Covestor Ltd Increases Position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Covestor Ltd increased its holdings in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 12.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 754 shares of the transportation company’s stock after purchasing an additional 85 shares during the quarter. Covestor Ltd’s holdings in Old Dominion Freight Line were worth $150,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of ODFL. Benjamin Edwards Inc. purchased a new stake in Old Dominion Freight Line in the second quarter valued at approximately $25,000. Atwood & Palmer Inc. boosted its holdings in Old Dominion Freight Line by 3,700.0% during the second quarter. Atwood & Palmer Inc. now owns 152 shares of the transportation company’s stock worth $27,000 after buying an additional 148 shares in the last quarter. Crewe Advisors LLC purchased a new stake in shares of Old Dominion Freight Line during the 1st quarter worth approximately $38,000. Versant Capital Management Inc grew its holdings in Old Dominion Freight Line by 1,630.0% in the second quarter. Versant Capital Management Inc now owns 173 shares of the transportation company’s stock valued at $31,000 after purchasing an additional 163 shares during the last quarter. Finally, LRI Investments LLC grew its stake in Old Dominion Freight Line by 73.1% in the 2nd quarter. LRI Investments LLC now owns 187 shares of the transportation company’s stock valued at $33,000 after acquiring an additional 79 shares during the last quarter. Institutional investors and hedge funds own 77.82% of the company’s stock.

Analyst Ratings Changes

ODFL has been the subject of a number of recent research reports. JPMorgan Chase & Co. dropped their price objective on Old Dominion Freight Line from $193.00 to $189.00 and set a “neutral” rating for the company in a research report on Friday, September 6th. TD Cowen decreased their target price on Old Dominion Freight Line from $203.00 to $196.00 and set a “hold” rating for the company in a report on Thursday, October 24th. Citigroup started coverage on Old Dominion Freight Line in a research report on Wednesday, October 9th. They issued a “neutral” rating and a $206.00 price objective on the stock. Stifel Nicolaus cut shares of Old Dominion Freight Line from a “buy” rating to a “hold” rating and reduced their target price for the stock from $209.00 to $197.00 in a research report on Monday, October 21st. Finally, Benchmark restated a “hold” rating on shares of Old Dominion Freight Line in a research note on Wednesday, September 11th. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Old Dominion Freight Line presently has a consensus rating of “Hold” and an average price target of $196.39.

Insider Activity at Old Dominion Freight Line

In other Old Dominion Freight Line news, Chairman David S. Congdon sold 10,000 shares of the business’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $195.17, for a total transaction of $1,951,700.00. Following the sale, the chairman now directly owns 1,391,621 shares in the company, valued at approximately $271,602,670.57. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, Chairman David S. Congdon sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $195.17, for a total transaction of $1,951,700.00. Following the transaction, the chairman now owns 1,391,621 shares in the company, valued at $271,602,670.57. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Greg C. Gantt sold 7,000 shares of the company’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $200.07, for a total value of $1,400,490.00. Following the completion of the sale, the director now owns 97,890 shares of the company’s stock, valued at $19,584,852.30. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 46,975 shares of company stock worth $9,386,158 in the last 90 days. Corporate insiders own 9.90% of the company’s stock.

Old Dominion Freight Line Price Performance

NASDAQ ODFL opened at $231.84 on Tuesday. The company has a 50-day moving average price of $198.73 and a two-hundred day moving average price of $190.23. The stock has a market cap of $49.50 billion, a price-to-earnings ratio of 40.53, a price-to-earnings-growth ratio of 6.37 and a beta of 0.99. The company has a current ratio of 1.33, a quick ratio of 1.46 and a debt-to-equity ratio of 0.01. Old Dominion Freight Line, Inc. has a 52 week low of $165.49 and a 52 week high of $233.26.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its earnings results on Wednesday, October 23rd. The transportation company reported $1.43 EPS for the quarter, beating the consensus estimate of $1.42 by $0.01. Old Dominion Freight Line had a return on equity of 29.40% and a net margin of 21.03%. The firm had revenue of $1.47 billion for the quarter, compared to analysts’ expectations of $1.49 billion. During the same period last year, the firm earned $1.54 EPS. The firm’s revenue was down 3.0% compared to the same quarter last year. Analysts forecast that Old Dominion Freight Line, Inc. will post 5.46 EPS for the current year.

Old Dominion Freight Line Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Wednesday, December 4th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 0.45%. The ex-dividend date of this dividend is Wednesday, December 4th. Old Dominion Freight Line’s payout ratio is currently 18.18%.

Old Dominion Freight Line Company Profile

Old Dominion Freight Line, Inc operates as a less-than-truckload motor carrier in the United States and North America. The company offers regional, inter-regional, and national less-than-truckload services, as well as expedited transportation. It also provides various value-added services, including container drayage, truckload brokerage, and supply chain consulting.