Evernest Financial Advisors LLC Takes $422,000 Position in Old Dominion Freight Line, Inc. $ODFL

Evernest Financial Advisors LLC purchased a new position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 3,000 shares of the transportation company’s stock, valued at approximately $422,000.

Other institutional investors have also added to or reduced their stakes in the company. Victory Capital Management Inc. lifted its holdings in shares of Old Dominion Freight Line by 1.8% during the third quarter. Victory Capital Management Inc. now owns 162,653 shares of the transportation company’s stock worth $22,898,000 after buying an additional 2,837 shares in the last quarter. Focus Partners Advisor Solutions LLC increased its position in Old Dominion Freight Line by 43.9% during the third quarter. Focus Partners Advisor Solutions LLC now owns 2,555 shares of the transportation company’s stock worth $350,000 after acquiring an additional 780 shares during the period. 111 Capital acquired a new stake in Old Dominion Freight Line in the 3rd quarter worth about $228,000. Smart Money Group LLC boosted its holdings in Old Dominion Freight Line by 11.0% in the 3rd quarter. Smart Money Group LLC now owns 6,363 shares of the transportation company’s stock valued at $896,000 after purchasing an additional 629 shares during the period. Finally, American Century Companies Inc. grew its position in shares of Old Dominion Freight Line by 11.2% during the 3rd quarter. American Century Companies Inc. now owns 375,352 shares of the transportation company’s stock worth $52,842,000 after purchasing an additional 37,740 shares in the last quarter. 77.82% of the stock is currently owned by institutional investors.

Old Dominion Freight Line Trading Up 0.1%

Shares of NASDAQ ODFL opened at $207.94 on Wednesday. The company has a market cap of $43.34 billion, a price-to-earnings ratio of 43.05, a PEG ratio of 10.36 and a beta of 1.23. Old Dominion Freight Line, Inc. has a 12 month low of $126.01 and a 12 month high of $209.15. The stock has a 50-day moving average price of $181.08 and a two-hundred day moving average price of $156.93.

Old Dominion Freight Line (NASDAQ:ODFL) last released its quarterly earnings data on Wednesday, February 4th. The transportation company reported $1.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.06 by $0.03. The business had revenue of $1.31 billion during the quarter, compared to analysts’ expectations of $1.30 billion. Old Dominion Freight Line had a net margin of 18.62% and a return on equity of 24.03%. The firm’s quarterly revenue was down 5.7% compared to the same quarter last year. During the same period in the prior year, the company earned $1.23 EPS. On average, sell-side analysts predict that Old Dominion Freight Line, Inc. will post 5.68 earnings per share for the current 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 $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date is Wednesday, March 4th. This is a positive change from Old Dominion Freight Line’s previous quarterly dividend of $0.28. Old Dominion Freight Line’s dividend payout ratio is currently 23.19%.

Insider Activity at Old Dominion Freight Line

In related news, Chairman David S. Congdon sold 52,000 shares of the business’s stock in a transaction on Thursday, February 19th. The stock was sold at an average price of $194.77, for a total transaction of $10,128,040.00. Following the sale, the chairman owned 712,800 shares in the company, valued at $138,832,056. The trade was a 6.80% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Earl E. Congdon sold 25,000 shares of the company’s stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $196.13, for a total value of $4,903,250.00. Following the completion of the transaction, the insider directly owned 2,162,113 shares of the company’s stock, valued at approximately $424,055,222.69. The trade was a 1.14% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 80,134 shares of company stock valued at $15,640,132 in the last 90 days. 10.00% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on ODFL shares. Stifel Nicolaus set a $217.00 price target on shares of Old Dominion Freight Line in a research report on Thursday, February 5th. Truist Financial set a $225.00 price objective on Old Dominion Freight Line in a report on Thursday, February 5th. Jefferies Financial Group upped their target price on Old Dominion Freight Line from $195.00 to $210.00 and gave the company a “hold” rating in a research report on Tuesday. Morgan Stanley restated an “overweight” rating and issued a $209.00 price target (up from $190.00) on shares of Old Dominion Freight Line in a research report on Wednesday, February 4th. Finally, Raymond James Financial upped their price objective on shares of Old Dominion Freight Line from $180.00 to $213.00 and gave the stock an “outperform” rating in a research report on Friday, February 6th. Nine research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and four have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $190.50.

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.