Value Partners Investments Inc. Increases Stock Position in Old Dominion Freight Line, Inc. $ODFL

Value Partners Investments Inc. increased its holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 38.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 20,103 shares of the transportation company’s stock after acquiring an additional 5,610 shares during the quarter. Value Partners Investments Inc.’s holdings in Old Dominion Freight Line were worth $3,157,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Procyon Advisors LLC purchased a new position in Old Dominion Freight Line during the 4th quarter worth $1,726,000. Impact Capital Partners LLC purchased a new stake in shares of Old Dominion Freight Line in the fourth quarter valued at about $208,000. MassMutual Private Wealth & Trust FSB boosted its stake in shares of Old Dominion Freight Line by 6.3% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 2,374 shares of the transportation company’s stock worth $372,000 after buying an additional 141 shares during the period. Aventura Private Wealth LLC acquired a new stake in shares of Old Dominion Freight Line during the fourth quarter worth about $307,000. Finally, Sagespring Wealth Partners LLC purchased a new position in shares of Old Dominion Freight Line during the fourth quarter worth about $266,000. Hedge funds and other institutional investors own 77.82% of the company’s stock.

Old Dominion Freight Line Stock Performance

Shares of NASDAQ ODFL opened at $183.92 on Friday. Old Dominion Freight Line, Inc. has a one year low of $126.01 and a one year high of $221.63. The firm has a market capitalization of $38.33 billion, a P/E ratio of 38.08, a PEG ratio of 3.86 and a beta of 1.23. The company’s fifty day moving average is $188.40 and its two-hundred day moving average is $160.34.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its quarterly earnings results on Wednesday, February 4th. The transportation company reported $1.09 earnings per share (EPS) for the quarter, beating 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 business had revenue of $1.31 billion during the quarter, compared to the consensus estimate of $1.30 billion. During the same quarter last year, the firm posted $1.23 EPS. The business’s revenue was down 5.7% compared to the same quarter last year. On average, sell-side analysts forecast that Old Dominion Freight Line, Inc. will post 5.68 earnings per share for the current fiscal year.

Old Dominion Freight Line Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 18th. Shareholders of record on Wednesday, March 4th were issued a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a yield of 0.6%. This is a boost from Old Dominion Freight Line’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend was Wednesday, March 4th. Old Dominion Freight Line’s dividend payout ratio is 24.02%.

Analysts Set New Price Targets

ODFL has been the subject of several analyst reports. Stephens reaffirmed an “overweight” rating and set a $232.00 price objective on shares of Old Dominion Freight Line in a research note on Thursday, February 5th. Robert W. Baird downgraded Old Dominion Freight Line from a “neutral” rating to an “underperform” rating and lifted their target price for the company from $166.00 to $204.00 in a research note on Thursday, February 5th. Bank of America set a $165.00 target price on Old Dominion Freight Line in a report on Thursday, December 18th. Truist Financial set a $225.00 price target on Old Dominion Freight Line in a research note on Thursday, February 5th. Finally, BMO Capital Markets reaffirmed an “outperform” rating on shares of Old Dominion Freight Line in a report on Thursday, February 19th. Nine investment analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and four have given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $191.08.

Insider Activity

In other news, Director Bradley R. Gabosch sold 3,134 shares of Old Dominion Freight Line stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $194.27, for a total transaction of $608,842.18. Following the completion of the sale, the director directly owned 11,278 shares in the company, valued at approximately $2,190,977.06. This trade represents a 21.75% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Earl E. Congdon sold 25,000 shares of the business’s stock in a transaction that occurred on Thursday, February 26th. The stock was sold at an average price of $196.13, for a total value of $4,903,250.00. Following the sale, the insider directly owned 2,162,113 shares in the company, valued at $424,055,222.69. This trade represents a 1.14% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 80,134 shares of company stock worth $15,640,132. Company insiders own 10.00% of the company’s stock.

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.