Life Cycle Investment Partners Ltd Purchases Shares of 1,203,130 Old Dominion Freight Line, Inc. $ODFL

Life Cycle Investment Partners Ltd purchased a new stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 1,203,130 shares of the transportation company’s stock, valued at approximately $188,651,000. Old Dominion Freight Line comprises approximately 1.3% of Life Cycle Investment Partners Ltd’s portfolio, making the stock its 20th biggest holding.

A number of other large investors have also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. lifted its stake in shares of Old Dominion Freight Line by 21.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,544,588 shares of the transportation company’s stock worth $499,007,000 after buying an additional 622,275 shares during the last quarter. Truist Financial Corp lifted its stake in shares of Old Dominion Freight Line by 12.9% during the 3rd quarter. Truist Financial Corp now owns 88,119 shares of the transportation company’s stock worth $12,405,000 after buying 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 3rd quarter worth about $4,307,000. Atlantic Union Bankshares Corp acquired a new stake in shares of Old Dominion Freight Line during the 3rd quarter worth about $1,999,000. Finally, Citigroup Inc. lifted its stake 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 during the last quarter. Institutional investors and hedge funds own 77.82% of the company’s stock.

Old Dominion Freight Line Stock Up 1.3%

Shares of Old Dominion Freight Line stock opened at $210.47 on Friday. Old Dominion Freight Line, Inc. has a twelve month low of $126.01 and a twelve month high of $233.79. The company has a 50-day simple moving average of $201.08 and a two-hundred day simple moving average of $179.25. The stock has a market capitalization of $43.77 billion, a price-to-earnings ratio of 44.03, a price-to-earnings-growth ratio of 4.31 and a beta of 1.17.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its quarterly earnings data on Wednesday, April 29th. The transportation company reported $1.14 earnings per share for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts’ expectations of $1.31 billion. During the same quarter in the previous year, the company earned $1.19 EPS. The business’s revenue was down 2.9% on a year-over-year basis. On average, sell-side analysts anticipate that Old Dominion Freight Line, Inc. will post 5.32 earnings per share for the current fiscal year.

Old Dominion Freight Line Announces Dividend

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

Insider Activity

In other Old Dominion Freight Line news, Director Greg C. Gantt sold 22,107 shares of the firm’s stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $191.52, for a total value of $4,233,932.64. Following the transaction, the director directly owned 88,551 shares of the company’s stock, valued at $16,959,287.52. This trade represents a 19.98% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Earl E. Congdon sold 25,000 shares of the firm’s stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $196.13, for a total transaction 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. The disclosure for this sale is available in the SEC filing. 10.00% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research firms have recently issued reports on ODFL. Truist Financial set a $225.00 target price on shares of Old Dominion Freight Line in a research note on Thursday, February 5th. Raymond James Financial restated an “outperform” rating and set a $224.00 target price on shares of Old Dominion Freight Line in a research note on Thursday, April 30th. Wall Street Zen upgraded shares of Old Dominion Freight Line from a “sell” rating to a “hold” rating in a research note on Sunday, January 25th. Deutsche Bank Aktiengesellschaft cut shares of Old Dominion Freight Line from a “buy” rating to a “hold” rating and set a $205.00 target price for the company. in a research note on Thursday, February 5th. Finally, Evercore set a $219.00 price objective on shares of Old Dominion Freight Line in a research note on Thursday, April 30th. Eight equities research analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $206.29.

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.