DAVENPORT & Co LLC Has $18.54 Million Stake in Old Dominion Freight Line, Inc. $ODFL

DAVENPORT & Co LLC trimmed its stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 58.1% during the fourth quarter, Holdings Channel reports. The fund owned 118,243 shares of the transportation company’s stock after selling 163,643 shares during the quarter. DAVENPORT & Co LLC’s holdings in Old Dominion Freight Line were worth $18,541,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in ODFL. Diversified Trust Co. boosted its position in Old Dominion Freight Line by 1.7% during 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. Legacy Capital Wealth Partners LLC raised its position in shares of Old Dominion Freight Line by 4.4% in the second quarter. Legacy Capital Wealth Partners LLC now owns 1,674 shares of the transportation company’s stock valued at $272,000 after purchasing an additional 71 shares during the period. Cim LLC lifted its stake in shares of 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 buying an additional 75 shares during the last quarter. Brighton Jones LLC lifted its stake in shares of Old Dominion Freight Line by 5.3% in the fourth quarter. Brighton Jones LLC now owns 1,559 shares of the transportation company’s stock worth $275,000 after buying an additional 79 shares during the last quarter. Finally, Rothschild Investment LLC boosted its holdings in shares of Old Dominion Freight Line by 8.5% during the 3rd quarter. Rothschild Investment LLC now owns 1,071 shares of the transportation company’s stock worth $151,000 after buying an additional 84 shares during the period. 77.82% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Truist Financial set a $225.00 target price on shares of Old Dominion Freight Line in a research note on Thursday, February 5th. Robert W. Baird lowered shares of Old Dominion Freight Line from a “neutral” rating to an “underperform” rating and boosted their target price for the stock from $166.00 to $204.00 in a research report on Thursday, February 5th. Wall Street Zen upgraded shares of Old Dominion Freight Line from a “sell” rating to a “hold” rating in a report on Sunday, January 25th. Zacks Research raised Old Dominion Freight Line from a “strong sell” rating to a “hold” rating in a research report on Tuesday, February 10th. Finally, BMO Capital Markets reiterated an “outperform” rating on shares of Old Dominion Freight Line in a research note on Thursday, February 19th. Nine investment analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and four have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $191.08.

Old Dominion Freight Line Trading Up 2.2%

Shares of Old Dominion Freight Line stock opened at $189.05 on Thursday. Old Dominion Freight Line, Inc. has a 1 year low of $126.01 and a 1 year high of $221.63. The company’s fifty day simple moving average is $189.26 and its 200-day simple moving average is $161.14. The company has a market cap of $39.40 billion, a price-to-earnings ratio of 39.14, a PEG ratio of 3.89 and a beta of 1.23.

Old Dominion Freight Line (NASDAQ:ODFL) last released 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. Old Dominion Freight Line had a net margin of 18.62% and a return on equity of 24.03%. The firm had revenue of $1.31 billion during the quarter, compared to analysts’ expectations of $1.30 billion. During the same period in the prior year, the company earned $1.23 EPS. The business’s quarterly revenue was down 5.7% compared to the same quarter last year. As a group, research analysts forecast that Old Dominion Freight Line, Inc. will post 5.68 earnings per share for the current fiscal year.

Old Dominion Freight Line Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 18th. Stockholders of record on Wednesday, March 4th were given a dividend of $0.29 per share. 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 dividend payout ratio (DPR) is currently 24.02%.

Insider Activity

In related news, insider Earl E. Congdon sold 25,000 shares of the business’s stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $196.13, for a total transaction of $4,903,250.00. Following the transaction, the insider directly owned 2,162,113 shares in the company, valued at $424,055,222.69. The trade was a 1.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 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 completion of the transaction, the director directly owned 11,278 shares of the company’s stock, valued at approximately $2,190,977.06. This trade represents a 21.75% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 80,134 shares of company stock valued at $15,640,132. Insiders own 10.00% of the company’s stock.

Old Dominion Freight Line 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.