Pittenger & Anderson Inc. Acquires 8,140 Shares of Old Dominion Freight Line, Inc. $ODFL

Pittenger & Anderson Inc. boosted its stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 3,700.0% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 8,360 shares of the transportation company’s stock after acquiring an additional 8,140 shares during the quarter. Pittenger & Anderson Inc.’s holdings in Old Dominion Freight Line were worth $1,634,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in ODFL. Citizens Financial Group Inc. RI increased its holdings in shares of Old Dominion Freight Line by 30.7% in the first quarter. Citizens Financial Group Inc. RI now owns 2,777 shares of the transportation company’s stock valued at $543,000 after purchasing an additional 653 shares in the last quarter. Midwest Trust Co boosted its position in Old Dominion Freight Line by 26.0% in the 1st quarter. Midwest Trust Co now owns 50,885 shares of the transportation company’s stock valued at $9,943,000 after buying an additional 10,496 shares during the last quarter. Fifth Third Bancorp increased its stake in shares of Old Dominion Freight Line by 484.3% in the 1st quarter. Fifth Third Bancorp now owns 39,218 shares of the transportation company’s stock valued at $7,663,000 after buying an additional 32,506 shares during the period. Markel Group Inc. increased its stake in shares of Old Dominion Freight Line by 1.8% in the 1st quarter. Markel Group Inc. now owns 429,150 shares of the transportation company’s stock valued at $83,856,000 after buying an additional 7,500 shares during the period. Finally, Candriam S.C.A. boosted its holdings in Old Dominion Freight Line by 7.5% in the first quarter. Candriam S.C.A. now owns 17,493 shares of the transportation company’s stock valued at $3,418,000 after acquiring an additional 1,215 shares during the last quarter. Institutional investors and hedge funds own 77.82% of the company’s stock.

Insider Activity

In related news, Director Greg C. Gantt sold 22,107 shares of the company’s stock in a transaction on Monday, May 4th. The shares were sold at an average price of $191.52, for a total value of $4,233,932.64. Following the completion of the sale, the director owned 88,551 shares in the company, valued at $16,959,287.52. This represents a 19.98% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 10.00% of the stock is owned by company insiders.

Old Dominion Freight Line Price Performance

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

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

Old Dominion Freight Line Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Stockholders of record on Wednesday, June 3rd were given a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date of this dividend was Wednesday, June 3rd. Old Dominion Freight Line’s dividend payout ratio (DPR) is currently 24.27%.

Wall Street Analysts Forecast Growth

ODFL has been the subject of a number of research reports. Rothschild & Co Redburn lowered their price objective on Old Dominion Freight Line from $176.00 to $172.00 and set a “sell” rating for the company in a research report on Tuesday, May 12th. JPMorgan Chase & Co. raised their target price on shares of Old Dominion Freight Line from $197.00 to $234.00 and gave the company a “neutral” rating in a research note on Monday, June 8th. Citigroup raised shares of Old Dominion Freight Line from a “sell” rating to a “neutral” rating and set a $228.00 price target for the company in a research note on Thursday. TD Cowen restated a “hold” rating on shares of Old Dominion Freight Line in a report on Wednesday, June 3rd. Finally, Wells Fargo & Company raised shares of Old Dominion Freight Line from an “underweight” rating to an “overweight” rating and raised their price objective for the company from $235.00 to $250.00 in a research note on Wednesday. Ten investment 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, the company has a consensus rating of “Hold” and an average price target of $220.00.

Old Dominion Freight Line Company 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.