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

Old Dominion Freight Line, Inc. (NASDAQ:ODFL) insider Earl Congdon sold 25,000 shares of Old Dominion Freight Line stock in a transaction on Thursday, February 26th. The shares were sold at an average price of $196.13, for a total value of $4,903,250.00. Following the transaction, the insider owned 2,162,113 shares in the company, valued at $424,055,222.69. This trade represents a 1.14% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link.

Old Dominion Freight Line Stock Up 2.4%

ODFL traded up $4.68 during midday trading on Friday, reaching $203.05. The company had a trading volume of 3,549,166 shares, compared to its average volume of 2,355,132. The business has a 50-day moving average of $178.21 and a two-hundred day moving average of $155.65. Old Dominion Freight Line, Inc. has a 1 year low of $126.01 and a 1 year high of $208.74. The company has a market cap of $42.32 billion, a P/E ratio of 42.04, a P/E/G ratio of 9.56 and a beta of 1.28.

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. The company had revenue of $1.31 billion during the quarter, compared to the consensus estimate of $1.30 billion. Old Dominion Freight Line had a return on equity of 24.03% and a net margin of 18.62%.The firm’s revenue was down 5.7% on a year-over-year basis. During the same period in the previous year, the company posted $1.23 EPS. On average, equities research analysts predict that Old Dominion Freight Line, Inc. will post 5.68 EPS for the current year.

Old Dominion Freight Line Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 18th. Stockholders 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 dividend yield of 0.6%. The ex-dividend date is Wednesday, March 4th. This is a positive change from Old Dominion Freight Line’s previous quarterly dividend of $0.28. Old Dominion Freight Line’s payout ratio is 23.19%.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. raised its position in Old Dominion Freight Line by 2.2% during the third quarter. Vanguard Group Inc. now owns 23,252,921 shares of the transportation company’s stock valued at $3,273,546,000 after purchasing an additional 494,674 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in Old Dominion Freight Line by 14.1% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 14,223,960 shares of the transportation company’s stock worth $2,230,318,000 after buying an additional 1,761,511 shares during the period. State Street Corp raised its stake in shares of Old Dominion Freight Line by 0.9% in the fourth quarter. State Street Corp now owns 7,746,286 shares of the transportation company’s stock valued at $1,214,618,000 after acquiring an additional 70,736 shares during the period. CIBC Private Wealth Group LLC lifted its holdings in shares of Old Dominion Freight Line by 21.6% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 4,366,843 shares of the transportation company’s stock worth $614,764,000 after acquiring an additional 776,004 shares during the last quarter. Finally, Boston Partners boosted its stake in shares of Old Dominion Freight Line by 98.4% during the 4th quarter. Boston Partners now owns 4,122,696 shares of the transportation company’s stock worth $648,186,000 after purchasing an additional 2,044,434 shares during the period. Institutional investors own 77.82% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. Wall Street Zen upgraded Old Dominion Freight Line from a “sell” rating to a “hold” rating in a research note on Sunday, January 25th. Morgan Stanley reiterated an “overweight” rating and set a $209.00 target price (up from $190.00) on shares of Old Dominion Freight Line in a research report on Wednesday, February 4th. Citigroup reissued a “neutral” rating and issued a $216.00 price target (up from $196.00) on shares of Old Dominion Freight Line in a report on Friday, February 6th. Rothschild & Co Redburn upped their price target on Old Dominion Freight Line from $114.00 to $176.00 and gave the stock a “sell” rating in a research note on Friday, February 6th. Finally, Robert W. Baird cut shares of Old Dominion Freight Line from a “neutral” rating to an “underperform” rating and lifted their price objective for the company from $166.00 to $204.00 in a research report on Thursday, February 5th. 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 MarketBeat.com, Old Dominion Freight Line has a consensus 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.