Fieldview Capital Management LLC Takes $4.08 Million Position in Old Dominion Freight Line, Inc. $ODFL

Fieldview Capital Management LLC acquired a new position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 28,997 shares of the transportation company’s stock, valued at approximately $4,082,000.

Several other large investors have also modified their holdings of the company. JPMorgan Chase & Co. boosted its holdings in Old Dominion Freight Line by 21.3% during the third quarter. JPMorgan Chase & Co. now owns 3,544,588 shares of the transportation company’s stock valued at $499,007,000 after acquiring an additional 622,275 shares during the period. Truist Financial Corp increased its stake in shares of Old Dominion Freight Line by 12.9% in the third quarter. Truist Financial Corp now owns 88,119 shares of the transportation company’s stock worth $12,405,000 after purchasing an additional 10,046 shares during the period. Wilson Asset Management International PTY Ltd. bought a new position in shares of Old Dominion Freight Line in the third quarter worth about $4,307,000. Atlantic Union Bankshares Corp acquired a new position in shares of Old Dominion Freight Line during the 3rd quarter worth about $1,999,000. Finally, Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Old Dominion Freight Line by 10.5% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 81,271 shares of the transportation company’s stock worth $11,441,000 after purchasing an additional 7,709 shares during the last quarter. 77.82% of the stock is owned by institutional investors.

Insider Buying and Selling at Old Dominion Freight Line

In related news, Chairman David S. Congdon sold 52,000 shares of the stock in a transaction dated Thursday, February 19th. The shares were sold at an average price of $194.77, for a total value of $10,128,040.00. Following the completion of the transaction, the chairman owned 712,800 shares of the company’s stock, 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 SEC, which is available at this hyperlink. Also, Director Bradley R. Gabosch sold 3,134 shares of the firm’s stock in a transaction on 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 trade represents a 21.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 80,134 shares of company stock valued at $15,640,132 in the last 90 days. 10.00% of the stock is currently owned by company insiders.

Old Dominion Freight Line Trading Down 7.9%

Shares of ODFL stock opened at $193.97 on Monday. The stock has a 50 day moving average of $184.00 and a two-hundred day moving average of $158.10. Old Dominion Freight Line, Inc. has a 12 month low of $126.01 and a 12 month high of $221.63. The company has a market capitalization of $40.43 billion, a P/E ratio of 40.16, a P/E/G ratio of 4.08 and a beta of 1.23.

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 (EPS) for the quarter, beating analysts’ consensus estimates of $1.06 by $0.03. The business had revenue of $1.31 billion for the quarter, compared to analysts’ expectations of $1.30 billion. Old Dominion Freight Line had a return on equity of 24.03% and a net margin of 18.62%.Old Dominion Freight Line’s quarterly revenue was down 5.7% on a year-over-year basis. During the same period in the previous year, the business posted $1.23 earnings per share. Sell-side 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 firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 18th. Shareholders of record on Wednesday, March 4th will be paid a dividend of $0.29 per share. This is an increase from Old Dominion Freight Line’s previous quarterly dividend of $0.28. This represents a $1.16 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date is Wednesday, March 4th. Old Dominion Freight Line’s dividend payout ratio is presently 24.02%.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on ODFL. Stephens reaffirmed an “overweight” rating and issued a $232.00 target price on shares of Old Dominion Freight Line in a report on Thursday, February 5th. Raymond James Financial upped their price target on Old Dominion Freight Line from $180.00 to $213.00 and gave the stock an “outperform” rating in a report on Friday, February 6th. Citigroup reissued a “neutral” rating and issued a $216.00 price objective (up from $196.00) on shares of Old Dominion Freight Line in a research report on Friday, February 6th. Benchmark reaffirmed a “hold” rating on shares of Old Dominion Freight Line in a research report on Wednesday. Finally, The Goldman Sachs Group reiterated a “buy” rating and set a $195.00 target price on shares of Old Dominion Freight Line in a research note on Wednesday, February 4th. Nine equities research 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.com, the stock presently has a consensus rating of “Hold” and an average target price of $190.50.

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.