Legal & General Group Plc Makes New Investment in Old Dominion Freight Line, Inc. $ODFL

Legal & General Group Plc purchased a new stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 1,168,768 shares of the transportation company’s stock, valued at approximately $253,155,000.

Several other large investors have also recently made changes to their positions in the business. Bogart Wealth LLC lifted its holdings in shares of Old Dominion Freight Line by 9.9% in the 1st quarter. Bogart Wealth LLC now owns 511 shares of the transportation company’s stock worth $100,000 after acquiring an additional 46 shares during the last quarter. Private Advisor Group LLC grew its holdings in shares of Old Dominion Freight Line by 1.3% during the 1st quarter. Private Advisor Group LLC now owns 4,164 shares of the transportation company’s stock valued at $814,000 after purchasing an additional 55 shares during the last quarter. Keybank National Association OH raised its position in Old Dominion Freight Line by 2.3% in the 1st quarter. Keybank National Association OH now owns 2,450 shares of the transportation company’s stock worth $479,000 after purchasing an additional 56 shares during the period. Deseret Mutual Benefit Administrators raised its position in Old Dominion Freight Line by 9.7% in the 4th quarter. Deseret Mutual Benefit Administrators now owns 645 shares of the transportation company’s stock worth $101,000 after purchasing an additional 57 shares during the period. Finally, Annis Gardner Whiting Capital Advisors LLC lifted its stake in Old Dominion Freight Line by 80.5% in the first quarter. Annis Gardner Whiting Capital Advisors LLC now owns 139 shares of the transportation company’s stock worth $27,000 after purchasing an additional 62 shares during the last quarter. 77.82% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Old Dominion Freight Line

In related news, SVP Cecil E. Jr. Overbey sold 19,952 shares of the stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $198.39, for a total value of $3,958,277.28. Following the completion of the transaction, the senior vice president directly owned 22,746 shares of the company’s stock, valued at $4,512,578.94. This represents a 46.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 8.20% of the stock is currently owned by insiders.

Old Dominion Freight Line Stock Up 0.5%

NASDAQ:ODFL opened at $199.43 on Thursday. The firm’s fifty day simple moving average is $218.44 and its 200 day simple moving average is $210.62. The stock has a market cap of $41.35 billion, a P/E ratio of 38.43, a price-to-earnings-growth ratio of 3.45 and a beta of 1.18. Old Dominion Freight Line, Inc. has a twelve month low of $126.01 and a twelve month high of $252.03.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its quarterly earnings data on Wednesday, July 29th. The transportation company reported $1.68 EPS for the quarter, topping the consensus estimate of $1.54 by $0.14. Old Dominion Freight Line had a net margin of 19.44% and a return on equity of 24.87%. The business had revenue of $1.55 billion during the quarter, compared to analyst estimates of $1.54 billion. During the same period in the prior year, the business earned $1.27 EPS. The company’s revenue for the quarter was up 10.4% on a year-over-year basis. On average, analysts expect that Old Dominion Freight Line, Inc. will post 5.78 EPS for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 16th. Investors of record on Wednesday, September 2nd will be given a dividend of $0.29 per share. The ex-dividend date is Wednesday, September 2nd. This represents a $1.16 annualized dividend and a dividend yield of 0.6%. Old Dominion Freight Line’s payout ratio is currently 22.35%.

Analyst Upgrades and Downgrades

Several analysts have issued reports on ODFL shares. JPMorgan Chase & Co. upped their price target on shares of Old Dominion Freight Line from $197.00 to $234.00 and gave the company a “neutral” rating in a research report on Monday, June 8th. Wall Street Zen upgraded Old Dominion Freight Line from a “hold” rating to a “buy” rating in a report on Saturday, August 8th. Jefferies Financial Group reissued a “hold” rating and issued a $227.00 target price on shares of Old Dominion Freight Line in a research note on Thursday, July 30th. Weiss Ratings raised Old Dominion Freight Line from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, August 11th. Finally, Wells Fargo & Company upgraded Old Dominion Freight Line from an “underweight” rating to an “overweight” rating and increased their target price for the company from $235.00 to $250.00 in a report on Wednesday, July 8th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, thirteen have issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $226.55.

Old Dominion Freight Line 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.