Old Dominion Freight Line (NASDAQ:ODFL) Director Bradley Gabosch Sells 3,134 Shares

Old Dominion Freight Line, Inc. (NASDAQ:ODFL) Director Bradley Gabosch sold 3,134 shares of the company’s stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $194.27, for a total transaction of $608,842.18. Following the transaction, the director owned 11,278 shares in the company, valued at $2,190,977.06. The trade was a 21.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Old Dominion Freight Line Price Performance

Shares of ODFL stock traded up $1.36 during midday trading on Thursday, reaching $195.17. 1,840,209 shares of the company traded hands, compared to its average volume of 2,430,333. The firm’s 50 day simple moving average is $173.61 and its two-hundred day simple moving average is $153.62. The firm has a market cap of $40.81 billion, a PE ratio of 40.41, a price-to-earnings-growth ratio of 9.64 and a beta of 1.28. Old Dominion Freight Line, Inc. has a 1-year low of $126.01 and a 1-year high of $208.74.

Old Dominion Freight Line (NASDAQ:ODFL) last released its quarterly earnings results on Wednesday, February 4th. The transportation company reported $1.09 earnings per share for the quarter, topping analysts’ consensus estimates of $1.06 by $0.03. The business had revenue of $1.31 billion for the quarter, compared to analysts’ expectations of $1.30 billion. Old Dominion Freight Line had a return on equity of 24.03% and a net margin of 18.62%.The company’s revenue was down 5.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.23 EPS. As a group, research analysts anticipate that Old Dominion Freight Line, Inc. will post 5.68 earnings per share for the current fiscal year.

Old Dominion Freight Line Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 18th. Stockholders of record on Wednesday, March 4th will be paid a dividend of $0.29 per share. This is a boost from Old Dominion Freight Line’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend is Wednesday, March 4th. This represents a $1.16 annualized dividend and a dividend yield of 0.6%. Old Dominion Freight Line’s dividend payout ratio is presently 23.19%.

Analysts Set New Price Targets

ODFL has been the subject of several recent research reports. Morgan Stanley restated an “overweight” rating and set a $209.00 target price (up from $190.00) on shares of Old Dominion Freight Line in a report on Wednesday, February 4th. Wolfe Research set a $138.00 price target on shares of Old Dominion Freight Line in a research report on Thursday, January 8th. Zacks Research raised shares of Old Dominion Freight Line from a “strong sell” rating to a “hold” rating in a research note on Tuesday, February 10th. Evercore upped their target price on Old Dominion Freight Line from $150.00 to $200.00 and gave the company an “in-line” rating in a research note on Thursday, February 5th. Finally, Wells Fargo & Company increased their target price on Old Dominion Freight Line from $138.00 to $165.00 and gave the company an “underweight” rating in a report on Thursday, February 5th. Nine analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and four have assigned a Sell rating to the company. Based on data from MarketBeat, Old Dominion Freight Line has an average rating of “Hold” and an average target price of $189.88.

Institutional Trading of Old Dominion Freight Line

Hedge funds and other institutional investors have recently bought and sold shares of the company. T. Rowe Price Investment Management Inc. lifted its stake in shares of Old Dominion Freight Line by 11.0% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 3,680,719 shares of the transportation company’s stock worth $577,137,000 after purchasing an additional 365,424 shares during the period. Compound Planning Inc. acquired a new position in Old Dominion Freight Line in the fourth quarter valued at $255,000. Invesco Ltd. lifted its position in Old Dominion Freight Line by 3.8% during the fourth quarter. Invesco Ltd. now owns 2,965,900 shares of the transportation company’s stock worth $465,053,000 after buying an additional 107,501 shares during the period. Axxcess Wealth Management LLC boosted its stake in Old Dominion Freight Line by 8.1% in the 4th quarter. Axxcess Wealth Management LLC now owns 1,829 shares of the transportation company’s stock worth $287,000 after buying an additional 137 shares during the last quarter. Finally, Corient Private Wealth LLC boosted its stake in Old Dominion Freight Line by 20.9% in the 4th quarter. Corient Private Wealth LLC now owns 101,399 shares of the transportation company’s stock worth $15,899,000 after buying an additional 17,552 shares during the last quarter. 77.82% of the stock is owned by hedge funds and other institutional investors.

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.