DAVENPORT & Co LLC Has $18.54 Million Stock Holdings in Old Dominion Freight Line, Inc. $ODFL

DAVENPORT & Co LLC decreased its holdings in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 58.1% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 118,243 shares of the transportation company’s stock after selling 163,643 shares during the quarter. DAVENPORT & Co LLC owned 0.06% of Old Dominion Freight Line worth $18,541,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently bought and sold shares of the company. E Fund Management Hong Kong Co. Ltd. boosted its position 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 worth $27,000 after acquiring an additional 123 shares during the period. Westside Investment Management Inc. grew its stake in Old Dominion Freight Line by 100.0% during the 3rd quarter. Westside Investment Management Inc. now owns 196 shares of the transportation company’s stock valued at $27,000 after acquiring an additional 98 shares in the last quarter. Raiffeisen Bank International AG acquired a new position in shares of Old Dominion Freight Line in the 3rd quarter valued at about $37,000. Caitong International Asset Management Co. Ltd acquired a new position in shares of Old Dominion Freight Line in the 3rd quarter valued at about $55,000. Finally, Zions Bancorporation National Association UT lifted its position in shares of Old Dominion Freight Line by 273.5% in the third quarter. Zions Bancorporation National Association UT now owns 437 shares of the transportation company’s stock worth $62,000 after purchasing an additional 320 shares in the last quarter. 77.82% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts recently commented on ODFL shares. Stifel Nicolaus set a $217.00 price target on shares of Old Dominion Freight Line in a report on Thursday, February 5th. BMO Capital Markets reiterated an “outperform” rating on shares of Old Dominion Freight Line in a research report on Thursday, February 19th. Benchmark reissued a “hold” rating on shares of Old Dominion Freight Line in a research note on Wednesday, March 4th. Stephens restated an “overweight” rating and set a $232.00 price target on shares of Old Dominion Freight Line in a report on Thursday, February 5th. Finally, Wells Fargo & Company upped their price target on shares of Old Dominion Freight Line from $138.00 to $165.00 and gave the stock an “underweight” rating in a research note 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. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $191.08.

Insider Activity

In related news, insider Earl E. Congdon sold 25,000 shares of the company’s stock in a transaction on 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 in the company, 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 document filed with the SEC, which is accessible through this link. Also, Director Bradley R. Gabosch sold 3,134 shares of the stock in a transaction on Wednesday, February 18th. The stock was sold at an average price of $194.27, for a total transaction of $608,842.18. Following the transaction, the director directly owned 11,278 shares in the company, valued at $2,190,977.06. The trade was a 21.75% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 80,134 shares of company stock worth $15,640,132. 10.00% of the stock is owned by corporate insiders.

Old Dominion Freight Line Stock Performance

Shares of NASDAQ ODFL opened at $189.05 on Thursday. The business has a 50 day simple moving average of $189.26 and a 200 day simple moving average of $161.14. Old Dominion Freight Line, Inc. has a 52 week low of $126.01 and a 52 week high of $221.63. The stock has a market cap of $39.40 billion, a price-to-earnings ratio of 39.14, a PEG ratio of 3.89 and a beta of 1.23.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its quarterly earnings data on Wednesday, February 4th. The transportation company reported $1.09 earnings per share for the quarter, beating the consensus estimate of $1.06 by $0.03. The firm had revenue of $1.31 billion for the quarter, compared to analyst estimates of $1.30 billion. Old Dominion Freight Line had a net margin of 18.62% and a return on equity of 24.03%. The company’s revenue for the quarter was down 5.7% on a year-over-year basis. During the same quarter last year, the firm earned $1.23 earnings per share. On average, analysts predict that Old Dominion Freight Line, Inc. will post 5.68 EPS for the current year.

Old Dominion Freight Line Increases Dividend

The firm 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 dividend on an annualized basis and a dividend yield of 0.6%. This is an increase from Old Dominion Freight Line’s previous quarterly dividend of $0.28. Old Dominion Freight Line’s payout ratio is 24.02%.

Old Dominion Freight Line 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.