Stock Yards Bank & Trust Co. Decreases Stock Position in Old Dominion Freight Line, Inc. $ODFL
by Tristan Rich · The Markets DailyStock Yards Bank & Trust Co. lowered its stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL – Free Report) by 84.5% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 8,502 shares of the transportation company’s stock after selling 46,485 shares during the quarter. Stock Yards Bank & Trust Co.’s holdings in Old Dominion Freight Line were worth $1,333,000 as of its most recent SEC filing.
Several other hedge funds have also bought and sold shares of the stock. JPMorgan Chase & Co. raised its position in shares of Old Dominion Freight Line by 21.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,544,588 shares of the transportation company’s stock valued at $499,007,000 after buying an additional 622,275 shares in the last quarter. Truist Financial Corp raised its position in shares of Old Dominion Freight Line by 12.9% during the 3rd quarter. Truist Financial Corp now owns 88,119 shares of the transportation company’s stock valued at $12,405,000 after buying an additional 10,046 shares in the last quarter. Wilson Asset Management International PTY Ltd. purchased a new stake in shares of Old Dominion Freight Line during the 3rd quarter valued at about $4,307,000. Atlantic Union Bankshares Corp purchased a new stake in shares of Old Dominion Freight Line during the 3rd quarter valued at about $1,999,000. Finally, Citigroup Inc. raised its position in shares of Old Dominion Freight Line by 46.4% during the 3rd quarter. Citigroup Inc. now owns 1,040,681 shares of the transportation company’s stock valued at $146,507,000 after buying an additional 329,895 shares in the last quarter. Hedge funds and other institutional investors own 77.82% of the company’s stock.
Analyst Upgrades and Downgrades
Several brokerages have recently issued reports on ODFL. Jefferies Financial Group upped their target price on shares of Old Dominion Freight Line from $195.00 to $210.00 and gave the company a “hold” rating in a research report on Tuesday, March 3rd. Raymond James Financial upped their target price on shares of Old Dominion Freight Line from $180.00 to $213.00 and gave the company an “outperform” rating in a research report on Friday, February 6th. Deutsche Bank Aktiengesellschaft cut shares of Old Dominion Freight Line from a “buy” rating to a “hold” rating and set a $205.00 target price on the stock. in a research report on Thursday, February 5th. Morgan Stanley upped their target price on shares of Old Dominion Freight Line from $209.00 to $215.00 and gave the company an “overweight” rating in a research report on Monday. Finally, Susquehanna restated a “neutral” rating and set a $205.00 target price (up from $185.00) on shares of Old Dominion Freight Line in a research report on Wednesday, February 11th. Nine equities research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $192.88.
Read Our Latest Research Report on Old Dominion Freight Line
Insider Buying and Selling
In related news, insider Earl E. Congdon sold 25,000 shares of the stock in a transaction dated 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 sale, the insider directly owned 2,162,113 shares of the company’s stock, valued at $424,055,222.69. This represents a 1.14% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Chairman David S. Congdon sold 52,000 shares of the stock in a transaction dated Thursday, February 19th. The stock was sold at an average price of $194.77, for a total transaction of $10,128,040.00. Following the completion of the sale, the chairman directly owned 712,800 shares in the company, valued at $138,832,056. This trade represents a 6.80% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 80,134 shares of company stock valued at $15,640,132 in the last ninety days. 10.00% of the stock is owned by company insiders.
Old Dominion Freight Line Price Performance
Old Dominion Freight Line stock opened at $198.93 on Wednesday. Old Dominion Freight Line, Inc. has a 1-year low of $126.01 and a 1-year high of $221.63. The firm has a market capitalization of $41.46 billion, a P/E ratio of 41.19, a price-to-earnings-growth ratio of 4.18 and a beta of 1.20. The company’s 50-day moving average is $192.84 and its 200 day moving average is $164.40.
Old Dominion Freight Line (NASDAQ:ODFL – Get Free Report) last posted its quarterly earnings data on Wednesday, February 4th. The transportation company reported $1.09 earnings per share for the quarter, topping analysts’ consensus estimates 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 company had revenue of $1.31 billion for the quarter, compared to analyst estimates of $1.30 billion. During the same period in the prior year, the company posted $1.23 EPS. The firm’s revenue for the quarter was down 5.7% on a year-over-year basis. Research analysts anticipate that Old Dominion Freight Line, Inc. will post 5.68 earnings per share for the current fiscal year.
Old Dominion Freight Line Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 18th. Investors of record on Wednesday, March 4th were given a $0.29 dividend. This is an increase from Old Dominion Freight Line’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend was Wednesday, March 4th. This represents a $1.16 dividend on an annualized basis and a yield of 0.6%. Old Dominion Freight Line’s dividend payout ratio is currently 24.02%.
Old Dominion Freight Line Company 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.