Oppenheimer & Co. Inc. Grows Stock Holdings in Old Dominion Freight Line, Inc. $ODFL

Oppenheimer & Co. Inc. increased its holdings in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 167.1% in the 4th quarter, Holdings Channel.com reports. The firm owned 6,870 shares of the transportation company’s stock after acquiring an additional 4,298 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Old Dominion Freight Line were worth $1,077,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. JPMorgan Chase & Co. grew its stake in shares of 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 purchasing an additional 622,275 shares during the last quarter. Truist Financial Corp lifted its holdings in shares of Old Dominion Freight Line by 12.9% in the third quarter. Truist Financial Corp now owns 88,119 shares of the transportation company’s stock valued at $12,405,000 after purchasing an additional 10,046 shares in the last quarter. Wilson Asset Management International PTY Ltd. acquired a new stake in shares of Old Dominion Freight Line during the third quarter valued at $4,307,000. Atlantic Union Bankshares Corp acquired a new stake in Old Dominion Freight Line during the third quarter worth approximately $1,999,000. Finally, Citigroup Inc. boosted its stake in 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 worth $146,507,000 after buying an additional 329,895 shares during the last quarter. 77.82% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Old Dominion Freight Line

In other news, Director Greg C. Gantt sold 22,107 shares of the 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 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 position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Chairman David S. Congdon sold 52,000 shares of the stock in a transaction that occurred on Thursday, February 19th. The stock was sold at an average price of $194.77, for a total value of $10,128,040.00. Following the completion of the transaction, the chairman directly owned 712,800 shares of the company’s stock, valued at approximately $138,832,056. The trade was a 6.80% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 102,241 shares of company stock worth $19,874,065. 10.00% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Evercore set a $219.00 price objective on Old Dominion Freight Line in a research note on Thursday, April 30th. Wells Fargo & Company lifted their price objective on shares of Old Dominion Freight Line from $200.00 to $205.00 and gave the stock an “equal weight” rating in a report on Thursday, April 30th. Benchmark reissued a “hold” rating on shares of Old Dominion Freight Line in a report on Wednesday, March 4th. Stephens reiterated an “overweight” rating and issued a $240.00 target price (up from $232.00) on shares of Old Dominion Freight Line in a research report on Thursday, April 30th. Finally, Robert W. Baird set a $229.00 price objective on shares of Old Dominion Freight Line and gave the company a “neutral” rating in a research report on Tuesday, April 28th. Eight investment analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $206.46.

Old Dominion Freight Line Stock Performance

NASDAQ:ODFL opened at $200.62 on Thursday. The company has a market capitalization of $41.79 billion, a P/E ratio of 41.97, a P/E/G ratio of 4.01 and a beta of 1.17. Old Dominion Freight Line, Inc. has a 52 week low of $126.01 and a 52 week high of $233.79. The stock’s 50 day moving average price is $201.03 and its 200 day moving average price is $174.26.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its quarterly earnings results on Wednesday, April 29th. The transportation company reported $1.14 earnings per share for the quarter, topping analysts’ consensus estimates of $1.05 by $0.09. Old Dominion Freight Line had a return on equity of 23.42% and a net margin of 18.46%.The company 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 firm earned $1.19 earnings per share. The business’s quarterly revenue was down 2.9% compared to the same quarter last year. As a group, sell-side analysts forecast that Old Dominion Freight Line, Inc. will post 5.32 earnings per share for the current fiscal year.

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.