42,057 Old Dominion Freight Line, Inc. $ODFL Shares Bought by CX Institutional

CX Institutional increased its position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 4,403.9% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 43,012 shares of the transportation company’s stock after acquiring an additional 42,057 shares during the period. CX Institutional’s holdings in Old Dominion Freight Line were worth $7,477,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Bell Investment Advisors Inc purchased a new stake in Old Dominion Freight Line during the 2nd quarter valued at $25,000. Solstein Capital LLC purchased a new position in shares of Old Dominion Freight Line in the second quarter worth $26,000. EFG International AG bought a new position in shares of Old Dominion Freight Line during the second quarter valued at $29,000. Transamerica Financial Advisors LLC bought a new position in shares of Old Dominion Freight Line during the second quarter valued at $30,000. Finally, Annis Gardner Whiting Capital Advisors LLC boosted its position in shares of Old Dominion Freight Line by 80.5% during the first quarter. Annis Gardner Whiting Capital Advisors LLC now owns 139 shares of the transportation company’s stock valued at $27,000 after buying an additional 62 shares during the last quarter. 77.82% of the stock is owned by institutional investors.

Insider Activity at Old Dominion Freight Line

In other news, SVP Cecil Overbey, Jr. sold 19,952 shares of the stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $198.39, for a total value of $3,958,277.28. Following the transaction, the senior vice president owned 22,746 shares in the company, valued at $4,512,578.94. This represents a 46.73% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 8.20% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities research analysts recently commented on ODFL shares. Benchmark reiterated a “hold” rating on shares of Old Dominion Freight Line in a report on Thursday, June 4th. Argus upped their target price on shares of Old Dominion Freight Line from $220.00 to $260.00 and gave the company a “buy” rating in a research note on Thursday, June 18th. Evercore reaffirmed an “outperform” rating and set a $243.00 price target (up from $237.00) on shares of Old Dominion Freight Line in a report on Thursday, July 30th. Wells Fargo & Company upgraded shares of Old Dominion Freight Line from an “underweight” rating to an “overweight” rating and lifted their price target for the stock from $235.00 to $250.00 in a research note on Wednesday, July 8th. Finally, Jefferies Financial Group reissued a “hold” rating and set a $227.00 price objective (down from $250.00) on shares of Old Dominion Freight Line in a report on Thursday, July 30th. Ten analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $226.35.

Old Dominion Freight Line Price Performance

Shares of ODFL traded up $2.38 during trading hours on Friday, hitting $180.48. The stock had a trading volume of 1,951,743 shares, compared to its average volume of 2,014,748. Old Dominion Freight Line, Inc. has a 12 month low of $126.01 and a 12 month high of $252.03. The firm has a market capitalization of $37.42 billion, a PE ratio of 34.77, a PEG ratio of 2.92 and a beta of 1.20. The stock has a fifty day moving average price of $196.69 and a 200 day moving average price of $208.00.

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

Old Dominion Freight Line Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 16th. Stockholders of record on Wednesday, September 2nd were given a dividend of $0.29 per share. The ex-dividend date of this dividend was Wednesday, September 2nd. This represents a $1.16 annualized dividend and a dividend yield of 0.6%. Old Dominion Freight Line’s dividend payout ratio is presently 22.35%.

About Old Dominion Freight Line

Old Dominion Freight Line, Inc is a transportation and logistics company that specializes in regional, inter-regional and national less-than-truckload (LTL) services. The company transports shipments that do not require an entire truck, serving commercial, industrial and retail customers across the United States.

Its services include standard and expedited LTL transportation, freight brokerage, supply chain consulting, container drayage and warehousing. Old Dominion supports customers through a network of service centers, terminals and distribution facilities, providing pickup, line-haul and delivery capabilities for a broad range of freight.

Founded in 1934 by Earl Congdon, the company is headquartered in Thomasville, North Carolina.