Russell Investments Group Ltd. Sells 41,125 Shares of Old Dominion Freight Line, Inc. $ODFL

Russell Investments Group Ltd. trimmed its holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 14.1% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 250,292 shares of the transportation company’s stock after selling 41,125 shares during the quarter. Russell Investments Group Ltd. owned approximately 0.12% of Old Dominion Freight Line worth $35,240,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in ODFL. Financial Gravity Companies Inc. bought a new position in shares of Old Dominion Freight Line during the second quarter worth $26,000. E Fund Management Hong Kong Co. Ltd. increased its holdings in Old Dominion Freight Line by 175.7% in the 3rd quarter. E Fund Management Hong Kong Co. Ltd. now owns 193 shares of the transportation company’s stock valued at $27,000 after acquiring an additional 123 shares during the last quarter. Westside Investment Management Inc. lifted its stake in Old Dominion Freight Line by 100.0% in the 3rd quarter. Westside Investment Management Inc. now owns 196 shares of the transportation company’s stock worth $27,000 after purchasing an additional 98 shares in the last quarter. Raiffeisen Bank International AG purchased a new stake in Old Dominion Freight Line in the 3rd quarter worth $37,000. Finally, Zions Bancorporation National Association UT boosted its holdings in shares of Old Dominion Freight Line by 273.5% during the 3rd quarter. Zions Bancorporation National Association UT now owns 437 shares of the transportation company’s stock valued at $62,000 after purchasing an additional 320 shares during the last quarter. 77.82% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have recently issued reports on ODFL. Rothschild & Co Redburn lifted their target price on Old Dominion Freight Line from $114.00 to $176.00 and gave the stock a “sell” rating in a report on Friday, February 6th. UBS Group restated a “neutral” rating and set a $202.00 price target (up from $164.00) on shares of Old Dominion Freight Line in a report on Thursday, February 5th. Morgan Stanley reaffirmed an “overweight” rating and issued a $209.00 price objective (up from $190.00) on shares of Old Dominion Freight Line in a research note on Wednesday, February 4th. Susquehanna reaffirmed a “neutral” rating and set a $205.00 price objective (up from $185.00) on shares of Old Dominion Freight Line in a report on Wednesday, February 11th. Finally, Stephens reissued an “overweight” rating and issued a $232.00 target price on shares of Old Dominion Freight Line in a report on Thursday, February 5th. Nine analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and four have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $191.08.

Old Dominion Freight Line Trading Down 3.2%

NASDAQ ODFL opened at $188.78 on Thursday. The stock has a market cap of $39.35 billion, a PE ratio of 39.08, a PEG ratio of 4.10 and a beta of 1.23. Old Dominion Freight Line, Inc. has a 12 month low of $126.01 and a 12 month high of $221.63. The company’s 50-day moving average price is $186.11 and its 200-day moving average price is $158.89.

Old Dominion Freight Line (NASDAQ:ODFL) last released its quarterly earnings data on Wednesday, February 4th. The transportation company reported $1.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.06 by $0.03. The company had revenue of $1.31 billion during the quarter, compared to analysts’ expectations of $1.30 billion. Old Dominion Freight Line had a net margin of 18.62% and a return on equity of 24.03%. The firm’s quarterly revenue was down 5.7% on a year-over-year basis. During the same period in the previous year, the company earned $1.23 EPS. As a group, sell-side 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 disclosed a quarterly dividend, which will be paid on Wednesday, March 18th. Investors of record on Wednesday, March 4th will be paid a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 0.6%. This is an increase from Old Dominion Freight Line’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend is Wednesday, March 4th. Old Dominion Freight Line’s payout ratio is currently 24.02%.

Insiders Place Their Bets

In other Old Dominion Freight Line news, Chairman David S. Congdon sold 52,000 shares of the firm’s 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 transaction, the chairman owned 712,800 shares of the company’s stock, valued at approximately $138,832,056. This trade represents 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 company’s stock in a transaction on Wednesday, February 18th. The stock was sold at an average price of $194.27, for a total value of $608,842.18. Following the sale, the director owned 11,278 shares of the company’s stock, valued at approximately $2,190,977.06. This represents a 21.75% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 80,134 shares of company stock worth $15,640,132 in the last ninety days. 10.00% of the stock is owned by company insiders.

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.