Ossiam Increases Holdings in Old Dominion Freight Line, Inc. $ODFL

Ossiam boosted its stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 3,535.3% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 123,929 shares of the transportation company’s stock after purchasing an additional 120,520 shares during the quarter. Ossiam’s holdings in Old Dominion Freight Line were worth $17,447,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. grew its holdings in shares of Old Dominion Freight Line by 21.3% in the third quarter. JPMorgan Chase & Co. now owns 3,544,588 shares of the transportation company’s stock valued at $499,007,000 after purchasing an additional 622,275 shares during the period. Truist Financial Corp boosted its holdings in Old Dominion Freight Line by 12.9% in 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. acquired a new position in Old Dominion Freight Line in the 3rd quarter valued at about $4,307,000. Atlantic Union Bankshares Corp purchased a new stake in shares of Old Dominion Freight Line in the 3rd quarter valued at approximately $1,999,000. Finally, Citigroup Inc. grew its stake in shares of Old Dominion Freight Line by 46.4% in 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 during the period. 77.82% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Bradley R. Gabosch sold 3,134 shares of the firm’s stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $194.27, for a total transaction of $608,842.18. Following the completion of the transaction, the director directly owned 11,278 shares in the company, valued at $2,190,977.06. This trade represents a 21.75% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, 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 value 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. This represents a 6.80% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 80,134 shares of company stock valued at $15,640,132. Corporate insiders own 10.00% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. The Goldman Sachs Group reiterated a “buy” rating and issued a $195.00 price objective on shares of Old Dominion Freight Line in a report on Wednesday, February 4th. Wells Fargo & Company lifted their target price on Old Dominion Freight Line from $138.00 to $165.00 and gave the company an “underweight” rating in a research report on Thursday, February 5th. Wall Street Zen raised Old Dominion Freight Line from a “sell” rating to a “hold” rating in a research note on Sunday, January 25th. Truist Financial set a $225.00 price target on Old Dominion Freight Line in a report on Thursday, February 5th. Finally, Citigroup restated a “neutral” rating and issued a $216.00 price objective (up from $196.00) on shares of Old Dominion Freight Line in a report on Friday, February 6th. Nine analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and four have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $191.08.

Old Dominion Freight Line Stock Performance

Old Dominion Freight Line stock opened at $180.75 on Friday. The company has a market capitalization of $37.67 billion, a PE ratio of 37.42, a price-to-earnings-growth ratio of 3.70 and a beta of 1.23. Old Dominion Freight Line, Inc. has a fifty-two week low of $126.01 and a fifty-two week high of $221.63. The firm has a 50 day moving average price of $186.93 and a 200 day moving average price of $159.19.

Old Dominion Freight Line (NASDAQ:ODFL) last released its quarterly earnings results on Wednesday, February 4th. The transportation company reported $1.09 EPS for the quarter, topping analysts’ consensus estimates of $1.06 by $0.03. Old Dominion Freight Line had a return on equity of 24.03% and a net margin of 18.62%.The company had revenue of $1.31 billion for the quarter, compared to analysts’ expectations of $1.30 billion. During the same period in the prior year, the firm earned $1.23 earnings per share. The firm’s revenue was down 5.7% compared to the same quarter last year. As a group, equities research analysts forecast that Old Dominion Freight Line, Inc. will post 5.68 earnings per share 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. Investors of record on Wednesday, March 4th will be paid a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend is Wednesday, March 4th. This is a positive change from Old Dominion Freight Line’s previous quarterly dividend of $0.28. Old Dominion Freight Line’s dividend payout ratio is currently 24.02%.

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.