Old Dominion Freight Line (NASDAQ:ODFL) Chairman David Congdon Sells 52,000 Shares

Old Dominion Freight Line, Inc. (NASDAQ:ODFL) Chairman David Congdon sold 52,000 shares of the 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 completion of the sale, the chairman directly owned 712,800 shares in the company, valued at $138,832,056. This trade represents a 6.80% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Old Dominion Freight Line Stock Performance

ODFL opened at $193.88 on Tuesday. The stock’s 50 day moving average price is $175.90 and its 200-day moving average price is $154.73. Old Dominion Freight Line, Inc. has a one year low of $126.01 and a one year high of $208.74. The stock has a market cap of $40.54 billion, a price-to-earnings ratio of 40.14, a P/E/G ratio of 10.05 and a beta of 1.28.

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 (EPS) for the quarter, topping analysts’ consensus estimates of $1.06 by $0.03. The firm had revenue of $1.31 billion during the quarter, compared to analyst estimates of $1.30 billion. Old Dominion Freight Line had a return on equity of 24.03% and a net margin of 18.62%.Old Dominion Freight Line’s quarterly revenue was down 5.7% compared to the same quarter last year. During the same period last year, the company earned $1.23 EPS. As a group, 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 announced a quarterly dividend, which will be paid on Wednesday, March 18th. Stockholders of record on Wednesday, March 4th will be paid 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 is Wednesday, March 4th. Old Dominion Freight Line’s payout ratio is presently 23.19%.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on ODFL shares. Wells Fargo & Company lifted their price objective on shares of Old Dominion Freight Line from $138.00 to $165.00 and gave the company an “underweight” rating in a report on Thursday, February 5th. Wall Street Zen raised shares of Old Dominion Freight Line from a “sell” rating to a “hold” rating in a research note on Sunday, January 25th. Susquehanna restated 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. Wolfe Research set a $138.00 target price on shares of Old Dominion Freight Line in a report on Thursday, January 8th. Finally, UBS Group restated a “neutral” rating and issued a $202.00 price target (up previously from $164.00) on shares of Old Dominion Freight Line in a report on Thursday, February 5th. Nine research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and four have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $189.88.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Financial Gravity Companies Inc. acquired a new stake in Old Dominion Freight Line in the 2nd quarter worth approximately $26,000. E Fund Management Hong Kong Co. Ltd. increased its stake in 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 valued at $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 buying an additional 98 shares during the last quarter. Rossby Financial LCC acquired a new stake in shares of Old Dominion Freight Line during the second quarter worth $28,000. Finally, DT Investment Partners LLC grew its holdings in shares of Old Dominion Freight Line by 600.0% during the fourth quarter. DT Investment Partners LLC now owns 210 shares of the transportation company’s stock valued at $33,000 after buying an additional 180 shares during the last quarter. 77.82% of the stock is owned by institutional investors and hedge funds.

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.