Cecil Jr. Overbey Sells 19,952 Shares of Old Dominion Freight Line (NASDAQ:ODFL) Stock

Old Dominion Freight Line, Inc. (NASDAQ:ODFL) SVP Cecil Jr. Overbey sold 19,952 shares of Old Dominion Freight Line stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $198.39, for a total transaction of $3,958,277.28. Following the completion of the transaction, the senior vice president owned 22,746 shares in the company, valued at $4,512,578.94. This trade represents a 46.73% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Old Dominion Freight Line Price Performance

ODFL stock opened at $200.06 on Friday. Old Dominion Freight Line, Inc. has a 52-week low of $126.01 and a 52-week high of $252.03. The company has a 50-day moving average of $218.02 and a two-hundred day moving average of $210.60. The stock has a market capitalization of $41.48 billion, a price-to-earnings ratio of 38.55, a price-to-earnings-growth ratio of 3.46 and a beta of 1.18.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its quarterly earnings results on Wednesday, July 29th. The transportation company reported $1.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.54 by $0.14. The company had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.54 billion. Old Dominion Freight Line had a return on equity of 24.87% and a net margin of 19.44%.During the same period last year, the business posted $1.27 earnings per share. The firm’s revenue was up 10.4% compared to the same quarter last year. Equities analysts expect that Old Dominion Freight Line, Inc. will post 5.78 EPS for the current fiscal year.

Old Dominion Freight Line Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 16th. Shareholders of record on Wednesday, September 2nd will be issued a $0.29 dividend. The ex-dividend date of this dividend is Wednesday, September 2nd. This represents a $1.16 dividend on an annualized basis and a yield of 0.6%. Old Dominion Freight Line’s dividend payout ratio (DPR) is 22.35%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. California State Teachers Retirement System increased its holdings in Old Dominion Freight Line by 21,008.4% during the 2nd quarter. California State Teachers Retirement System now owns 63,865,160 shares of the transportation company’s stock valued at $13,833,194,000 after purchasing an additional 63,562,602 shares in the last quarter. BlackRock Inc. acquired a new position in Old Dominion Freight Line in the second quarter worth $3,416,007,000. Norges Bank bought a new stake in shares of Old Dominion Freight Line during the fourth quarter worth $444,983,000. Bank of New York Mellon Corp acquired a new stake in shares of Old Dominion Freight Line in the second quarter valued at $543,289,000. Finally, Boston Partners bought a new position in shares of Old Dominion Freight Line in the third quarter valued at about $292,599,000. 77.82% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have recently weighed in on ODFL. Zacks Research raised Old Dominion Freight Line from a “hold” rating to a “strong-buy” rating in a research report on Friday, July 31st. Barclays boosted their target price on shares of Old Dominion Freight Line from $210.00 to $220.00 and gave the stock an “equal weight” rating in a research report on Thursday, June 25th. Evercore reiterated an “outperform” rating and set a $243.00 target price on shares of Old Dominion Freight Line in a research note on Thursday, July 30th. Wells Fargo & Company raised shares of Old Dominion Freight Line from an “underweight” rating to an “overweight” rating and increased their price target for the company from $235.00 to $250.00 in a report on Wednesday, July 8th. Finally, Jefferies Financial Group restated a “hold” rating and issued a $227.00 price target on shares of Old Dominion Freight Line in a research report on Thursday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, thirteen have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $226.55.

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.