CIBC Private Wealth Group LLC Acquires 776,004 Shares of Old Dominion Freight Line, Inc. $ODFL

CIBC Private Wealth Group LLC boosted its holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 21.6% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,366,843 shares of the transportation company’s stock after buying an additional 776,004 shares during the quarter. Old Dominion Freight Line makes up 1.1% of CIBC Private Wealth Group LLC’s holdings, making the stock its 14th biggest holding. CIBC Private Wealth Group LLC owned approximately 2.09% of Old Dominion Freight Line worth $614,764,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Brighton Jones LLC raised its stake in Old Dominion Freight Line by 5.3% during the fourth quarter. Brighton Jones LLC now owns 1,559 shares of the transportation company’s stock worth $275,000 after acquiring an additional 79 shares in the last quarter. Empowered Funds LLC boosted its stake in shares of Old Dominion Freight Line by 134.9% in the 1st quarter. Empowered Funds LLC now owns 10,213 shares of the transportation company’s stock valued at $1,690,000 after purchasing an additional 5,866 shares in the last quarter. Campbell & CO Investment Adviser LLC bought a new stake in shares of Old Dominion Freight Line during the 2nd quarter valued at approximately $305,000. Empower Advisory Group LLC bought a new stake in shares of Old Dominion Freight Line during the 2nd quarter valued at approximately $313,000. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its position in Old Dominion Freight Line by 6.2% during the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 45,609 shares of the transportation company’s stock worth $7,402,000 after purchasing an additional 2,644 shares in the last quarter. Institutional investors own 77.82% of the company’s stock.

Insiders Place Their Bets

In other news, Director Bradley R. Gabosch sold 3,134 shares of the stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $194.27, for a total value of $608,842.18. Following the completion of the sale, the director owned 11,278 shares of the company’s stock, valued at approximately $2,190,977.06. This represents a 21.75% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Chairman David S. Congdon sold 52,000 shares of the firm’s stock in a transaction dated 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 transaction, the chairman owned 712,800 shares of the company’s stock, valued at $138,832,056. This trade represents a 6.80% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 80,134 shares of company stock valued at $15,640,132. 10.00% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages recently commented on ODFL. Wells Fargo & Company increased their price objective on shares of Old Dominion Freight Line from $138.00 to $165.00 and gave the company an “underweight” rating in a research note on Thursday, February 5th. Wolfe Research set a $138.00 price target on shares of Old Dominion Freight Line in a report on Thursday, January 8th. Evercore increased their price target on Old Dominion Freight Line from $150.00 to $200.00 and gave the company an “in-line” rating in a research note on Thursday, February 5th. Stifel Nicolaus set a $217.00 price objective on Old Dominion Freight Line in a report on Thursday, February 5th. Finally, Susquehanna restated a “neutral” rating and set a $205.00 price objective (up from $185.00) on shares of Old Dominion Freight Line in a research report on Wednesday, February 11th. Nine analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $191.08.

Old Dominion Freight Line Price Performance

ODFL opened at $184.43 on Wednesday. Old Dominion Freight Line, Inc. has a fifty-two week low of $126.01 and a fifty-two week high of $221.63. The company’s 50 day moving average price is $187.62 and its two-hundred day moving average price is $159.73. The firm has a market capitalization of $38.44 billion, a price-to-earnings ratio of 38.18, a PEG ratio of 3.83 and a beta of 1.23.

Old Dominion Freight Line (NASDAQ:ODFL) last released its quarterly earnings results on Wednesday, February 4th. The transportation company reported $1.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.06 by $0.03. The firm had revenue of $1.31 billion during the quarter, compared to the consensus estimate of $1.30 billion. Old Dominion Freight Line had a net margin of 18.62% and a return on equity of 24.03%. The company’s revenue for the quarter was down 5.7% on a year-over-year basis. During the same quarter last year, the firm earned $1.23 earnings per share. As a group, equities research analysts predict 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 announced a quarterly dividend, which will be paid on Wednesday, March 18th. Investors of record on Wednesday, March 4th will be given a dividend of $0.29 per share. The ex-dividend date of this dividend is Wednesday, March 4th. This represents a $1.16 annualized dividend 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 24.02%.

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.