Patriot Financial Group Insurance Agency LLC Takes Position in Old Dominion Freight Line, Inc. $ODFL

Patriot Financial Group Insurance Agency LLC bought a new stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 2,899 shares of the transportation company’s stock, valued at approximately $455,000.

Several other institutional investors and hedge funds also recently made changes to their positions in ODFL. Boston Partners acquired a new position in shares of Old Dominion Freight Line in the third quarter valued at approximately $292,599,000. Two Sigma Investments LP boosted its stake in shares of Old Dominion Freight Line by 637.5% in the third quarter. Two Sigma Investments LP now owns 1,576,470 shares of the transportation company’s stock valued at $221,935,000 after buying an additional 1,362,697 shares during the period. CIBC Private Wealth Group LLC boosted its stake in shares of Old Dominion Freight Line by 21.6% in the third quarter. CIBC Private Wealth Group LLC now owns 4,366,843 shares of the transportation company’s stock valued at $614,764,000 after buying an additional 776,004 shares during the period. JPMorgan Chase & Co. boosted its stake in shares of Old Dominion Freight Line by 21.3% in the third 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 during the period. Finally, Voloridge Investment Management LLC boosted its stake in shares of Old Dominion Freight Line by 134.5% in the third quarter. Voloridge Investment Management LLC now owns 982,066 shares of the transportation company’s stock valued at $138,255,000 after buying an additional 563,254 shares during the period. Institutional investors and hedge funds own 77.82% of the company’s stock.

Old Dominion Freight Line Price Performance

NASDAQ ODFL opened at $217.76 on Monday. The business has a fifty day moving average price of $196.29 and a two-hundred day moving average price of $168.34. Old Dominion Freight Line, Inc. has a fifty-two week low of $126.01 and a fifty-two week high of $221.63. The stock has a market capitalization of $45.39 billion, a PE ratio of 45.08, a PEG ratio of 4.57 and a beta of 1.20.

Old Dominion Freight Line (NASDAQ:ODFL) last released its earnings results on Wednesday, February 4th. The transportation company reported $1.09 earnings per share for the quarter, topping the consensus estimate of $1.06 by $0.03. Old Dominion Freight Line had a return on equity of 24.03% and a net margin of 18.62%.The firm had revenue of $1.31 billion during the quarter, compared to analysts’ expectations of $1.30 billion. During the same period in the prior year, the company earned $1.23 earnings per share. The company’s quarterly revenue was down 5.7% on a year-over-year basis. As a group, sell-side analysts expect that Old Dominion Freight Line, Inc. will post 5.68 earnings per share for the current year.

Old Dominion Freight Line Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 18th. Shareholders of record on Wednesday, March 4th were paid a dividend of $0.29 per share. The ex-dividend date was Wednesday, March 4th. This is a boost from Old Dominion Freight Line’s previous quarterly dividend of $0.28. This represents a $1.16 annualized dividend and a yield of 0.5%. Old Dominion Freight Line’s dividend payout ratio is currently 24.02%.

Insiders Place Their Bets

In other Old Dominion Freight Line news, Chairman David S. Congdon sold 52,000 shares of the company’s stock in a transaction on 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 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 is available at the SEC website. Also, Director Bradley R. Gabosch sold 3,134 shares of the company’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 sale, the director owned 11,278 shares of the company’s stock, valued at $2,190,977.06. The trade was a 21.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 80,134 shares of company stock worth $15,640,132 over the last three months. Insiders own 10.00% of the company’s stock.

Wall Street Analyst Weigh In

ODFL has been the subject of several recent research reports. Zacks Research upgraded Old Dominion Freight Line from a “strong sell” rating to a “hold” rating in a research note on Tuesday, February 10th. Evercore boosted their price target on Old Dominion Freight Line from $200.00 to $201.00 in a research note on Friday, March 27th. Stephens reiterated an “overweight” rating and issued a $232.00 price target on shares of Old Dominion Freight Line in a research note on Thursday, February 5th. Morgan Stanley boosted their price target on Old Dominion Freight Line from $209.00 to $215.00 and gave the company an “overweight” rating in a research note on Monday, April 6th. Finally, TD Cowen boosted their price target on Old Dominion Freight Line from $167.00 to $180.00 and gave the company a “hold” rating in a research note on Thursday, February 5th. Nine research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $195.50.

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.