an "outperform" rating and issued a $224.00 price target on shares of Old Dominion Freight Line in a research report on Thursday, April 30th. Rothschild & Co Redburn boosted their price objective on shares of Old Dominion Freight Line from $114.00 to $176.00 and gave the stock a "sell" rating in a research note on Friday, February 6th. Finally, Benchmark reaffirmed a "hold" rating on shares of Old Dominion Freight Line in a report on Wednesday, March 4th. Eight investment analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, Old Dominion Freight Line presently has a consensus rating of "Hold" and an average target price of $206.46.

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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