Jefferies Financial Group Inc. Purchases New Position in Old Dominion Freight Line, Inc. $ODFL

Jefferies Financial Group Inc. purchased a new stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 7,557 shares of the transportation company’s stock, valued at approximately $1,064,000.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Financial Gravity Companies Inc. bought a new stake in shares of Old Dominion Freight Line in the 2nd quarter worth approximately $26,000. E Fund Management Hong Kong Co. Ltd. raised its holdings in shares of Old Dominion Freight Line by 175.7% during the third quarter. E Fund Management Hong Kong Co. Ltd. now owns 193 shares of the transportation company’s stock valued at $27,000 after acquiring an additional 123 shares in the last quarter. Westside Investment Management Inc. lifted its stake in Old Dominion Freight Line by 100.0% in the third quarter. Westside Investment Management Inc. now owns 196 shares of the transportation company’s stock worth $27,000 after acquiring an additional 98 shares during the period. Raiffeisen Bank International AG purchased a new stake in Old Dominion Freight Line in the third quarter worth $37,000. Finally, Zions Bancorporation National Association UT boosted its holdings in Old Dominion Freight Line by 273.5% in the third quarter. Zions Bancorporation National Association UT now owns 437 shares of the transportation company’s stock valued at $62,000 after acquiring an additional 320 shares in the last quarter. Hedge funds and other institutional investors own 77.82% of the company’s stock.

Old Dominion Freight Line Trading Down 6.6%

Shares of ODFL stock opened at $176.24 on Friday. The company’s fifty day moving average price is $186.50 and its 200-day moving average price is $159.01. The stock has a market cap of $36.73 billion, a PE ratio of 36.49, a price-to-earnings-growth ratio of 3.97 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 $221.63.

Old Dominion Freight Line (NASDAQ:ODFL) last issued 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 net margin of 18.62% and a return on equity of 24.03%. The company had revenue of $1.31 billion during the quarter, compared to analyst estimates of $1.30 billion. During the same period last year, the business earned $1.23 EPS. Old Dominion Freight Line’s quarterly revenue was down 5.7% compared to the same quarter last year. On average, sell-side analysts forecast 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 firm also recently announced a quarterly dividend, which will be paid on Wednesday, March 18th. Shareholders of record on Wednesday, March 4th will be paid a dividend of $0.29 per share. This is a positive change from Old Dominion Freight Line’s previous quarterly dividend of $0.28. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date of this dividend is Wednesday, March 4th. Old Dominion Freight Line’s payout ratio is 24.02%.

Analyst Ratings Changes

ODFL has been the topic of a number of research analyst reports. Zacks Research raised shares of Old Dominion Freight Line from a “strong sell” rating to a “hold” rating in a research report on Tuesday, February 10th. Evercore lifted their target price on shares of 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. Barclays set a $185.00 price target on shares of Old Dominion Freight Line in a research report on Thursday, February 5th. Rothschild & Co Redburn increased their price target on shares of Old Dominion Freight Line from $114.00 to $176.00 and gave the stock a “sell” rating in a research note on Friday, February 6th. Finally, UBS Group restated a “neutral” rating and issued a $202.00 price objective (up from $164.00) on shares of Old Dominion Freight Line in a report on Thursday, February 5th. Nine research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat.com, Old Dominion Freight Line has a consensus rating of “Hold” and an average target price of $191.08.

Insider Activity

In related news, Chairman David S. Congdon sold 52,000 shares of the company’s 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 sale, the chairman owned 712,800 shares in the company, valued at $138,832,056. This represents a 6.80% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Bradley R. Gabosch sold 3,134 shares of the firm’s stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $194.27, for a total value of $608,842.18. Following the transaction, the director directly owned 11,278 shares of the company’s stock, valued at approximately $2,190,977.06. This trade represents a 21.75% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 80,134 shares of company stock worth $15,640,132. Insiders own 10.00% of the company’s stock.

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.