PNC Financial Services Group Inc. Buys 3,015 Shares of Old Dominion Freight Line, Inc. $ODFL

PNC Financial Services Group Inc. grew its position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 11.6% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 28,962 shares of the transportation company’s stock after purchasing an additional 3,015 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Old Dominion Freight Line were worth $5,659,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Annis Gardner Whiting Capital Advisors LLC grew its stake in Old Dominion Freight Line by 80.5% in the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 139 shares of the transportation company’s stock valued at $27,000 after buying an additional 62 shares during the last quarter. Reflection Asset Management bought a new position in Old Dominion Freight Line in the 4th quarter worth $28,000. Evolution Wealth Management Inc. acquired a new position in Old Dominion Freight Line during the 1st quarter worth $29,000. DT Investment Partners LLC lifted its position in Old Dominion Freight Line by 600.0% during the 4th quarter. DT Investment Partners LLC now owns 210 shares of the transportation company’s stock worth $33,000 after acquiring an additional 180 shares during the last quarter. Finally, Cassaday & Co Wealth Management LLC bought a new stake in Old Dominion Freight Line during the first quarter valued at about $39,000. 77.82% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

ODFL has been the topic of several research analyst reports. Evercore raised Old Dominion Freight Line from an “in-line” rating to an “outperform” rating in a research report on Wednesday, July 1st. BMO Capital Markets reissued an “outperform” rating and set a $230.00 price objective on shares of Old Dominion Freight Line in a research report on Thursday, June 4th. Weiss Ratings restated a “hold (c)” rating on shares of Old Dominion Freight Line in a research note on Friday, July 10th. UBS Group raised their target price on Old Dominion Freight Line from $216.00 to $224.00 and gave the company a “neutral” rating in a report on Tuesday, July 7th. Finally, TD Cowen reaffirmed a “hold” rating on shares of Old Dominion Freight Line in a research report on Wednesday, June 3rd. Ten investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $223.04.

Old Dominion Freight Line Price Performance

NASDAQ ODFL opened at $232.99 on Monday. The firm has a market capitalization of $48.45 billion, a price-to-earnings ratio of 48.74, a P/E/G ratio of 4.21 and a beta of 1.18. The company’s fifty day moving average is $225.49 and its two-hundred day moving average is $205.06. Old Dominion Freight Line, Inc. has a 52-week low of $126.01 and a 52-week high of $252.03.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its quarterly earnings data on Wednesday, April 29th. The transportation company reported $1.14 EPS for the quarter, beating analysts’ consensus estimates of $1.05 by $0.09. Old Dominion Freight Line had a net margin of 18.46% and a return on equity of 23.42%. The business had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.31 billion. During the same quarter in the prior year, the business earned $1.19 earnings per share. The firm’s revenue for the quarter was down 2.9% on a year-over-year basis. As a group, sell-side analysts expect that Old Dominion Freight Line, Inc. will post 5.56 earnings per share for the current fiscal year.

Old Dominion Freight Line Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 16th. Investors of record on Wednesday, September 2nd will be paid a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a yield of 0.5%. The ex-dividend date is Wednesday, September 2nd. Old Dominion Freight Line’s payout ratio is currently 24.27%.

Insider Transactions at Old Dominion Freight Line

In other Old Dominion Freight Line news, Director Greg C. Gantt sold 22,107 shares of the company’s stock in a transaction that occurred on Monday, May 4th. The stock was 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 of the company’s stock, valued at $16,959,287.52. This represents a 19.98% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 10.00% of the stock is owned by corporate insiders.

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.