Old Dominion Freight Line, Inc. $ODFL Holdings Increased by Provenance Wealth Advisors LLC

Provenance Wealth Advisors LLC increased its position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 39,625.0% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 3,178 shares of the transportation company’s stock after purchasing an additional 3,170 shares during the quarter. Provenance Wealth Advisors LLC’s holdings in Old Dominion Freight Line were worth $552,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in ODFL. BlackRock Inc. acquired a new stake in Old Dominion Freight Line during the 2nd quarter worth $3,416,007,000. Bank of New York Mellon Corp purchased a new stake in shares of Old Dominion Freight Line during the second quarter worth $543,289,000. Legal & General Group Plc purchased a new stake in shares of Old Dominion Freight Line during the second quarter worth $253,155,000. Caisse de depot et placement du Quebec purchased a new stake in shares of Old Dominion Freight Line during the second quarter worth $190,557,000. Finally, Bank of America Corp DE acquired a new stake in shares of Old Dominion Freight Line in the second quarter valued at about $160,147,000. 77.82% of the stock is owned by institutional investors and hedge funds.

Old Dominion Freight Line Stock Down 4.9%

Shares of NASDAQ:ODFL opened at $170.56 on Friday. The business has a fifty day moving average of $181.52 and a two-hundred day moving average of $201.49. The stock has a market cap of $35.37 billion, a P/E ratio of 30.68, a PEG ratio of 2.93 and a beta of 1.14. 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 posted its quarterly earnings results on Wednesday, October 28th. The transportation company reported $1.65 EPS for the quarter, topping the consensus estimate of $1.61 by $0.04. Old Dominion Freight Line had a return on equity of 25.92% and a net margin of 20.08%. The business had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.57 billion. During the same quarter in the previous year, the firm earned $1.28 EPS. The company’s quarterly revenue was up 13.1% compared to the same quarter last year. On average, equities analysts anticipate that Old Dominion Freight Line, Inc. will post 5.93 earnings per share for the current year.

Old Dominion Freight Line Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 16th. Investors of record on Wednesday, December 2nd will be issued a $0.29 dividend. The ex-dividend date of this dividend is Wednesday, December 2nd. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.7%. Old Dominion Freight Line’s dividend payout ratio is currently 20.86%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on ODFL. Zacks Research downgraded shares of Old Dominion Freight Line from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 28th. Evercore reaffirmed an “outperform” rating and set a $243.00 price objective (up from $237.00) on shares of Old Dominion Freight Line in a research note on Thursday, July 30th. BMO Capital Markets set a $235.00 price objective on shares of Old Dominion Freight Line in a research note on Wednesday, October 7th. Sanford C. Bernstein began coverage on shares of Old Dominion Freight Line in a report on Thursday, September 10th. They issued a “market perform” rating and a $200.00 price objective for the company. Finally, Barclays set a $200.00 target price on shares of Old Dominion Freight Line and gave the stock an “equal weight” rating in a research note on Thursday, October 29th. Ten investment analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $217.30.

Insider Activity

In related news, SVP Cecil Overbey, Jr. sold 19,952 shares of the firm’s stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $198.39, for a total transaction of $3,958,277.28. Following the completion of the sale, the senior vice president directly owned 22,746 shares in the company, valued at approximately $4,512,578.94. This trade represents a 46.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 8.20% of the company’s stock.

About Old Dominion Freight Line

Old Dominion Freight Line, Inc is a transportation company specializing in less-than-truckload (LTL) freight services. It transports shipments that do not require a full truck, serving business customers across a range of industries with regional, interregional and national freight transportation.

The company’s services include pickup and delivery, expedited transportation, container drayage and supply-chain solutions. Old Dominion also provides shipment tracking and other technology-enabled tools designed to support freight visibility and customer logistics management.

Founded in 1934 by Earl Congdon, Old Dominion Freight Line is headquartered in Thomasville, North Carolina.