Avity Investment Management Inc. Acquires 51,655 Shares of Old Dominion Freight Line, Inc. $ODFL

Avity Investment Management Inc. boosted its holdings in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 267.6% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 70,959 shares of the transportation company’s stock after purchasing an additional 51,655 shares during the quarter. Avity Investment Management Inc.’s holdings in Old Dominion Freight Line were worth $9,990,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of the business. Financial Gravity Companies Inc. purchased a new stake in Old Dominion Freight Line during the second quarter valued at approximately $26,000. E Fund Management Hong Kong Co. Ltd. lifted its position in shares of Old Dominion Freight Line by 175.7% during the third quarter. E Fund Management Hong Kong Co. Ltd. now owns 193 shares of the transportation company’s stock worth $27,000 after purchasing an additional 123 shares during the last quarter. Westside Investment Management Inc. boosted its stake in shares of 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 valued at $27,000 after purchasing an additional 98 shares during the period. Raiffeisen Bank International AG bought a new position in shares of Old Dominion Freight Line in the third quarter worth about $37,000. Finally, Caitong International Asset Management Co. Ltd purchased a new position in Old Dominion Freight Line in the 3rd quarter worth about $55,000. Institutional investors own 77.82% of the company’s stock.

Wall Street Analysts Forecast Growth

ODFL has been the subject of several research reports. JPMorgan Chase & Co. boosted their price objective on shares of Old Dominion Freight Line from $168.00 to $182.00 and gave the company a “neutral” rating in a research report on Tuesday, March 10th. TD Cowen raised their target price on shares of Old Dominion Freight Line from $167.00 to $180.00 and gave the stock a “hold” rating in a research report on Thursday, February 5th. Susquehanna reaffirmed a “neutral” rating and set a $205.00 price target (up from $185.00) on shares of Old Dominion Freight Line in a research note on Wednesday, February 11th. Jefferies Financial Group increased their price objective on Old Dominion Freight Line from $195.00 to $210.00 and gave the stock a “hold” rating in a research note on Tuesday, March 3rd. Finally, Wolfe Research set a $138.00 price objective on Old Dominion Freight Line in a report on Thursday, January 8th. Nine equities research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and four have assigned a Sell rating to the company’s stock. According to MarketBeat, Old Dominion Freight Line currently has an average rating of “Hold” and an average price target of $191.08.

Insiders Place Their Bets

In other news, Chairman David S. Congdon sold 52,000 shares of the business’s stock in a transaction on 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 transaction, the chairman directly owned 712,800 shares of the company’s stock, valued at approximately $138,832,056. The trade was a 6.80% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 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. This trade represents a 21.75% 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. Company insiders own 10.00% of the company’s stock.

Old Dominion Freight Line Stock Performance

NASDAQ ODFL opened at $184.43 on Wednesday. The company has a market capitalization of $38.44 billion, a price-to-earnings ratio of 38.18, a price-to-earnings-growth ratio of 3.83 and a beta of 1.23. The company’s 50-day simple moving average is $187.62 and its two-hundred day simple moving average is $159.73. 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 announced its quarterly 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 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 prior year, the company earned $1.23 EPS. The company’s revenue was down 5.7% compared to the same quarter last year. Equities analysts expect 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 business also recently announced a quarterly dividend, which will be paid on Wednesday, March 18th. Shareholders of record on Wednesday, March 4th will be issued 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 (DPR) 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.