Midwest Trust Co Buys 10,496 Shares of Old Dominion Freight Line, Inc. $ODFL

Midwest Trust Co boosted its stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 26.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 50,885 shares of the transportation company’s stock after purchasing an additional 10,496 shares during the period. Midwest Trust Co’s holdings in Old Dominion Freight Line were worth $9,943,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the company. Evolution Wealth Management Inc. purchased a new position in shares of Old Dominion Freight Line in the first quarter worth approximately $29,000. Reflection Asset Management bought a new position in Old Dominion Freight Line in the 4th quarter worth $28,000. DT Investment Partners LLC boosted its stake in shares of Old Dominion Freight Line by 600.0% in the fourth quarter. DT Investment Partners LLC now owns 210 shares of the transportation company’s stock worth $33,000 after acquiring an additional 180 shares during the period. DV Equities LLC bought a new position in Old Dominion Freight Line in the 4th quarter worth approximately $40,000. Finally, Torren Management LLC bought a new position in shares of Old Dominion Freight Line during the fourth quarter worth $41,000. Institutional investors own 77.82% of the company’s stock.

Old Dominion Freight Line Price Performance

ODFL opened at $227.63 on Monday. The firm’s 50-day moving average price is $218.73 and its 200-day moving average price is $199.90. The company has a market cap of $47.34 billion, a P/E ratio of 47.62, a price-to-earnings-growth ratio of 4.16 and a beta of 1.18. Old Dominion Freight Line, Inc. has a 52-week low of $126.01 and a 52-week high of $252.03.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its quarterly earnings data on Wednesday, April 29th. The transportation company reported $1.14 EPS for the quarter, topping the consensus estimate of $1.05 by $0.09. The business had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.31 billion. Old Dominion Freight Line had a net margin of 18.46% and a return on equity of 23.42%. The business’s revenue for the quarter was down 2.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.19 earnings per share. On average, research analysts anticipate that Old Dominion Freight Line, Inc. will post 5.5 EPS for the current fiscal year.

Old Dominion Freight Line Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 17th. Shareholders of record on Wednesday, June 3rd were paid a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a yield of 0.5%. The ex-dividend date was Wednesday, June 3rd. Old Dominion Freight Line’s payout ratio is presently 24.27%.

Insider Transactions at Old Dominion Freight Line

In related news, Director Greg C. Gantt sold 22,107 shares of the business’s stock in a transaction on Monday, May 4th. The shares were sold at an average price of $191.52, for a total transaction of $4,233,932.64. Following the completion of the transaction, the director directly owned 88,551 shares in the company, valued at $16,959,287.52. The trade was a 19.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 10.00% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages recently commented on ODFL. Rothschild & Co Redburn dropped their price target on Old Dominion Freight Line from $176.00 to $172.00 and set a “sell” rating for the company in a research note on Tuesday, May 12th. Stephens reiterated an “overweight” rating and set a $240.00 price target (up from $232.00) on shares of Old Dominion Freight Line in a report on Thursday, April 30th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Old Dominion Freight Line in a research report on Tuesday, April 14th. Stifel Nicolaus raised their target price on shares of Old Dominion Freight Line from $228.00 to $232.00 in a research report on Thursday, April 30th. Finally, The Goldman Sachs Group restated a “buy” rating and set a $235.00 price target (up from $209.00) on shares of Old Dominion Freight Line in a research note on Tuesday, June 23rd. Ten research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Old Dominion Freight Line currently has a consensus rating of “Hold” and a consensus price target of $220.00.

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.