Old Dominion Freight Line (NASDAQ:ODFL) SVP Cecil Jr. Overbey Sells 19,952 Shares of Stock

Old Dominion Freight Line, Inc. (NASDAQ:ODFL) SVP Cecil Jr. Overbey sold 19,952 shares of the stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $198.39, for a total transaction of $3,958,277.28. Following the completion of the transaction, the senior vice president owned 22,746 shares in the company, valued at approximately $4,512,578.94. This trade represents a 46.73% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link.

Old Dominion Freight Line Trading Up 0.5%

ODFL opened at $199.43 on Thursday. Old Dominion Freight Line, Inc. has a 12-month low of $126.01 and a 12-month high of $252.03. The firm has a market capitalization of $41.35 billion, a PE ratio of 38.43, a P/E/G ratio of 3.45 and a beta of 1.18. The firm has a 50 day moving average of $218.44 and a two-hundred day moving average of $210.62.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its quarterly earnings data on Wednesday, July 29th. The transportation company reported $1.68 EPS for the quarter, beating the consensus estimate of $1.54 by $0.14. The business had revenue of $1.55 billion during the quarter, compared to analysts’ expectations of $1.54 billion. Old Dominion Freight Line had a net margin of 19.44% and a return on equity of 24.87%. The business’s quarterly revenue was up 10.4% compared to the same quarter last year. During the same period in the previous year, the business posted $1.27 EPS. As a group, analysts predict that Old Dominion Freight Line, Inc. will post 5.78 EPS for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 16th. Investors of record on Wednesday, September 2nd will be given a dividend of $0.29 per share. The ex-dividend date is Wednesday, September 2nd. This represents a $1.16 dividend on an annualized basis and a yield of 0.6%. Old Dominion Freight Line’s payout ratio is currently 22.35%.

Analysts Set New Price Targets

ODFL has been the subject of a number of recent research reports. Morgan Stanley reiterated an “equal weight” rating and set a $245.00 price objective (up from $235.00) on shares of Old Dominion Freight Line in a research note on Monday, July 6th. The Goldman Sachs Group restated a “buy” rating and issued a $244.00 target price on shares of Old Dominion Freight Line in a research note on Wednesday, July 29th. Susquehanna raised their target price on Old Dominion Freight Line from $224.00 to $228.00 and gave the stock a “neutral” rating in a report on Tuesday, July 14th. Zacks Research upgraded Old Dominion Freight Line from a “hold” rating to a “strong-buy” rating in a research report on Friday, July 31st. Finally, Benchmark reiterated a “hold” rating on shares of Old Dominion Freight Line in a research report on Thursday, June 4th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, thirteen have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, Old Dominion Freight Line has an average rating of “Hold” and a consensus price target of $226.55.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ODFL. California State Teachers Retirement System raised its holdings in Old Dominion Freight Line by 21,008.4% in the 2nd quarter. California State Teachers Retirement System now owns 63,865,160 shares of the transportation company’s stock worth $13,833,194,000 after purchasing an additional 63,562,602 shares during the period. BlackRock Inc. purchased a new position in Old Dominion Freight Line during the second quarter worth approximately $3,416,007,000. Norges Bank acquired a new stake in Old Dominion Freight Line in the fourth quarter valued at approximately $444,983,000. Bank of New York Mellon Corp acquired a new stake in Old Dominion Freight Line in the second quarter valued at approximately $543,289,000. Finally, Boston Partners purchased a new stake in shares of Old Dominion Freight Line in the third quarter valued at approximately $292,599,000. Hedge funds and other institutional investors own 77.82% of the company’s stock.

About Old Dominion Freight Line

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.