Summitry LLC Raises Stock Holdings in Old Dominion Freight Line, Inc. $ODFL

Summitry LLC grew its holdings in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 5.4% during the fourth quarter, Holdings Channel reports. The firm owned 218,175 shares of the transportation company’s stock after purchasing an additional 11,223 shares during the quarter. Old Dominion Freight Line comprises about 1.4% of Summitry LLC’s holdings, making the stock its 28th largest position. Summitry LLC’s holdings in Old Dominion Freight Line were worth $34,210,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in ODFL. Westside Investment Management Inc. lifted its position in shares of Old Dominion Freight Line by 100.0% during the third quarter. Westside Investment Management Inc. now owns 196 shares of the transportation company’s stock worth $27,000 after purchasing an additional 98 shares in the last quarter. Raiffeisen Bank International AG acquired a new stake in shares of Old Dominion Freight Line during the third quarter worth about $37,000. Torren Management LLC acquired a new stake in shares of Old Dominion Freight Line during the fourth quarter worth about $41,000. Kohmann Bosshard Financial Services LLC acquired a new stake in shares of Old Dominion Freight Line during the fourth quarter worth about $50,000. Finally, Caitong International Asset Management Co. Ltd acquired a new stake in shares of Old Dominion Freight Line during the third quarter worth about $55,000. Institutional investors and hedge funds own 77.82% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on ODFL. Morgan Stanley set a $235.00 price target on shares of Old Dominion Freight Line and gave the stock an “overweight” rating in a research report on Thursday, April 30th. UBS Group increased their price target on shares of Old Dominion Freight Line from $202.00 to $216.00 and gave the stock a “neutral” rating in a research report on Thursday, April 30th. Barclays set a $210.00 price target on shares of Old Dominion Freight Line and gave the stock an “equal weight” rating in a research report on Thursday, April 30th. Wells Fargo & Company increased their price target on shares of Old Dominion Freight Line from $200.00 to $205.00 and gave the stock an “equal weight” rating in a research report on Thursday, April 30th. Finally, Citigroup reissued a “neutral” rating and set a $225.00 price target (up from $218.00) on shares of Old Dominion Freight Line in a research report on Thursday, April 30th. Eight research analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $206.29.

Insider Buying and Selling

In related news, Director Greg C. Gantt sold 22,107 shares of the company’s stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $191.52, for a total transaction of $4,233,932.64. Following the sale, the director directly owned 88,551 shares in the company, valued at approximately $16,959,287.52. This represents a 19.98% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Earl E. Congdon sold 25,000 shares of the stock in a transaction that occurred on 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 owned 2,162,113 shares in the company, valued at $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 currently owned by corporate insiders.

Old Dominion Freight Line Stock Performance

ODFL stock opened at $210.47 on Tuesday. The company’s 50 day moving average price is $201.77 and its 200 day moving average price is $180.03. Old Dominion Freight Line, Inc. has a fifty-two week low of $126.01 and a fifty-two week high of $233.79. The firm has a market capitalization of $43.77 billion, a price-to-earnings ratio of 44.03, a PEG ratio of 4.31 and a beta of 1.17.

Old Dominion Freight Line (NASDAQ:ODFL) last released its 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 firm had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.31 billion. During the same period in the prior year, the firm earned $1.19 earnings per share. The business’s quarterly revenue was down 2.9% compared to the same quarter last year. Equities analysts forecast 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 paid a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date is Wednesday, June 3rd. Old Dominion Freight Line’s dividend payout ratio is presently 24.27%.

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.