Avity Investment Management Inc. Has $29.30 Million Stock Holdings in Old Dominion Freight Line, Inc. $ODFL

Avity Investment Management Inc. lifted its position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 163.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 186,889 shares of the transportation company’s stock after purchasing an additional 115,930 shares during the period. Old Dominion Freight Line comprises 2.1% of Avity Investment Management Inc.’s investment portfolio, making the stock its 21st largest holding. Avity Investment Management Inc. owned approximately 0.09% of Old Dominion Freight Line worth $29,304,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Brighton Jones LLC lifted its holdings in shares of Old Dominion Freight Line by 5.3% during the fourth quarter. Brighton Jones LLC now owns 1,559 shares of the transportation company’s stock worth $275,000 after purchasing an additional 79 shares during the period. Empowered Funds LLC increased its stake in shares of Old Dominion Freight Line by 134.9% in the first quarter. Empowered Funds LLC now owns 10,213 shares of the transportation company’s stock valued at $1,690,000 after buying an additional 5,866 shares during the period. American Century Companies Inc. increased its stake in shares of Old Dominion Freight Line by 16.9% in the second quarter. American Century Companies Inc. now owns 337,612 shares of the transportation company’s stock valued at $54,794,000 after buying an additional 48,908 shares during the period. Global Retirement Partners LLC bought a new position in shares of Old Dominion Freight Line during the second quarter worth about $995,000. Finally, Steward Partners Investment Advisory LLC lifted its stake in shares of Old Dominion Freight Line by 18.9% in the second quarter. Steward Partners Investment Advisory LLC now owns 8,724 shares of the transportation company’s stock worth $1,416,000 after acquiring an additional 1,385 shares during the period. Institutional investors and hedge funds own 77.82% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on ODFL. Wells Fargo & Company upped their target price on Old Dominion Freight Line from $138.00 to $165.00 and gave the company an “underweight” rating in a report on Thursday, February 5th. Zacks Research upgraded shares of Old Dominion Freight Line from a “strong sell” rating to a “hold” rating in a report on Tuesday, February 10th. Deutsche Bank Aktiengesellschaft downgraded shares of Old Dominion Freight Line from a “buy” rating to a “hold” rating and set a $205.00 price target on the stock. in a research report on Thursday, February 5th. Raymond James Financial upped their price objective on shares of 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. Finally, Jefferies Financial Group increased their price objective on shares of Old Dominion Freight Line from $195.00 to $210.00 and gave the stock a “hold” rating in a research report on Tuesday, March 3rd. Nine research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and four have given a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $191.08.

Insider Activity at Old Dominion Freight Line

In other Old Dominion Freight Line news, insider Earl E. Congdon sold 25,000 shares of the business’s stock in a transaction that occurred on Thursday, February 26th. The stock was sold at an average price of $196.13, for a total transaction of $4,903,250.00. Following the completion of the sale, the insider directly owned 2,162,113 shares of the company’s stock, valued at approximately $424,055,222.69. The trade was a 1.14% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Chairman David S. Congdon sold 52,000 shares of the stock in a transaction that occurred 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 sale, the chairman directly owned 712,800 shares of the company’s stock, valued at approximately $138,832,056. This trade represents a 6.80% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 80,134 shares of company stock valued at $15,640,132. 10.00% of the stock is owned by corporate insiders.

Old Dominion Freight Line Stock Up 0.2%

Shares of NASDAQ:ODFL opened at $188.34 on Friday. Old Dominion Freight Line, Inc. has a twelve month low of $126.01 and a twelve month high of $221.63. The stock’s 50 day moving average is $189.70 and its 200-day moving average is $161.59. The firm has a market capitalization of $39.26 billion, a price-to-earnings ratio of 38.99, a PEG ratio of 3.95 and a beta of 1.23.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its quarterly earnings results on Wednesday, February 4th. The transportation company reported $1.09 earnings per share (EPS) for the quarter, beating 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 business had revenue of $1.31 billion during the quarter, compared to the consensus estimate of $1.30 billion. During the same quarter last year, the firm posted $1.23 EPS. Old Dominion Freight Line’s revenue was down 5.7% compared to the same quarter last year. Equities research analysts anticipate 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 announced a quarterly dividend, which was paid on Wednesday, March 18th. Investors of record on Wednesday, March 4th were issued a $0.29 dividend. The ex-dividend date was Wednesday, March 4th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.6%. This is a boost from Old Dominion Freight Line’s previous quarterly dividend of $0.28. 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.