Employees Retirement System of Texas Sells 4,600 Shares of Old Dominion Freight Line, Inc. $ODFL

by · The Cerbat Gem

Employees Retirement System of Texas trimmed its position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL – Free Report) by 1.6% during the fourth quarter, Holdings Channel reports. The institutional investor owned 285,219 shares of the transportation company’s stock after selling 4,600 shares during the quarter. Employees Retirement System of Texas’ holdings in Old Dominion Freight Line were worth $44,722,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. JPMorgan Chase & Co. boosted its position in Old Dominion Freight Line by 21.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,544,588 shares of the transportation company’s stock valued at $499,007,000 after buying an additional 622,275 shares during the last quarter. Truist Financial Corp boosted its position in Old Dominion Freight Line by 12.9% in the 3rd quarter. Truist Financial Corp now owns 88,119 shares of the transportation company’s stock valued at $12,405,000 after buying an additional 10,046 shares during the last quarter. Wilson Asset Management International PTY Ltd. bought a new position in Old Dominion Freight Line in the 3rd quarter valued at $4,307,000. Atlantic Union Bankshares Corp acquired a new position in shares of Old Dominion Freight Line in the 3rd quarter valued at $1,999,000. Finally, Citigroup Inc. lifted its stake in shares of Old Dominion Freight Line by 46.4% in the 3rd quarter. Citigroup Inc. now owns 1,040,681 shares of the transportation company’s stock valued at $146,507,000 after purchasing an additional 329,895 shares during the period. 77.82% of the stock is currently owned by institutional investors.

Old Dominion Freight Line Trading Up 2.9%

ODFL stock opened at $216.61 on Wednesday. The business’s 50-day moving average price is $202.49 and its two-hundred day moving average price is $180.56. The firm has a market cap of $45.05 billion, a PE ratio of 45.32, a P/E/G ratio of 4.31 and a beta of 1.17. Old Dominion Freight Line, Inc. has a 1-year low of $126.01 and a 1-year high of $233.79.

Old Dominion Freight Line (NASDAQ:ODFL – Get Free Report) last posted its earnings results on Wednesday, April 29th. The transportation company reported $1.14 earnings per share for the quarter, topping the consensus estimate of $1.05 by $0.09. The firm had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.31 billion. Old Dominion Freight Line had a return on equity of 23.42% and a net margin of 18.46%.The company’s revenue for the quarter was down 2.9% on a year-over-year basis. During the same period in the previous year, the company posted $1.19 earnings per share. On average, analysts forecast that Old Dominion Freight Line, Inc. will post 5.32 earnings per share for the current year.

Old Dominion Freight Line Announces Dividend

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

Analysts Set New Price Targets

A number of research firms have recently weighed in on ODFL. Argus raised Old Dominion Freight Line from a “hold” rating to a “buy” rating and set a $220.00 price target on the stock in a research note on Thursday, February 12th. TD Cowen reissued a “hold” rating and issued a $194.00 price target (up from $180.00) on shares of Old Dominion Freight Line in a research note on Thursday, April 30th. Robert W. Baird set a $229.00 price target on Old Dominion Freight Line and gave the company a “neutral” rating in a research note on Tuesday, April 28th. Jefferies Financial Group increased their price target on Old Dominion Freight Line from $210.00 to $230.00 and gave the company a “hold” rating in a research note on Wednesday, April 22nd. Finally, Raymond James Financial reissued an “outperform” rating and issued a $224.00 price target on shares of Old Dominion Freight Line in a research note on Thursday, April 30th. Eight investment analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, Old Dominion Freight Line has an average rating of “Hold” and an average target price of $206.29.

Get Our Latest Research Report on Old Dominion Freight Line

Insider Activity

In other Old Dominion Freight Line news, insider Earl E. Congdon sold 25,000 shares of Old Dominion Freight Line stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $196.13, for a total transaction of $4,903,250.00. Following the transaction, the insider directly owned 2,162,113 shares in the company, valued at approximately $424,055,222.69. The trade was a 1.14% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Greg C. Gantt sold 22,107 shares of Old Dominion Freight Line stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $191.52, for a total value of $4,233,932.64. Following the transaction, the director owned 88,551 shares in the company, valued at approximately $16,959,287.52. This represents a 19.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 10.00% of the company’s stock.

Old Dominion Freight Line Profile

(Free Report)

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.

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