Avity Investment Management Inc. Increases Stock Position in Old Dominion Freight Line, Inc. $ODFL

Avity Investment Management Inc. lifted its position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 163.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 186,889 shares of the transportation company’s stock after purchasing an additional 115,930 shares during the period. Old Dominion Freight Line accounts for about 2.1% of Avity Investment Management Inc.’s holdings, making the stock its 21st biggest position. Avity Investment Management Inc.’s holdings in Old Dominion Freight Line were worth $29,304,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. JPMorgan Chase & Co. grew its stake 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 valued at $499,007,000 after purchasing an additional 622,275 shares during the period. Truist Financial Corp raised its stake in shares of Old Dominion Freight Line by 12.9% during the 3rd quarter. Truist Financial Corp now owns 88,119 shares of the transportation company’s stock worth $12,405,000 after purchasing an additional 10,046 shares during the period. Wilson Asset Management International PTY Ltd. bought a new stake in shares of Old Dominion Freight Line during the 3rd quarter worth $4,307,000. Atlantic Union Bankshares Corp purchased a new position in shares of Old Dominion Freight Line in the 3rd quarter worth about $1,999,000. Finally, Citigroup Inc. grew its position in Old Dominion Freight Line by 46.4% during 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. 77.82% of the stock is currently owned by hedge funds and other institutional investors.

Old Dominion Freight Line Trading Up 0.2%

ODFL opened at $188.34 on Friday. Old Dominion Freight Line, Inc. has a 12 month low of $126.01 and a 12 month high of $221.63. The company has a market cap of $39.26 billion, a PE ratio of 38.99, a price-to-earnings-growth ratio of 3.95 and a beta of 1.23. The company has a 50 day moving average of $189.70 and a 200 day moving average of $161.59.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its earnings results on Wednesday, February 4th. The transportation company reported $1.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.06 by $0.03. The business had revenue of $1.31 billion for the quarter, compared to analysts’ expectations 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 quarter in the previous year, the firm posted $1.23 EPS. 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. Investors of record on Wednesday, March 4th were paid a dividend of $0.29 per share. 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. This is a positive change from Old Dominion Freight Line’s previous quarterly dividend of $0.28. Old Dominion Freight Line’s dividend payout ratio is presently 24.02%.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on ODFL shares. Argus upgraded shares of Old Dominion Freight Line from a “hold” rating to a “buy” rating and set a $220.00 price objective for the company in a report on Thursday, February 12th. Stifel Nicolaus set a $217.00 target price on shares of Old Dominion Freight Line in a research note on Thursday, February 5th. Zacks Research upgraded shares of Old Dominion Freight Line from a “strong sell” rating to a “hold” rating in a research note on Tuesday, February 10th. Wells Fargo & Company lifted their price target on shares of Old Dominion Freight Line from $138.00 to $165.00 and gave the stock an “underweight” rating in a report on Thursday, February 5th. Finally, Barclays set a $185.00 price objective on Old Dominion Freight Line in a research note on Thursday, February 5th. Nine analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and four have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $191.08.

Insider Buying and Selling

In other news, Chairman David S. Congdon sold 52,000 shares of the company’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 $138,832,056. This represents a 6.80% decrease in their ownership of the stock. The sale was disclosed in a 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 dated Wednesday, February 18th. The shares were sold at an average price of $194.27, for a total value of $608,842.18. Following the sale, the director owned 11,278 shares in the company, valued at approximately $2,190,977.06. This represents a 21.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 80,134 shares of company stock valued at $15,640,132. Corporate insiders own 10.00% of the company’s stock.

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.