Victory Capital Management Inc. Purchases 2,837 Shares of Old Dominion Freight Line, Inc. $ODFL

Victory Capital Management Inc. grew its holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 1.8% in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 162,653 shares of the transportation company’s stock after buying an additional 2,837 shares during the quarter. Victory Capital Management Inc. owned 0.08% of Old Dominion Freight Line worth $22,898,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of ODFL. Norges Bank bought a new stake in Old Dominion Freight Line during the 2nd quarter worth approximately $371,961,000. JPMorgan Chase & Co. raised its holdings in Old Dominion Freight Line by 21.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,544,588 shares of the transportation company’s stock worth $499,007,000 after purchasing an additional 622,275 shares during the last quarter. First Trust Advisors LP boosted its stake in Old Dominion Freight Line by 63.8% in the second quarter. First Trust Advisors LP now owns 1,521,054 shares of the transportation company’s stock valued at $246,867,000 after acquiring an additional 592,605 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Old Dominion Freight Line by 2.2% during the third quarter. Vanguard Group Inc. now owns 23,252,921 shares of the transportation company’s stock worth $3,273,546,000 after purchasing an additional 494,674 shares during the period. Finally, Fisher Funds Management LTD acquired a new position in shares of Old Dominion Freight Line during the 3rd quarter worth about $65,951,000. Institutional investors own 77.82% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on ODFL shares. Wells Fargo & Company boosted their target price on Old Dominion Freight Line from $138.00 to $165.00 and gave the company an “underweight” rating in a research note on Thursday, February 5th. TD Cowen increased their price objective on shares of Old Dominion Freight Line from $167.00 to $180.00 and gave the stock a “hold” rating in a research note on Thursday, February 5th. BMO Capital Markets reissued an “outperform” rating on shares of Old Dominion Freight Line in a report on Thursday, February 19th. The Goldman Sachs Group reiterated a “buy” rating and set a $195.00 price target on shares of Old Dominion Freight Line in a report on Wednesday, February 4th. Finally, Evercore increased their price objective on shares of 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. Nine equities research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and four have issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $190.50.

Insider Transactions at Old Dominion Freight Line

In other Old Dominion Freight Line 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 transaction of $4,903,250.00. Following the transaction, the insider 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 transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Chairman David S. Congdon sold 52,000 shares of the firm’s stock in a transaction dated Thursday, February 19th. The shares were sold at an average price of $194.77, for a total transaction of $10,128,040.00. Following the completion of the transaction, the chairman directly owned 712,800 shares in the company, valued at approximately $138,832,056. The trade was a 6.80% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 80,134 shares of company stock valued at $15,640,132 over the last ninety days. 10.00% of the stock is owned by company insiders.

Old Dominion Freight Line Price Performance

Shares of NASDAQ:ODFL opened at $197.22 on Tuesday. Old Dominion Freight Line, Inc. has a one year low of $126.01 and a one year high of $221.63. The company has a market cap of $41.11 billion, a price-to-earnings ratio of 40.83, a PEG ratio of 4.08 and a beta of 1.23. The firm has a 50 day simple moving average of $184.76 and a 200 day simple moving average of $158.43.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its earnings results on Wednesday, February 4th. The transportation company reported $1.09 EPS for the quarter, topping the consensus estimate of $1.06 by $0.03. The business had revenue of $1.31 billion for the quarter, compared to the consensus estimate of $1.30 billion. Old Dominion Freight Line had a net margin of 18.62% and a return on equity of 24.03%. The firm’s revenue was down 5.7% compared to the same quarter last year. During the same period last year, the company earned $1.23 EPS. As a group, analysts expect 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 given a dividend of $0.29 per share. The ex-dividend date of this dividend is Wednesday, March 4th. This is a positive change from Old Dominion Freight Line’s previous quarterly dividend of $0.28. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.6%. Old Dominion Freight Line’s payout ratio is currently 24.02%.

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.