Key Points
- Insider sale: Director Earl Congdon sold 25,000 shares on Feb 26 at an average price of $196.13 for about $4.90 million, trimming his stake 1.14% to 2,162,113 shares valued near $424 million.
- Dividend increase: Old Dominion raised its quarterly dividend to $0.29 (annualized $1.16) from $0.28, with an ex-dividend date of March 4 and payment on March 18, implying a yield of about 0.6%.
- Recent results and market view: The company beat Q results on EPS ($1.09 vs. $1.06) despite revenue falling 5.7% year-over-year; shares opened at $203.05 (up ~2.4%), and analysts have an average "Hold" rating with a $189.88 target.
Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Get Free Report) insider Earl Congdon sold 25,000 shares of Old Dominion Freight Line stock in a transaction that occurred on Thursday, February 26th. The shares were sold at an average price of $196.13, for a total transaction of $4,903,250.00. Following the transaction, the insider directly owned 2,162,113 shares in the company, valued at approximately $424,055,222.69. The trade was a 1.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.
Old Dominion Freight Line Stock Up 2.4%
Shares of Old Dominion Freight Line stock opened at $203.05 on Friday. The firm's 50 day moving average price is $179.12 and its 200-day moving average price is $156.07. The company has a market cap of $42.32 billion, a P/E ratio of 42.04, a PEG ratio of 9.90 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 - Get Free Report) last announced its quarterly earnings data on Wednesday, February 4th. The transportation company reported $1.09 EPS for the quarter, beating the consensus estimate of $1.06 by $0.03. Old Dominion Freight Line had a net margin of 18.62% and a return on equity of 24.03%. The firm had revenue of $1.31 billion during the quarter, compared to analyst estimates of $1.30 billion. During the same period last year, the firm posted $1.23 EPS. Old Dominion Freight Line's revenue was down 5.7% on a year-over-year basis. As a group, equities research analysts forecast that Old Dominion Freight Line, Inc. will post 5.68 EPS for the current fiscal year.
Old Dominion Freight Line Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 18th. Shareholders of record on Wednesday, March 4th will be given a dividend of $0.29 per share. The ex-dividend date of this dividend is Wednesday, March 4th. 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. Old Dominion Freight Line's payout ratio is 23.19%.
Analyst Upgrades and Downgrades
Several research analysts recently issued reports on the stock. JPMorgan Chase & Co. raised their target price on shares of Old Dominion Freight Line from $150.00 to $168.00 and gave the stock a "neutral" rating in a report on Thursday, February 5th. Stifel Nicolaus set a $217.00 price objective on Old Dominion Freight Line in a research note on Thursday, February 5th. UBS Group restated a "neutral" rating and issued a $202.00 target price (up from $164.00) on shares of Old Dominion Freight Line in a research note on Thursday, February 5th. Zacks Research raised Old Dominion Freight Line from a "strong sell" rating to a "hold" rating in a report on Tuesday, February 10th. Finally, Stephens reiterated an "overweight" rating and set a $232.00 price target on shares of Old Dominion Freight Line in a research report on Thursday, February 5th. Nine research 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. According to MarketBeat, the company currently has an average rating of "Hold" and an average target price of $189.88.
View Our Latest Stock Report on ODFL
Institutional Investors Weigh In On Old Dominion Freight Line
Institutional investors have recently modified their holdings of the business. Pacer Advisors Inc. increased its position in shares of Old Dominion Freight Line by 2.6% during the fourth quarter. Pacer Advisors Inc. now owns 30,469 shares of the transportation company's stock worth $4,778,000 after purchasing an additional 766 shares in the last quarter. Kovitz Investment Group Partners LLC boosted its stake in Old Dominion Freight Line by 251.2% during the 4th quarter. Kovitz Investment Group Partners LLC now owns 19,300 shares of the transportation company's stock worth $3,026,000 after purchasing an additional 13,805 shares during the last quarter. T. Rowe Price Investment Management Inc. boosted its stake in Old Dominion Freight Line by 11.0% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 3,680,719 shares of the transportation company's stock worth $577,137,000 after purchasing an additional 365,424 shares during the last quarter. Compound Planning Inc. purchased a new stake in shares of Old Dominion Freight Line during the fourth quarter worth $255,000. Finally, Invesco Ltd. raised its position in shares of Old Dominion Freight Line by 3.8% in the fourth quarter. Invesco Ltd. now owns 2,965,900 shares of the transportation company's stock valued at $465,053,000 after buying an additional 107,501 shares during the last quarter. 77.82% of the stock is currently owned by institutional investors and hedge funds.
Old Dominion Freight Line Company Profile
(
Get Free Report)
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.
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