Procyon Advisors LLC Makes New Investment in Old Dominion Freight Line, Inc. $ODFL

Procyon Advisors LLC acquired a new stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 11,007 shares of the transportation company’s stock, valued at approximately $1,726,000.

Other institutional investors have also modified their holdings of the company. JPMorgan Chase & Co. lifted 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 buying an additional 622,275 shares in the last quarter. Truist Financial Corp boosted its holdings in Old Dominion Freight Line by 12.9% in the 3rd quarter. Truist Financial Corp now owns 88,119 shares of the transportation company’s stock worth $12,405,000 after buying an additional 10,046 shares during the last quarter. Wilson Asset Management International PTY Ltd. purchased a new stake in Old Dominion Freight Line during the 3rd quarter worth approximately $4,307,000. Atlantic Union Bankshares Corp purchased a new stake in Old Dominion Freight Line during the 3rd quarter worth approximately $1,999,000. Finally, Citigroup Inc. raised its holdings in shares of 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 acquiring an additional 329,895 shares during the last quarter. Institutional investors and hedge funds own 77.82% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Susquehanna restated a “neutral” rating and issued a $205.00 target price (up from $185.00) on shares of Old Dominion Freight Line in a research report on Wednesday, February 11th. Barclays set a $185.00 price objective on Old Dominion Freight Line in a report on Thursday, February 5th. Evercore lifted their target price on shares of Old Dominion Freight Line from $150.00 to $200.00 and gave the stock an “in-line” rating in a research note on Thursday, February 5th. Jefferies Financial Group upped their target price on shares of Old Dominion Freight Line from $195.00 to $210.00 and gave the stock a “hold” rating in a report on Tuesday, March 3rd. Finally, Raymond James Financial increased their target price on shares of Old Dominion Freight Line from $180.00 to $213.00 and gave the company an “outperform” rating in a research report on Friday, February 6th. Nine equities research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat, Old Dominion Freight Line presently has a consensus rating of “Hold” and an average target price of $191.08.

Old Dominion Freight Line Stock Performance

NASDAQ:ODFL opened at $183.92 on Monday. Old Dominion Freight Line, Inc. has a one year low of $126.01 and a one year high of $221.63. The stock has a market cap of $38.33 billion, a PE ratio of 38.08, a P/E/G ratio of 3.86 and a beta of 1.23. The stock has a 50 day moving average price of $188.40 and a 200 day moving average price of $160.43.

Old Dominion Freight Line (NASDAQ:ODFL) last released its quarterly earnings data on Wednesday, February 4th. The transportation company reported $1.09 earnings per share for the quarter, topping analysts’ consensus estimates of $1.06 by $0.03. The company 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 firm’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 company posted $1.23 earnings per share. 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 declared a quarterly dividend, which was paid on Wednesday, March 18th. Stockholders of record on Wednesday, March 4th were issued a dividend of $0.29 per share. The ex-dividend date was Wednesday, March 4th. This represents a $1.16 annualized dividend and a dividend yield of 0.6%. This is a boost from Old Dominion Freight Line’s previous quarterly dividend of $0.28. Old Dominion Freight Line’s payout ratio is presently 24.02%.

Insider Activity

In related news, 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 completion of the sale, the director owned 11,278 shares of the company’s stock, valued at approximately $2,190,977.06. This represents a 21.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Earl E. Congdon sold 25,000 shares of the firm’s stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $196.13, for a total transaction of $4,903,250.00. Following the sale, the insider owned 2,162,113 shares of the company’s stock, valued at approximately $424,055,222.69. The trade was a 1.14% 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. 10.00% of the stock is currently owned by insiders.

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.