Northwestern Mutual Wealth Management Co. Buys 405,217 Shares of Old Dominion Freight Line, Inc. $ODFL

Northwestern Mutual Wealth Management Co. raised its stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 15,188.0% during the 4th quarter, HoldingsChannel.com reports. The firm owned 407,885 shares of the transportation company’s stock after acquiring an additional 405,217 shares during the quarter. Northwestern Mutual Wealth Management Co.’s holdings in Old Dominion Freight Line were worth $63,956,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. JPMorgan Chase & Co. grew its position in 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 valued at $499,007,000 after purchasing an additional 622,275 shares during the last quarter. Truist Financial Corp grew its position in 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 valued at $12,405,000 after purchasing an additional 10,046 shares during the last quarter. Wilson Asset Management International PTY Ltd. bought a new position in Old Dominion Freight Line during the 3rd quarter valued at about $4,307,000. Atlantic Union Bankshares Corp bought a new position in Old Dominion Freight Line during the 3rd quarter valued at about $1,999,000. Finally, Citigroup Inc. lifted its stake in 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 valued at $146,507,000 after acquiring an additional 329,895 shares during the period. Institutional investors own 77.82% of the company’s stock.

Insider Buying and Selling at Old Dominion Freight Line

In other news, Chairman David S. Congdon sold 52,000 shares of the stock in a transaction that occurred on Thursday, February 19th. The shares were 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 in the company, valued at $138,832,056. This represents a 6.80% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Greg C. Gantt sold 22,107 shares of the stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $191.52, for a total transaction of $4,233,932.64. Following the completion of the transaction, the director owned 88,551 shares in the company, valued at $16,959,287.52. This trade represents a 19.98% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 102,241 shares of company stock worth $19,874,065 over the last quarter. Company insiders own 10.00% of the company’s stock.

Old Dominion Freight Line Price Performance

Shares of NASDAQ:ODFL opened at $203.12 on Monday. The firm’s 50 day moving average price is $200.07 and its 200-day moving average price is $177.08. Old Dominion Freight Line, Inc. has a twelve month low of $126.01 and a twelve month high of $233.79. The stock has a market capitalization of $42.24 billion, a PE ratio of 42.49, a price-to-earnings-growth ratio of 4.16 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 firm had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.31 billion. During the same quarter in the prior year, the business earned $1.19 EPS. The business’s quarterly revenue was down 2.9% on a year-over-year basis. Analysts expect that Old Dominion Freight Line, Inc. will post 5.32 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have issued reports on ODFL. The Goldman Sachs Group set a $216.00 target price on shares of Old Dominion Freight Line and gave the company a “neutral” rating in a research note on Thursday, April 30th. Argus upgraded shares of Old Dominion Freight Line from a “hold” rating to a “buy” rating and set a $220.00 target price on the stock in a research note on Thursday, February 12th. Weiss Ratings restated a “hold (c)” rating on shares of Old Dominion Freight Line in a research note on Tuesday, April 14th. Wolfe Research upped their target price on shares of Old Dominion Freight Line from $183.00 to $185.00 and gave the company an “underperform” rating in a research note on Tuesday, April 7th. Finally, Citigroup restated a “neutral” rating and set a $225.00 target price (up from $218.00) on shares of Old Dominion Freight Line in a research note on Thursday, April 30th. Eight investment analysts have rated the stock with a Buy rating, sixteen have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target 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.