Old Dominion Freight Line (NASDAQ:ODFL) Chairman Sells $10,128,040.00 in Stock

Old Dominion Freight Line, Inc. (NASDAQ:ODFL) Chairman David Congdon sold 52,000 shares of the business’s stock in a transaction that occurred on 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 completion of the transaction, the chairman owned 712,800 shares in the company, valued at $138,832,056. The trade was a 6.80% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Old Dominion Freight Line Trading Down 3.7%

Shares of ODFL traded down $7.51 on Monday, reaching $193.88. 1,280,325 shares of the company’s stock traded hands, compared to its average volume of 2,385,270. The stock’s 50 day simple moving average is $175.17 and its two-hundred day simple moving average is $154.38. The stock has a market cap of $40.54 billion, a PE ratio of 40.14, a PEG ratio of 10.05 and a beta of 1.28. Old Dominion Freight Line, Inc. has a 52-week low of $126.01 and a 52-week high of $208.74.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its quarterly earnings data 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 return on equity of 24.03% and a net margin of 18.62%.The firm had revenue of $1.31 billion during the quarter, compared to the consensus estimate of $1.30 billion. During the same quarter in the prior year, the company earned $1.23 EPS. The business’s revenue for the quarter was down 5.7% on a year-over-year basis. Analysts forecast that Old Dominion Freight Line, Inc. will post 5.68 earnings per share for the current year.

Old Dominion Freight Line Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 18th. Investors of record on Wednesday, March 4th will be issued a dividend of $0.29 per share. 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 is Wednesday, March 4th. Old Dominion Freight Line’s dividend payout ratio is 24.02%.

Institutional Trading of Old Dominion Freight Line

Institutional investors have recently added to or reduced their stakes in the stock. Financial Gravity Companies Inc. purchased a new stake in Old Dominion Freight Line in the second quarter valued at approximately $26,000. E Fund Management Hong Kong Co. Ltd. increased its holdings in shares of Old Dominion Freight Line by 175.7% in the 3rd quarter. E Fund Management Hong Kong Co. Ltd. now owns 193 shares of the transportation company’s stock worth $27,000 after buying an additional 123 shares during the last quarter. Westside Investment Management Inc. raised its position in shares of Old Dominion Freight Line by 100.0% during the 3rd quarter. Westside Investment Management Inc. now owns 196 shares of the transportation company’s stock valued at $27,000 after buying an additional 98 shares in the last quarter. Rossby Financial LCC bought a new stake in shares of Old Dominion Freight Line during the 2nd quarter worth $28,000. Finally, DT Investment Partners LLC grew its position in Old Dominion Freight Line by 600.0% in the fourth quarter. DT Investment Partners LLC now owns 210 shares of the transportation company’s stock worth $33,000 after acquiring an additional 180 shares in the last quarter. Hedge funds and other institutional investors own 77.82% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently weighed in on ODFL. Argus raised shares of Old Dominion Freight Line from a “hold” rating to a “buy” rating and set a $220.00 target price for the company in a research report on Thursday, February 12th. Barclays set a $185.00 price objective on Old Dominion Freight Line in a research note on Thursday, February 5th. Wall Street Zen raised Old Dominion Freight Line from a “sell” rating to a “hold” rating in a research report on Sunday, January 25th. Rothschild & Co Redburn upped their price target on Old Dominion Freight Line from $114.00 to $176.00 and gave the company a “sell” rating in a research report on Friday, February 6th. Finally, Stifel Nicolaus set a $217.00 price target on Old Dominion Freight Line in a research note on Thursday, February 5th. Nine analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and four have issued a Sell rating to the company. Based on data from MarketBeat.com, the company 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.