Insider Selling: Old Dominion Freight Line (NASDAQ:ODFL) Director Sells $608,842.18 in Stock

Old Dominion Freight Line, Inc. (NASDAQ:ODFL) Director Bradley Gabosch sold 3,134 shares of the business’s stock in a transaction 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 owned 11,278 shares in the company, valued at approximately $2,190,977.06. This trade represents a 21.75% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Old Dominion Freight Line Stock Performance

Shares of NASDAQ ODFL opened at $201.39 on Friday. Old Dominion Freight Line, Inc. has a fifty-two week low of $126.01 and a fifty-two week high of $208.74. The company has a market cap of $42.11 billion, a PE ratio of 41.70, a P/E/G ratio of 10.05 and a beta of 1.28. The business has a 50-day simple moving average of $175.17 and a two-hundred day simple moving average of $154.35.

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, topping analysts’ consensus estimates of $1.06 by $0.03. The company had revenue of $1.31 billion during 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%. Old Dominion Freight Line’s revenue for the quarter was down 5.7% on a year-over-year basis. During the same period last year, the business earned $1.23 EPS. On average, sell-side analysts predict 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 will be paid on Wednesday, March 18th. Stockholders of record on Wednesday, March 4th will be issued a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.6%. This is a boost from Old Dominion Freight Line’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend is Wednesday, March 4th. Old Dominion Freight Line’s dividend payout ratio is presently 23.19%.

Analyst Ratings Changes

ODFL has been the topic of several research analyst reports. Susquehanna reiterated a “neutral” rating and set a $205.00 price target (up previously from $185.00) on shares of Old Dominion Freight Line in a research note on Wednesday, February 11th. Deutsche Bank Aktiengesellschaft lowered Old Dominion Freight Line from a “buy” rating to a “hold” rating and set a $205.00 target price on the stock. in a research report on Thursday, February 5th. Bank of America set a $165.00 price target on shares of Old Dominion Freight Line in a research report on Thursday, December 18th. UBS Group restated a “neutral” rating and set a $202.00 price objective (up from $164.00) on shares of Old Dominion Freight Line in a research note on Thursday, February 5th. Finally, Raymond James Financial increased their price objective on shares of Old Dominion Freight Line from $180.00 to $213.00 and gave the stock an “outperform” rating in a research note on Friday, February 6th. Nine analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat.com, Old Dominion Freight Line presently has an average rating of “Hold” and an average price target of $189.88.

Hedge Funds Weigh In On Old Dominion Freight Line

Several institutional investors have recently made changes to their positions in the company. Deseret Mutual Benefit Administrators boosted its holdings in Old Dominion Freight Line by 9.7% during the fourth quarter. Deseret Mutual Benefit Administrators now owns 645 shares of the transportation company’s stock worth $101,000 after buying an additional 57 shares in the last quarter. Verdence Capital Advisors LLC boosted its stake in shares of Old Dominion Freight Line by 1.2% during the 4th quarter. Verdence Capital Advisors LLC now owns 5,181 shares of the transportation company’s stock worth $812,000 after acquiring an additional 60 shares in the last quarter. Diversified Trust Co. grew its position in shares of Old Dominion Freight Line by 1.7% during the 4th quarter. Diversified Trust Co. now owns 3,883 shares of the transportation company’s stock valued at $609,000 after acquiring an additional 65 shares during the period. Stephens Inc. AR increased its stake in shares of Old Dominion Freight Line by 0.7% in the 2nd quarter. Stephens Inc. AR now owns 10,261 shares of the transportation company’s stock valued at $1,665,000 after purchasing an additional 67 shares in the last quarter. Finally, YANKCOM Partnership raised its holdings in Old Dominion Freight Line by 9.1% in the 2nd quarter. YANKCOM Partnership now owns 818 shares of the transportation company’s stock worth $133,000 after purchasing an additional 68 shares during the period. 77.82% of the stock is owned by hedge funds and other institutional investors.

About Old Dominion Freight Line

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.