Bristol Gate Capital Partners Inc. Boosts Stock Holdings in Old Dominion Freight Line, Inc. $ODFL

Bristol Gate Capital Partners Inc. lifted its stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 35.5% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 549,239 shares of the transportation company’s stock after purchasing an additional 143,984 shares during the period. Old Dominion Freight Line accounts for approximately 5.0% of Bristol Gate Capital Partners Inc.’s holdings, making the stock its 3rd largest position. Bristol Gate Capital Partners Inc.’s holdings in Old Dominion Freight Line were worth $86,121,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of the business. JPMorgan Chase & Co. increased its holdings in Old Dominion Freight Line by 21.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,544,588 shares of the transportation company’s stock worth $499,007,000 after acquiring an additional 622,275 shares in the last quarter. Truist Financial Corp increased its stake 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 valued at $12,405,000 after purchasing an additional 10,046 shares during the last quarter. Wilson Asset Management International PTY Ltd. acquired a new stake in shares of Old Dominion Freight Line during the third quarter worth $4,307,000. Atlantic Union Bankshares Corp purchased a new stake in Old Dominion Freight Line during the 3rd quarter worth about $1,999,000. Finally, Citigroup Inc. lifted its position in 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 acquiring an additional 329,895 shares in the last quarter. Institutional investors own 77.82% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on ODFL. BMO Capital Markets lifted their price objective on Old Dominion Freight Line from $215.00 to $230.00 and gave the company an “outperform” rating in a research report on Monday, May 4th. Wolfe Research increased their price target on Old Dominion Freight Line from $183.00 to $185.00 and gave the stock an “underperform” rating in a research report on Tuesday, April 7th. TD Cowen restated a “hold” rating and issued a $194.00 target price (up from $180.00) on shares of Old Dominion Freight Line in a research note on Thursday, April 30th. Rothschild & Co Redburn dropped their target price on shares of Old Dominion Freight Line from $176.00 to $172.00 and set a “sell” rating on the stock in a research report on Tuesday, May 12th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Old Dominion Freight Line in a research report on Tuesday, April 14th. Eight analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $206.29.

Insiders Place Their Bets

In other news, Director Greg C. Gantt sold 22,107 shares of Old Dominion Freight Line stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $191.52, for a total transaction of $4,233,932.64. Following the transaction, the director owned 88,551 shares in the company, valued at $16,959,287.52. The trade was a 19.98% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Earl E. Congdon sold 25,000 shares of the company’s stock in a transaction 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 completion of the transaction, the insider directly owned 2,162,113 shares in the company, valued at approximately $424,055,222.69. This represents a 1.14% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 10.00% of the company’s stock.

Old Dominion Freight Line Stock Performance

Shares of NASDAQ ODFL opened at $210.47 on Friday. The firm has a fifty day moving average of $201.08 and a 200 day moving average of $179.25. The firm has a market cap of $43.77 billion, a PE ratio of 44.03, a PEG ratio of 4.25 and a beta of 1.17. Old Dominion Freight Line, Inc. has a one year low of $126.01 and a one year high of $233.79.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its quarterly earnings results on Wednesday, April 29th. The transportation company reported $1.14 earnings per share for the quarter, topping analysts’ consensus estimates of $1.05 by $0.09. Old Dominion Freight Line had a net margin of 18.46% and a return on equity of 23.42%. The business had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.31 billion. During the same period in the prior year, the company posted $1.19 EPS. The business’s revenue for the quarter was down 2.9% on a year-over-year basis. On average, equities analysts predict that Old Dominion Freight Line, Inc. will post 5.32 EPS for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 17th. Investors of record on Wednesday, June 3rd will be given a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend is Wednesday, June 3rd. Old Dominion Freight Line’s dividend payout ratio (DPR) is 24.27%.

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.