CIBC Private Wealth Group LLC Has $614.76 Million Stake in Old Dominion Freight Line, Inc. $ODFL

CIBC Private Wealth Group LLC grew its position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 21.6% during the third quarter, HoldingsChannel reports. The firm owned 4,366,843 shares of the transportation company’s stock after buying an additional 776,004 shares during the period. Old Dominion Freight Line comprises approximately 1.1% of CIBC Private Wealth Group LLC’s portfolio, making the stock its 14th largest holding. CIBC Private Wealth Group LLC’s holdings in Old Dominion Freight Line were worth $614,764,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the company. JPMorgan Chase & Co. grew its holdings in Old Dominion Freight Line by 21.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,544,588 shares of the transportation company’s stock worth $499,007,000 after acquiring an additional 622,275 shares during the period. Truist Financial Corp raised its position in shares of 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 worth $12,405,000 after acquiring an additional 10,046 shares in the last quarter. Wilson Asset Management International PTY Ltd. acquired a new position in shares of Old Dominion Freight Line in the 3rd quarter valued at about $4,307,000. Atlantic Union Bankshares Corp bought a new stake in shares of Old Dominion Freight Line during the 3rd quarter valued at about $1,999,000. Finally, Citigroup Inc. boosted its position in shares of Old Dominion Freight Line by 46.4% during 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 in the last quarter. 77.82% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have weighed in on ODFL shares. Robert W. Baird downgraded Old Dominion Freight Line from a “neutral” rating to an “underperform” rating and lifted their target price for the stock from $166.00 to $204.00 in a report on Thursday, February 5th. Wells Fargo & Company increased their price target on Old Dominion Freight Line from $138.00 to $165.00 and gave the stock an “underweight” rating in a report on Thursday, February 5th. Deutsche Bank Aktiengesellschaft downgraded shares of Old Dominion Freight Line from a “buy” rating to a “hold” rating and set a $205.00 price objective for the company. in a research report on Thursday, February 5th. Wall Street Zen upgraded shares of Old Dominion Freight Line from a “sell” rating to a “hold” rating in a research report on Sunday, January 25th. Finally, UBS Group reissued a “neutral” rating and set a $202.00 target price (up from $164.00) on shares of Old Dominion Freight Line in a research note on Thursday, February 5th. Nine investment analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat, Old Dominion Freight Line presently has a consensus rating of “Hold” and a consensus price target of $191.08.

Insider Buying and Selling

In related news, Chairman David S. Congdon sold 52,000 shares of Old Dominion Freight Line stock in a transaction on Thursday, February 19th. The shares were sold at an average price of $194.77, for a total value of $10,128,040.00. Following the completion of the sale, the chairman owned 712,800 shares of the company’s stock, valued at approximately $138,832,056. This trade represents a 6.80% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Bradley R. Gabosch sold 3,134 shares of Old Dominion Freight Line stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $194.27, for a total transaction of $608,842.18. Following the completion of the sale, the director directly owned 11,278 shares of the company’s stock, valued at approximately $2,190,977.06. The trade was a 21.75% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 80,134 shares of company stock worth $15,640,132 in the last ninety days. Corporate insiders own 10.00% of the company’s stock.

Old Dominion Freight Line Price Performance

Shares of Old Dominion Freight Line stock opened at $184.43 on Wednesday. The business has a 50-day simple moving average of $187.62 and a 200 day simple moving average of $159.73. Old Dominion Freight Line, Inc. has a one year low of $126.01 and a one year high of $221.63. The firm has a market capitalization of $38.44 billion, a price-to-earnings ratio of 38.18, a PEG ratio of 3.83 and a beta of 1.23.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its quarterly earnings results on Wednesday, February 4th. The transportation company reported $1.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.06 by $0.03. Old Dominion Freight Line had a return on equity of 24.03% and a net margin of 18.62%.The business had revenue of $1.31 billion for the quarter, compared to analyst estimates of $1.30 billion. During the same quarter in the prior year, the company earned $1.23 earnings per share. The company’s quarterly revenue was down 5.7% on a year-over-year basis. On average, sell-side analysts expect that Old Dominion Freight Line, Inc. will post 5.68 EPS for the current year.

Old Dominion Freight Line Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, March 18th. Investors of record on Wednesday, March 4th will be issued a $0.29 dividend. The ex-dividend date is Wednesday, March 4th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.6%. This is an increase from Old Dominion Freight Line’s previous quarterly dividend of $0.28. Old Dominion Freight Line’s dividend payout ratio (DPR) is 24.02%.

Old Dominion Freight Line 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.