Old Dominion Freight Line, Inc. $ODFL Shares Sold by Allworth Financial LP

Allworth Financial LP lowered its stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 84.0% during the third quarter, Holdings Channel reports. The institutional investor owned 1,825 shares of the transportation company’s stock after selling 9,596 shares during the period. Allworth Financial LP’s holdings in Old Dominion Freight Line were worth $257,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. E Fund Management Hong Kong Co. Ltd. increased its stake in shares of Old Dominion Freight Line by 175.7% during the 3rd quarter. E Fund Management Hong Kong Co. Ltd. now owns 193 shares of the transportation company’s stock worth $27,000 after purchasing an additional 123 shares in the last quarter. Westside Investment Management Inc. raised its holdings in shares of Old Dominion Freight Line by 100.0% in the third quarter. Westside Investment Management Inc. now owns 196 shares of the transportation company’s stock worth $27,000 after acquiring an additional 98 shares during the last quarter. Raiffeisen Bank International AG acquired a new position in shares of Old Dominion Freight Line in the third quarter worth $37,000. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Old Dominion Freight Line in the third quarter valued at $55,000. Finally, Zions Bancorporation National Association UT lifted its position in shares of Old Dominion Freight Line by 273.5% in the third quarter. Zions Bancorporation National Association UT now owns 437 shares of the transportation company’s stock valued at $62,000 after acquiring an additional 320 shares in the last quarter. Institutional investors and hedge funds own 77.82% of the company’s stock.

Insiders Place Their Bets

In related news, Chairman David S. Congdon sold 52,000 shares of the firm’s stock in a transaction dated 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 sale, the chairman directly owned 712,800 shares in the company, valued at approximately $138,832,056. This trade represents a 6.80% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Bradley R. Gabosch sold 3,134 shares of the business’s stock in a transaction that occurred on Wednesday, February 18th. The stock was 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 in the company, valued at $2,190,977.06. This trade represents a 21.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 80,134 shares of company stock worth $15,640,132 over the last quarter. 10.00% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on ODFL. Zacks Research upgraded shares of Old Dominion Freight Line from a “strong sell” rating to a “hold” rating in a report on Tuesday, February 10th. Wolfe Research set a $138.00 target price on shares of Old Dominion Freight Line in a research report on Thursday, January 8th. Deutsche Bank Aktiengesellschaft lowered Old Dominion Freight Line from a “buy” rating to a “hold” rating and set a $205.00 target price for the company. in a research note on Thursday, February 5th. Benchmark reiterated a “hold” rating on shares of Old Dominion Freight Line in a research report on Wednesday, March 4th. Finally, Wall Street Zen raised Old Dominion Freight Line from a “sell” rating to a “hold” rating in a research note on Sunday, January 25th. Nine research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and four have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $191.08.

Old Dominion Freight Line Stock Performance

Shares of NASDAQ:ODFL opened at $187.93 on Friday. The stock has a 50-day simple moving average of $189.45 and a 200-day simple moving average of $161.33. The stock has a market capitalization of $39.17 billion, a P/E ratio of 38.91, a PEG ratio of 3.97 and a beta of 1.23. Old Dominion Freight Line, Inc. has a 1 year low of $126.01 and a 1 year high of $221.63.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its quarterly 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 firm 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%. Old Dominion Freight Line’s revenue for the quarter was down 5.7% compared to the same quarter last year. During the same quarter last year, the firm posted $1.23 earnings per share. Analysts predict that Old Dominion Freight Line, Inc. will post 5.68 earnings per share for the current year.

Old Dominion Freight Line Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 18th. Shareholders of record on Wednesday, March 4th were paid a dividend of $0.29 per share. This is a boost 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 was Wednesday, March 4th. Old Dominion Freight Line’s payout ratio is presently 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.