Earl Congdon Sells 25,000 Shares of Old Dominion Freight Line (NASDAQ:ODFL) Stock

Old Dominion Freight Line, Inc. (NASDAQ:ODFL) insider Earl Congdon sold 25,000 shares of the business’s stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $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 SEC, which can be accessed through this hyperlink.

Old Dominion Freight Line Stock Up 2.4%

NASDAQ ODFL opened at $203.05 on Friday. The business has a 50-day moving average price of $179.12 and a 200-day moving average price of $156.11. The firm has a market cap of $42.32 billion, a price-to-earnings ratio of 42.04, a price-to-earnings-growth ratio of 10.13 and a beta of 1.28. Old Dominion Freight Line, Inc. has a twelve month low of $126.01 and a twelve month high of $208.74.

Old Dominion Freight Line (NASDAQ:ODFL) last released its quarterly earnings data on Wednesday, February 4th. The transportation company reported $1.09 EPS for the quarter, beating the consensus estimate of $1.06 by $0.03. Old Dominion Freight Line had a net margin of 18.62% and a return on equity of 24.03%. The business had revenue of $1.31 billion during the quarter, compared to the consensus estimate of $1.30 billion. During the same quarter in the prior year, the firm earned $1.23 EPS. The business’s revenue was down 5.7% on a year-over-year basis. Research analysts expect that Old Dominion Freight Line, Inc. will post 5.68 EPS for the current fiscal year.

Old Dominion Freight Line Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 18th. Shareholders of record on Wednesday, March 4th will be given a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a yield of 0.6%. This is an increase from Old Dominion Freight Line’s previous quarterly dividend of $0.28. The ex-dividend date is Wednesday, March 4th. Old Dominion Freight Line’s dividend payout ratio (DPR) is 23.19%.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. TD Cowen boosted their target price on Old Dominion Freight Line from $167.00 to $180.00 and gave the company a “hold” rating in a research report on Thursday, February 5th. BMO Capital Markets reaffirmed an “outperform” rating on shares of Old Dominion Freight Line in a research report on Thursday, February 19th. Stifel Nicolaus set a $217.00 target price on Old Dominion Freight Line in a research note on Thursday, February 5th. JPMorgan Chase & Co. boosted their target price on shares of Old Dominion Freight Line from $150.00 to $168.00 and gave the company a “neutral” rating in a research note on Thursday, February 5th. Finally, Citigroup restated a “neutral” rating and issued a $216.00 price target (up from $196.00) on shares of Old Dominion Freight Line in a report on Friday, February 6th. Nine investment analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat, Old Dominion Freight Line presently has an average rating of “Hold” and a consensus target price of $189.88.

Institutional Trading of Old Dominion Freight Line

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Deseret Mutual Benefit Administrators increased its position in shares of Old Dominion Freight Line by 9.7% in the 4th quarter. Deseret Mutual Benefit Administrators now owns 645 shares of the transportation company’s stock valued at $101,000 after acquiring an additional 57 shares during the period. Verdence Capital Advisors LLC lifted its stake in Old Dominion Freight Line by 1.2% during the 4th quarter. Verdence Capital Advisors LLC now owns 5,181 shares of the transportation company’s stock valued at $812,000 after acquiring an additional 60 shares during the period. Diversified Trust Co. boosted its holdings in shares of Old Dominion Freight Line by 1.7% in the 4th quarter. Diversified Trust Co. now owns 3,883 shares of the transportation company’s stock valued at $609,000 after acquiring an additional 65 shares during the last quarter. YANKCOM Partnership increased its stake in shares of Old Dominion Freight Line by 9.1% in the second quarter. YANKCOM Partnership now owns 818 shares of the transportation company’s stock worth $133,000 after acquiring an additional 68 shares during the period. Finally, Legacy Capital Wealth Partners LLC raised its holdings in shares of Old Dominion Freight Line by 4.4% during the second quarter. Legacy Capital Wealth Partners LLC now owns 1,674 shares of the transportation company’s stock worth $272,000 after purchasing an additional 71 shares during the last quarter. Hedge funds and other institutional investors own 77.82% of the company’s stock.

About Old Dominion Freight Line

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.