Old Dominion Freight Line (NASDAQ:ODFL) Insider Earl Congdon Sells 25,000 Shares of Stock

Old Dominion Freight Line, Inc. (NASDAQ:ODFL) insider Earl 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 transaction of $4,903,250.00. Following the completion of the sale, the insider directly owned 2,162,113 shares of the company’s stock, valued at $424,055,222.69. This trade represents a 1.14% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Old Dominion Freight Line Stock Up 2.4%

Old Dominion Freight Line stock opened at $203.05 on Friday. The firm has a fifty day simple moving average of $179.12 and a two-hundred day simple moving average of $156.07. Old Dominion Freight Line, Inc. has a twelve month low of $126.01 and a twelve month high of $208.74. The company has a market capitalization of $42.32 billion, a PE ratio of 42.04, a P/E/G ratio of 9.90 and a beta of 1.28.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its earnings results on Wednesday, February 4th. The transportation company reported $1.09 earnings per share for the quarter, beating the consensus estimate of $1.06 by $0.03. The company had revenue of $1.31 billion during the quarter, compared to analysts’ expectations of $1.30 billion. Old Dominion Freight Line had a return on equity of 24.03% and a net margin of 18.62%.Old Dominion Freight Line’s quarterly revenue was down 5.7% compared to the same quarter last year. During the same period in the prior year, the business posted $1.23 EPS. As a group, equities analysts expect 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 company also recently declared a quarterly dividend, which will be paid on Wednesday, March 18th. Shareholders of record on Wednesday, March 4th will be given a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend is Wednesday, March 4th. 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 currently 23.19%.

Institutional Investors Weigh In On Old Dominion Freight Line

A number of institutional investors have recently modified their holdings of ODFL. Brighton Jones LLC lifted its stake in shares of Old Dominion Freight Line by 5.3% in the 4th quarter. Brighton Jones LLC now owns 1,559 shares of the transportation company’s stock worth $275,000 after purchasing an additional 79 shares during the period. Empowered Funds LLC grew its position in shares of Old Dominion Freight Line by 134.9% during the first 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. Envestnet Asset Management Inc. grew its holdings in shares of Old Dominion Freight Line by 1.2% in the second quarter. Envestnet Asset Management Inc. now owns 422,437 shares of the transportation company’s stock valued at $68,561,000 after purchasing an additional 4,956 shares in the last quarter. Y Intercept Hong Kong Ltd purchased a new stake in Old Dominion Freight Line during the second quarter valued at approximately $3,227,000. Finally, Rossby Financial LCC bought a new stake in Old Dominion Freight Line in the second quarter worth $28,000. 77.82% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts recently issued reports on ODFL shares. JPMorgan Chase & Co. boosted their price target on Old Dominion Freight Line from $150.00 to $168.00 and gave the company a “neutral” rating in a report on Thursday, February 5th. Deutsche Bank Aktiengesellschaft cut Old Dominion Freight Line from a “buy” rating to a “hold” rating and set a $205.00 target price on the stock. in a research note on Thursday, February 5th. Evercore raised their price target on Old Dominion Freight Line from $150.00 to $200.00 and gave the stock an “in-line” rating in a research note on Thursday, February 5th. Morgan Stanley reissued an “overweight” rating and set a $209.00 price objective (up from $190.00) on shares of Old Dominion Freight Line in a research report on Wednesday, February 4th. Finally, Citigroup reaffirmed a “neutral” rating and set a $216.00 target price (up from $196.00) on shares of Old Dominion Freight Line in a research note on Friday, February 6th. Nine equities research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and four have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $189.88.

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.