Korea Investment CORP Sells 43,471 Shares of Old Dominion Freight Line, Inc. $ODFL

Korea Investment CORP lessened its holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 42.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 58,780 shares of the transportation company’s stock after selling 43,471 shares during the quarter. Korea Investment CORP’s holdings in Old Dominion Freight Line were worth $8,275,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. Crossmark Global Holdings Inc. grew its position in shares of Old Dominion Freight Line by 3.3% during the 3rd quarter. Crossmark Global Holdings Inc. now owns 8,410 shares of the transportation company’s stock worth $1,184,000 after buying an additional 268 shares during the period. Advisory Alpha LLC lifted its holdings in Old Dominion Freight Line by 124.8% in the third quarter. Advisory Alpha LLC now owns 3,170 shares of the transportation company’s stock valued at $446,000 after buying an additional 1,760 shares during the period. Evernest Financial Advisors LLC bought a new position in Old Dominion Freight Line in the third quarter valued at approximately $422,000. Victory Capital Management Inc. boosted its stake in Old Dominion Freight Line by 1.8% in the third quarter. Victory Capital Management Inc. now owns 162,653 shares of the transportation company’s stock valued at $22,898,000 after acquiring an additional 2,837 shares during the last quarter. Finally, Focus Partners Advisor Solutions LLC grew its holdings in Old Dominion Freight Line by 43.9% during the 3rd quarter. Focus Partners Advisor Solutions LLC now owns 2,555 shares of the transportation company’s stock worth $350,000 after acquiring an additional 780 shares during the period. Institutional investors and hedge funds own 77.82% of the company’s stock.

Analyst Ratings Changes

Several brokerages have commented on ODFL. Barclays set a $185.00 target price on shares of Old Dominion Freight Line in a research report on Thursday, February 5th. Raymond James Financial lifted their price objective on Old Dominion Freight Line from $180.00 to $213.00 and gave the stock an “outperform” rating in a research note on Friday, February 6th. UBS Group reiterated a “neutral” rating and issued a $202.00 price objective (up from $164.00) on shares of Old Dominion Freight Line in a report on Thursday, February 5th. Citigroup reissued a “neutral” rating and issued a $216.00 target price (up from $196.00) on shares of Old Dominion Freight Line in a research note on Friday, February 6th. Finally, Argus upgraded Old Dominion Freight Line from a “hold” rating to a “buy” rating and set a $220.00 target price on the stock in a report on Thursday, February 12th. 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 stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $191.08.

Insider Transactions at Old Dominion Freight Line

In other news, Chairman David S. Congdon sold 52,000 shares of Old Dominion Freight Line 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 transaction, the chairman owned 712,800 shares in the company, valued at $138,832,056. The trade was a 6.80% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Bradley R. Gabosch sold 3,134 shares of the business’s stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $194.27, for a total value of $608,842.18. Following the completion of the transaction, the director owned 11,278 shares of the company’s stock, valued at $2,190,977.06. This represents a 21.75% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 80,134 shares of company stock valued at $15,640,132 over the last 90 days. 10.00% of the stock is owned by company insiders.

Old Dominion Freight Line Stock Down 3.2%

Shares of ODFL stock opened at $188.78 on Thursday. Old Dominion Freight Line, Inc. has a 12-month low of $126.01 and a 12-month high of $221.63. The firm has a fifty day moving average of $186.11 and a 200-day moving average of $158.89. The firm has a market capitalization of $39.35 billion, a price-to-earnings ratio of 39.08, a price-to-earnings-growth ratio of 4.10 and a beta of 1.23.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its quarterly earnings data on Wednesday, February 4th. The transportation company reported $1.09 EPS for the quarter, topping the consensus estimate of $1.06 by $0.03. The business had revenue of $1.31 billion for 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%.The firm’s revenue was down 5.7% compared to the same quarter last year. During the same quarter last year, the business posted $1.23 EPS. Research analysts expect that Old Dominion Freight Line, Inc. will post 5.68 earnings per share for the current 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 issued a $0.29 dividend. This represents a $1.16 annualized dividend and a dividend yield of 0.6%. This is an increase from Old Dominion Freight Line’s previous quarterly dividend of $0.28. The ex-dividend date is Wednesday, March 4th. Old Dominion Freight Line’s dividend payout ratio is currently 24.02%.

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.