Old Dominion Freight Line, Inc. $ODFL Shares Sold by Dimensional Fund Advisors LP

Dimensional Fund Advisors LP decreased its position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 3.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,167,203 shares of the transportation company’s stock after selling 47,393 shares during the quarter. Dimensional Fund Advisors LP owned 0.56% of Old Dominion Freight Line worth $164,320,000 at the end of the most recent quarter.

A number of other institutional investors also recently added to or reduced their stakes in the company. Financial Gravity Companies Inc. acquired a new position in Old Dominion Freight Line during the 2nd quarter worth approximately $26,000. E Fund Management Hong Kong Co. Ltd. raised its holdings in shares of Old Dominion Freight Line by 175.7% in the 3rd quarter. E Fund Management Hong Kong Co. Ltd. now owns 193 shares of the transportation company’s stock valued at $27,000 after purchasing an additional 123 shares in the last quarter. Westside Investment Management Inc. lifted its position in shares of 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 worth $27,000 after purchasing an additional 98 shares during the last quarter. Raiffeisen Bank International AG acquired a new position in shares of Old Dominion Freight Line during the third quarter worth $37,000. Finally, Zions Bancorporation National Association UT grew its stake 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 purchasing an additional 320 shares in the last quarter. Hedge funds and other institutional investors own 77.82% of the company’s stock.

Old Dominion Freight Line Stock Up 1.7%

NASDAQ:ODFL opened at $197.22 on Tuesday. The stock’s 50 day moving average price is $184.76 and its 200 day moving average price is $158.43. The company has a market capitalization of $41.11 billion, a PE ratio of 40.83, a P/E/G ratio of 4.08 and a beta of 1.23. Old Dominion Freight Line, Inc. has a 52-week low of $126.01 and a 52-week high of $221.63.

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 analysts’ consensus estimates of $1.06 by $0.03. The company had revenue of $1.31 billion during 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%.The firm’s revenue for the quarter was down 5.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.23 earnings per share. As a group, sell-side analysts anticipate that Old Dominion Freight Line, Inc. will post 5.68 EPS for the current fiscal year.

Old Dominion Freight Line Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, March 18th. Stockholders of record on Wednesday, March 4th will be issued a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.6%. 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. Old Dominion Freight Line’s dividend payout ratio is presently 24.02%.

Insider Activity

In related news, Director Bradley R. Gabosch sold 3,134 shares of the company’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 in the company, valued at $2,190,977.06. This represents a 21.75% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman David S. Congdon sold 52,000 shares of the 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 sale, the chairman owned 712,800 shares of the company’s stock, valued at approximately $138,832,056. This represents a 6.80% decrease in their position. 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 ninety days. 10.00% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on ODFL. Raymond James Financial raised their price target on Old Dominion Freight Line from $180.00 to $213.00 and gave the company an “outperform” rating in a research note on Friday, February 6th. Citigroup reiterated a “neutral” rating and issued a $216.00 price objective (up from $196.00) on shares of Old Dominion Freight Line in a report on Friday, February 6th. Truist Financial set a $225.00 target price on Old Dominion Freight Line in a research report on Thursday, February 5th. Benchmark restated a “hold” rating on shares of Old Dominion Freight Line in a research note on Wednesday, March 4th. Finally, The Goldman Sachs Group reaffirmed a “buy” rating and issued a $195.00 price target on shares of Old Dominion Freight Line in a report on Wednesday, February 4th. Nine analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and four have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $190.50.

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.