Canal Capital Management LLC Has $58.79 Million Stock Position in Old Dominion Freight Line, Inc. $ODFL

Canal Capital Management LLC decreased its position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 6.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 374,951 shares of the transportation company’s stock after selling 24,152 shares during the period. Old Dominion Freight Line makes up 8.3% of Canal Capital Management LLC’s holdings, making the stock its biggest holding. Canal Capital Management LLC’s holdings in Old Dominion Freight Line were worth $58,792,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. JPMorgan Chase & Co. grew its stake in Old Dominion Freight Line by 21.3% during the third 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 period. Truist Financial Corp increased its holdings in Old Dominion Freight Line by 12.9% in the third quarter. Truist Financial Corp now owns 88,119 shares of the transportation company’s stock worth $12,405,000 after purchasing an additional 10,046 shares in the last quarter. Wilson Asset Management International PTY Ltd. acquired a new position in Old Dominion Freight Line in the third quarter valued at approximately $4,307,000. Atlantic Union Bankshares Corp acquired a new position in Old Dominion Freight Line in the third quarter valued at approximately $1,999,000. Finally, Citigroup Inc. boosted its holdings in shares of Old Dominion Freight Line by 46.4% during the 3rd quarter. Citigroup Inc. now owns 1,040,681 shares of the transportation company’s stock worth $146,507,000 after buying an additional 329,895 shares in the last quarter. Institutional investors own 77.82% of the company’s stock.

Old Dominion Freight Line Trading Down 0.1%

Old Dominion Freight Line stock opened at $182.36 on Friday. The firm has a market capitalization of $38.01 billion, a price-to-earnings ratio of 37.76, a price-to-earnings-growth ratio of 3.84 and a beta of 1.23. The firm’s fifty day moving average price is $188.18 and its two-hundred day moving average price is $160.04. Old Dominion Freight Line, Inc. has a 1-year low of $126.01 and a 1-year high of $221.63.

Old Dominion Freight Line (NASDAQ:ODFL) last posted 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. Old Dominion Freight Line had a net margin of 18.62% and a return on equity of 24.03%. The company had revenue of $1.31 billion for the quarter, compared to analyst estimates of $1.30 billion. During the same quarter in the prior year, the business posted $1.23 EPS. The firm’s revenue was down 5.7% compared to the same quarter last year. On average, research analysts forecast that Old Dominion Freight Line, Inc. will post 5.68 EPS for the current year.

Old Dominion Freight Line Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 18th. Shareholders of record on Wednesday, March 4th were issued a dividend of $0.29 per share. The ex-dividend date of this dividend was 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 dividend payout ratio is presently 24.02%.

Insiders Place Their Bets

In other news, 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 $138,832,056. This represents a 6.80% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Bradley R. Gabosch sold 3,134 shares of the firm’s stock in a transaction that occurred 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 transaction, the director owned 11,278 shares in the company, valued at $2,190,977.06. This represents a 21.75% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 80,134 shares of company stock valued at $15,640,132. Corporate insiders own 10.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Citigroup reaffirmed a “neutral” rating and set a $216.00 price objective (up from $196.00) on shares of Old Dominion Freight Line in a research report on Friday, February 6th. Evercore boosted their target price 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. UBS Group restated a “neutral” rating and issued a $202.00 price target (up from $164.00) on shares of Old Dominion Freight Line in a report on Thursday, February 5th. TD Cowen lifted their price target on shares of Old Dominion Freight Line from $167.00 to $180.00 and gave the company a “hold” rating in a research note on Thursday, February 5th. Finally, The Goldman Sachs Group reiterated a “buy” rating and set a $195.00 price objective 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 stock. Based on data from MarketBeat.com, Old Dominion Freight Line has a consensus rating of “Hold” and a consensus price target of $191.08.

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.