Legal & General Group Plc Increases Stake in Old Dominion Freight Line, Inc. $ODFL

Legal & General Group Plc lifted its stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 1.4% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,297,919 shares of the transportation company’s stock after buying an additional 18,201 shares during the quarter. Legal & General Group Plc’s holdings in Old Dominion Freight Line were worth $182,721,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ODFL. JPMorgan Chase & Co. increased its holdings in Old Dominion Freight Line by 21.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,544,588 shares of the transportation company’s stock valued at $499,007,000 after acquiring an additional 622,275 shares during the last quarter. Truist Financial Corp boosted its holdings 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 purchasing an additional 10,046 shares during the last quarter. Wilson Asset Management International PTY Ltd. purchased a new position in shares of Old Dominion Freight Line during the third quarter valued at about $4,307,000. Atlantic Union Bankshares Corp purchased a new position in shares of Old Dominion Freight Line during the third quarter valued at about $1,999,000. Finally, Citigroup Inc. increased its holdings in shares of Old Dominion Freight Line by 46.4% in the third quarter. Citigroup Inc. now owns 1,040,681 shares of the transportation company’s stock worth $146,507,000 after purchasing an additional 329,895 shares during the last quarter. Institutional investors own 77.82% of the company’s stock.

Old Dominion Freight Line Stock Performance

NASDAQ ODFL opened at $176.24 on Friday. The business’s 50 day moving average price is $186.50 and its 200-day moving average price is $159.01. Old Dominion Freight Line, Inc. has a fifty-two week low of $126.01 and a fifty-two week high of $221.63. The company has a market cap of $36.73 billion, a P/E ratio of 36.49, a P/E/G ratio of 3.97 and a beta of 1.23.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its quarterly earnings results on Wednesday, February 4th. The transportation company reported $1.09 earnings per share (EPS) for the quarter, topping 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%.Old Dominion Freight Line’s revenue was down 5.7% on a year-over-year basis. During the same period last year, the company earned $1.23 earnings per share. As a group, equities 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 announced a quarterly dividend, which will be paid on Wednesday, March 18th. Stockholders of record on Wednesday, March 4th will be issued a $0.29 dividend. This is a boost from Old Dominion Freight Line’s previous quarterly dividend of $0.28. The ex-dividend date is Wednesday, March 4th. This represents a $1.16 annualized dividend and a dividend yield of 0.7%. Old Dominion Freight Line’s dividend payout ratio (DPR) is 24.02%.

Insider Buying and Selling

In related news, Chairman David S. Congdon sold 52,000 shares of Old Dominion Freight Line stock in a transaction dated Thursday, February 19th. The shares were sold at an average price of $194.77, for a total transaction of $10,128,040.00. Following the completion of the transaction, the chairman directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Earl E. Congdon sold 25,000 shares of the company’s stock in a transaction dated 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 owned 2,162,113 shares in the company, valued at $424,055,222.69. The trade was a 1.14% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 80,134 shares of company stock valued at $15,640,132. Company insiders own 10.00% of the company’s stock.

Wall Street Analysts Forecast Growth

ODFL has been the topic of a number of research analyst reports. Raymond James Financial boosted their target price on Old Dominion Freight Line from $180.00 to $213.00 and gave the stock an “outperform” rating in a research report on Friday, February 6th. Zacks Research upgraded Old Dominion Freight Line from a “strong sell” rating to a “hold” rating in a report on Tuesday, February 10th. BMO Capital Markets reaffirmed an “outperform” rating on shares of Old Dominion Freight Line in a research note on Thursday, February 19th. Wolfe Research set a $138.00 price objective on Old Dominion Freight Line in a report on Thursday, January 8th. Finally, TD Cowen increased their target price on Old Dominion Freight Line from $167.00 to $180.00 and gave the company a “hold” rating in a research report on Thursday, February 5th. Nine research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $191.08.

Old Dominion Freight Line 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.