Insider Selling: Old Dominion Freight Line (NASDAQ:ODFL) Insider Sells $4,903,250.00 in Stock

Old Dominion Freight Line, Inc. (NASDAQ:ODFL) insider Earl Congdon sold 25,000 shares of the business’s stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $196.13, for a total value of $4,903,250.00. Following the completion of the sale, the insider directly owned 2,162,113 shares of the company’s stock, valued at approximately $424,055,222.69. This represents a 1.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Old Dominion Freight Line Stock Up 2.4%

NASDAQ:ODFL opened at $203.05 on Monday. The company has a market cap of $42.32 billion, a PE ratio of 42.04, a P/E/G ratio of 10.13 and a beta of 1.23. The business’s 50 day moving average is $179.12 and its two-hundred day moving average is $156.13. 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 posted its quarterly earnings results on Wednesday, February 4th. The transportation company reported $1.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.06 by $0.03. The business had revenue of $1.31 billion for 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%.The business’s revenue was down 5.7% compared to the same quarter last year. During the same period in the prior year, the company posted $1.23 EPS. As a group, sell-side analysts expect that Old Dominion Freight Line, Inc. will post 5.68 EPS for the current fiscal year.

Old Dominion Freight Line Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 18th. Stockholders of record on Wednesday, March 4th will be issued a $0.29 dividend. 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. This represents a $1.16 annualized dividend and a dividend yield of 0.6%. Old Dominion Freight Line’s dividend payout ratio (DPR) is presently 23.19%.

Analyst Ratings Changes

A number of equities analysts have commented on ODFL shares. Stifel Nicolaus set a $217.00 target price on Old Dominion Freight Line in a research note on Thursday, February 5th. Bank of America set a $165.00 price target on Old Dominion Freight Line in a report on Thursday, December 18th. Argus upgraded Old Dominion Freight Line from a “hold” rating to a “buy” rating and set a $220.00 price objective for the company in a research note on Thursday, February 12th. Deutsche Bank Aktiengesellschaft cut 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 note on Thursday, February 5th. Finally, Truist Financial set a $225.00 price target on shares of Old Dominion Freight Line in a research report on Thursday, February 5th. Nine analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat, Old Dominion Freight Line has an average rating of “Hold” and an average price target of $189.88.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of ODFL. Deseret Mutual Benefit Administrators boosted its position in shares of Old Dominion Freight Line by 9.7% during the 4th quarter. Deseret Mutual Benefit Administrators now owns 645 shares of the transportation company’s stock valued at $101,000 after purchasing an additional 57 shares in the last quarter. Verdence Capital Advisors LLC lifted its stake in Old Dominion Freight Line by 1.2% during the fourth quarter. Verdence Capital Advisors LLC now owns 5,181 shares of the transportation company’s stock valued at $812,000 after purchasing an additional 60 shares during the last quarter. Diversified Trust Co. boosted its holdings in Old Dominion Freight Line by 1.7% during the fourth quarter. Diversified Trust Co. now owns 3,883 shares of the transportation company’s stock worth $609,000 after buying an additional 65 shares in the last quarter. YANKCOM Partnership boosted its holdings in Old Dominion Freight Line by 9.1% during the second quarter. YANKCOM Partnership now owns 818 shares of the transportation company’s stock worth $133,000 after buying an additional 68 shares in the last quarter. Finally, Legacy Capital Wealth Partners LLC grew its position in Old Dominion Freight Line by 4.4% in the second quarter. Legacy Capital Wealth Partners LLC now owns 1,674 shares of the transportation company’s stock worth $272,000 after buying an additional 71 shares during the last quarter. 77.82% of the stock is owned by institutional investors and hedge funds.

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.