QRG Capital Management Inc. Acquires 6,790 Shares of Old Dominion Freight Line, Inc. $ODFL

QRG Capital Management Inc. increased its holdings in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 48.0% during the fourth quarter, HoldingsChannel reports. The firm owned 20,937 shares of the transportation company’s stock after buying an additional 6,790 shares during the period. QRG Capital Management Inc.’s holdings in Old Dominion Freight Line were worth $3,283,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. JPMorgan Chase & Co. lifted its holdings in shares of Old Dominion Freight Line by 21.3% during the third 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 in the last quarter. Truist Financial Corp lifted its holdings in shares of Old Dominion Freight Line by 12.9% during the third 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 in the last quarter. Wilson Asset Management International PTY Ltd. bought a new position in shares of Old Dominion Freight Line during the third quarter valued at $4,307,000. Atlantic Union Bankshares Corp bought a new position in shares of Old Dominion Freight Line during the third quarter valued at $1,999,000. Finally, Citigroup Inc. lifted its holdings in shares of Old Dominion Freight Line by 46.4% during the third quarter. Citigroup Inc. now owns 1,040,681 shares of the transportation company’s stock valued at $146,507,000 after purchasing an additional 329,895 shares in the last quarter. 77.82% of the stock is owned by institutional investors.

Old Dominion Freight Line Stock Performance

ODFL stock opened at $198.06 on Friday. Old Dominion Freight Line, Inc. has a fifty-two week low of $126.01 and a fifty-two week high of $233.79. The business’s 50-day moving average is $201.05 and its two-hundred day moving average is $174.68. The company has a market cap of $41.25 billion, a price-to-earnings ratio of 41.44, a P/E/G ratio of 4.11 and a beta of 1.17.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its earnings results on Wednesday, April 29th. The transportation company reported $1.14 earnings per share for the quarter, beating analysts’ consensus estimates of $1.05 by $0.09. Old Dominion Freight Line had a return on equity of 23.42% and a net margin of 18.46%.The company had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.31 billion. During the same quarter in the prior year, the company earned $1.19 earnings per share. Old Dominion Freight Line’s revenue was down 2.9% on a year-over-year basis. Equities analysts predict that Old Dominion Freight Line, Inc. will post 5.32 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. Stifel Nicolaus upped their price target on Old Dominion Freight Line from $228.00 to $232.00 in a report on Thursday, April 30th. Morgan Stanley set a $235.00 price target on Old Dominion Freight Line and gave the company an “overweight” rating in a report on Thursday, April 30th. Argus raised Old Dominion Freight Line from a “hold” rating to a “buy” rating and set a $220.00 target price on the stock in a report on Thursday, February 12th. Deutsche Bank Aktiengesellschaft downgraded Old Dominion Freight Line from a “buy” rating to a “hold” rating and set a $205.00 target price on the stock. in a report on Thursday, February 5th. Finally, Raymond James Financial reissued an “outperform” rating and issued a $224.00 target price on shares of Old Dominion Freight Line in a report on Thursday, April 30th. Eight equities research analysts have rated the stock with a Buy rating, sixteen have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $206.46.

Insider Buying and Selling

In other Old Dominion Freight Line news, insider Earl E. Congdon sold 25,000 shares of the company’s stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $196.13, for a total value of $4,903,250.00. Following the completion of the sale, the insider owned 2,162,113 shares in the company, valued at $424,055,222.69. This represents a 1.14% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Chairman David S. Congdon sold 52,000 shares of the company’s stock in a transaction dated 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 sale, the chairman owned 712,800 shares of the company’s stock, valued at approximately $138,832,056. The trade was a 6.80% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 102,241 shares of company stock worth $19,874,065. Corporate insiders own 10.00% of the company’s stock.

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.