Bell Asset Management Ltd Has $3.06 Million Stake in Old Dominion Freight Line, Inc. $ODFL

Bell Asset Management Ltd reduced its stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 23.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,732 shares of the transportation company’s stock after selling 6,755 shares during the quarter. Bell Asset Management Ltd’s holdings in Old Dominion Freight Line were worth $3,059,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ODFL. Financial Gravity Companies Inc. acquired a new stake in shares of Old Dominion Freight Line during the 2nd quarter worth about $26,000. E Fund Management Hong Kong Co. Ltd. boosted its position in Old Dominion Freight Line by 175.7% in the third quarter. E Fund Management Hong Kong Co. Ltd. now owns 193 shares of the transportation company’s stock valued at $27,000 after buying an additional 123 shares in the last quarter. Westside Investment Management Inc. grew its stake in Old Dominion Freight Line by 100.0% during 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. Raiffeisen Bank International AG bought a new stake in Old Dominion Freight Line during the third quarter worth about $37,000. Finally, Zions Bancorporation National Association UT increased its holdings in shares of Old Dominion Freight Line by 273.5% during the third quarter. Zions Bancorporation National Association UT now owns 437 shares of the transportation company’s stock worth $62,000 after buying an additional 320 shares in the last quarter. 77.82% of the stock is owned by institutional investors.

Insider Transactions at Old Dominion Freight Line

In related news, Chairman David S. Congdon sold 52,000 shares of Old Dominion Freight Line stock in a transaction dated Thursday, February 19th. The stock was sold at an average price of $194.77, for a total value 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Earl E. Congdon sold 25,000 shares of the business’s stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $196.13, for a total value of $4,903,250.00. Following the sale, the insider directly owned 2,162,113 shares of the company’s stock, valued at $424,055,222.69. This represents a 1.14% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 80,134 shares of company stock worth $15,640,132 over the last 90 days. 10.00% of the stock is owned by insiders.

Old Dominion Freight Line Price Performance

ODFL opened at $193.97 on Monday. The stock has a market capitalization of $40.43 billion, a P/E ratio of 40.16, a price-to-earnings-growth ratio of 4.08 and a beta of 1.23. The company’s 50 day simple moving average is $184.00 and its 200-day simple moving average is $158.10. Old Dominion Freight Line, Inc. has a one year low of $126.01 and a one year high of $221.63.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its quarterly earnings data 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 net margin of 18.62% and a return on equity of 24.03%. The firm had revenue of $1.31 billion during the quarter, compared to analysts’ expectations of $1.30 billion. During the same quarter in the previous year, the company posted $1.23 EPS. Old Dominion Freight Line’s revenue was down 5.7% on a year-over-year basis. As a group, analysts anticipate that Old Dominion Freight Line, Inc. will post 5.68 EPS for the current year.

Old Dominion Freight Line Increases Dividend

The company 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 $0.29 dividend. This is an increase 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 payout ratio is 24.02%.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on ODFL. Citigroup reiterated a “neutral” rating and issued a $216.00 target price (up from $196.00) on shares of Old Dominion Freight Line in a research note on Friday, February 6th. BMO Capital Markets restated an “outperform” rating on shares of Old Dominion Freight Line in a research report on Thursday, February 19th. Zacks Research raised Old Dominion Freight Line from a “strong sell” rating to a “hold” rating in a report on Tuesday, February 10th. Evercore lifted their price objective on Old Dominion Freight Line from $150.00 to $200.00 and gave the company an “in-line” rating in a research report on Thursday, February 5th. Finally, UBS Group reissued a “neutral” rating and issued a $202.00 price objective (up from $164.00) on shares of Old Dominion Freight Line in a research note on Thursday, February 5th. Nine equities research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $190.50.

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.