Insider Selling: Old Dominion Freight Line (NASDAQ:ODFL) Insider Sells 25,000 Shares of Stock

Old Dominion Freight Line, Inc. (NASDAQ:ODFL) insider Earl Congdon sold 25,000 shares of the business’s stock in a transaction that occurred on Thursday, February 26th. The shares were sold at an average price of $196.13, for a total value of $4,903,250.00. Following the transaction, the insider owned 2,162,113 shares of the company’s stock, valued at $424,055,222.69. This trade represents a 1.14% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Old Dominion Freight Line Trading Up 2.4%

Shares of NASDAQ ODFL traded up $4.68 during midday trading on Friday, hitting $203.05. The company’s stock had a trading volume of 3,549,166 shares, compared to its average volume of 2,355,132. Old Dominion Freight Line, Inc. has a 12-month low of $126.01 and a 12-month high of $208.74. The firm has a market cap of $42.32 billion, a P/E ratio of 42.04, a price-to-earnings-growth ratio of 9.56 and a beta of 1.28. The business’s 50 day moving average is $178.21 and its two-hundred day moving average is $155.65.

Old Dominion Freight Line (NASDAQ:ODFL) last released its earnings results on Wednesday, February 4th. The transportation company reported $1.09 earnings per share for the quarter, topping analysts’ consensus estimates of $1.06 by $0.03. The business had revenue of $1.31 billion for the quarter, compared to analyst estimates of $1.30 billion. Old Dominion Freight Line had a return on equity of 24.03% and a net margin of 18.62%.The business’s revenue was down 5.7% compared to the same quarter last year. During the same quarter last year, the firm posted $1.23 earnings per share. On average, 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 business also recently announced a quarterly dividend, which will be paid on Wednesday, March 18th. Shareholders of record on Wednesday, March 4th will be paid a $0.29 dividend. The ex-dividend date is Wednesday, March 4th. This represents a $1.16 dividend on an annualized basis and a yield of 0.6%. This is an increase from Old Dominion Freight Line’s previous quarterly dividend of $0.28. Old Dominion Freight Line’s payout ratio is currently 23.19%.

Hedge Funds Weigh In On Old Dominion Freight Line

Several hedge funds and other institutional investors have recently modified their holdings of ODFL. Financial Gravity Companies Inc. purchased a new position in shares of Old Dominion Freight Line in the second quarter worth $26,000. Rossby Financial LCC acquired a new stake in Old Dominion Freight Line during the 2nd quarter worth about $28,000. E Fund Management Hong Kong Co. Ltd. grew its stake in Old Dominion Freight Line by 175.7% during 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 during the last quarter. Westside Investment Management Inc. increased its holdings in shares of Old Dominion Freight Line by 100.0% in 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. Finally, DT Investment Partners LLC raised its stake in shares of Old Dominion Freight Line by 600.0% in the fourth quarter. DT Investment Partners LLC now owns 210 shares of the transportation company’s stock worth $33,000 after purchasing an additional 180 shares during the last quarter. 77.82% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the company. JPMorgan Chase & Co. increased their price objective on Old Dominion Freight Line from $150.00 to $168.00 and gave the stock a “neutral” rating in a research note on Thursday, February 5th. Raymond James Financial lifted their price objective on Old Dominion Freight Line from $180.00 to $213.00 and gave the company an “outperform” rating in a report on Friday, February 6th. Rothschild & Co Redburn raised their target price on shares of Old Dominion Freight Line from $114.00 to $176.00 and gave the company a “sell” rating in a research report on Friday, February 6th. UBS Group reaffirmed a “neutral” rating and issued a $202.00 price target (up from $164.00) on shares of Old Dominion Freight Line in a research report on Thursday, February 5th. Finally, Wolfe Research set a $138.00 price objective on shares of 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 given a Hold rating and four have issued a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $189.88.

About Old Dominion Freight Line

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.