11,007 Shares in Old Dominion Freight Line, Inc. $ODFL Acquired by Procyon Advisors LLC

Procyon Advisors LLC bought a new position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 11,007 shares of the transportation company’s stock, valued at approximately $1,726,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. E Fund Management Hong Kong Co. Ltd. lifted its stake in shares of Old Dominion Freight Line by 175.7% in the 3rd quarter. E Fund Management Hong Kong Co. Ltd. now owns 193 shares of the transportation company’s stock valued at $27,000 after purchasing an additional 123 shares during the last quarter. Westside Investment Management Inc. grew its holdings in shares of Old Dominion Freight Line by 100.0% during the 3rd quarter. Westside Investment Management Inc. now owns 196 shares of the transportation company’s stock worth $27,000 after purchasing an additional 98 shares during the period. Raiffeisen Bank International AG acquired a new stake in shares of Old Dominion Freight Line during the 3rd quarter worth about $37,000. Caitong International Asset Management Co. Ltd purchased a new stake in Old Dominion Freight Line in the 3rd quarter valued at about $55,000. Finally, Zions Bancorporation National Association UT raised its holdings 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 valued at $62,000 after buying an additional 320 shares during the period. Hedge funds and other institutional investors own 77.82% of the company’s stock.

Insider Buying and Selling

In other Old Dominion Freight Line news, insider Earl E. Congdon sold 25,000 shares of the stock in a transaction that occurred on Thursday, February 26th. The shares were sold at an average price of $196.13, for a total transaction of $4,903,250.00. Following the sale, the insider directly owned 2,162,113 shares in the company, valued at $424,055,222.69. This represents a 1.14% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Bradley R. Gabosch sold 3,134 shares of the firm’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 transaction of $608,842.18. Following the completion of the transaction, the director directly owned 11,278 shares of the company’s stock, valued at $2,190,977.06. This represents a 21.75% decrease in their position. 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 in the last ninety days. Company insiders own 10.00% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. UBS Group reaffirmed a “neutral” rating and set a $202.00 target price (up from $164.00) on shares of Old Dominion Freight Line in a research note on Thursday, February 5th. Wells Fargo & Company boosted their price target on shares of Old Dominion Freight Line from $138.00 to $165.00 and gave the company an “underweight” rating in a research note on Thursday, February 5th. Jefferies Financial Group upped their price objective on shares of Old Dominion Freight Line from $195.00 to $210.00 and gave the stock a “hold” rating in a report on Tuesday, March 3rd. Deutsche Bank Aktiengesellschaft cut shares of Old Dominion Freight Line from a “buy” rating to a “hold” rating and set a $205.00 price objective for the company. in a research report on Thursday, February 5th. Finally, Citigroup reiterated a “neutral” rating and issued a $216.00 target price (up from $196.00) on shares of Old Dominion Freight Line in a report on Friday, February 6th. Nine analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $191.08.

Old Dominion Freight Line Price Performance

Shares of Old Dominion Freight Line stock opened at $183.92 on Monday. The stock has a market capitalization of $38.33 billion, a price-to-earnings ratio of 38.08, a price-to-earnings-growth ratio of 3.86 and a beta of 1.23. The business has a 50-day moving average of $188.40 and a 200 day moving average of $160.43. Old Dominion Freight Line, Inc. has a 12 month low of $126.01 and a 12 month high of $221.63.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its quarterly earnings results on Wednesday, February 4th. The transportation company reported $1.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.06 by $0.03. The company had revenue of $1.31 billion for the quarter, compared to analyst estimates 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 revenue for the quarter was down 5.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.23 earnings per share. Equities research analysts anticipate that Old Dominion Freight Line, Inc. will post 5.68 earnings per share for the current year.

Old Dominion Freight Line Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 18th. Investors of record on Wednesday, March 4th were paid a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend was Wednesday, March 4th. This is an increase from Old Dominion Freight Line’s previous quarterly dividend of $0.28. Old Dominion Freight Line’s 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.