Citigroup Inc. Purchases 329,895 Shares of Old Dominion Freight Line, Inc. $ODFL

Citigroup Inc. raised its position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 46.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,040,681 shares of the transportation company’s stock after acquiring an additional 329,895 shares during the period. Citigroup Inc. owned approximately 0.50% of Old Dominion Freight Line worth $146,507,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also made changes to their positions in the company. Financial Gravity Companies Inc. purchased a new stake in Old Dominion Freight Line during the 2nd quarter worth approximately $26,000. E Fund Management Hong Kong Co. Ltd. raised its holdings in shares of Old Dominion Freight Line by 175.7% in the third quarter. E Fund Management Hong Kong Co. Ltd. now owns 193 shares of the transportation company’s stock worth $27,000 after buying an additional 123 shares during the last quarter. Westside Investment Management Inc. lifted its stake in shares of Old Dominion Freight Line by 100.0% during the third quarter. Westside Investment Management Inc. now owns 196 shares of the transportation company’s stock worth $27,000 after buying an additional 98 shares during the period. Rossby Financial LCC purchased a new stake in shares of Old Dominion Freight Line during the second quarter valued at $28,000. Finally, Raiffeisen Bank International AG purchased a new stake in shares of Old Dominion Freight Line during the third quarter valued at $37,000. 77.82% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Old Dominion Freight Line

In other news, Director Bradley R. Gabosch sold 3,134 shares of the company’s stock in a transaction 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 sale, the director owned 11,278 shares of the company’s stock, valued at $2,190,977.06. This represents a 21.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 10.00% of the company’s stock.

Analyst Upgrades and Downgrades

ODFL has been the topic of a number of research reports. Jefferies Financial Group increased their price objective on shares of Old Dominion Freight Line from $160.00 to $195.00 and gave the stock a “hold” rating in a research note on Thursday, February 5th. Susquehanna reaffirmed a “neutral” rating and issued a $205.00 price target (up from $185.00) on shares of Old Dominion Freight Line in a report on Wednesday, February 11th. Raymond James Financial lifted their price objective on Old Dominion Freight Line from $180.00 to $213.00 and gave the company an “outperform” rating in a research note on Friday, February 6th. JPMorgan Chase & Co. boosted their price objective on Old Dominion Freight Line from $150.00 to $168.00 and gave the company a “neutral” rating in a report on Thursday, February 5th. Finally, TD Cowen raised their target price on Old Dominion Freight Line from $167.00 to $180.00 and gave the stock a “hold” rating in a report on Thursday, February 5th. Nine investment 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, the stock has a consensus rating of “Hold” and a consensus target price of $189.88.

Old Dominion Freight Line Stock Up 3.2%

Shares of NASDAQ ODFL opened at $201.39 on Friday. The firm has a market cap of $42.11 billion, a price-to-earnings ratio of 41.70, a price-to-earnings-growth ratio of 10.05 and a beta of 1.28. The company’s 50-day simple moving average is $175.17 and its 200-day simple moving average is $154.35. Old Dominion Freight Line, Inc. has a 52-week low of $126.01 and a 52-week high of $208.74.

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 for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $1.30 billion. During the same period last year, the company posted $1.23 EPS. Old Dominion Freight Line’s quarterly revenue was down 5.7% compared to the same quarter last year. Equities research analysts anticipate that Old Dominion Freight Line, Inc. will post 5.68 EPS for the current fiscal year.

Old Dominion Freight Line Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 18th. Stockholders of record on Wednesday, March 4th will be paid a $0.29 dividend. 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 of this dividend is Wednesday, March 4th. Old Dominion Freight Line’s dividend payout ratio is presently 23.19%.

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.