Old Dominion Freight Line, Inc. $ODFL Stock Position Reduced by Janney Montgomery Scott LLC

Janney Montgomery Scott LLC lessened its stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 61.2% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 37,706 shares of the transportation company’s stock after selling 59,583 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Old Dominion Freight Line were worth $5,912,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. boosted its position in Old Dominion Freight Line by 21.3% during the third quarter. JPMorgan Chase & Co. now owns 3,544,588 shares of the transportation company’s stock valued at $499,007,000 after purchasing an additional 622,275 shares during the last quarter. Truist Financial Corp grew its stake in Old Dominion Freight Line by 12.9% in the third quarter. Truist Financial Corp now owns 88,119 shares of the transportation company’s stock valued at $12,405,000 after purchasing an additional 10,046 shares in the last quarter. Wilson Asset Management International PTY Ltd. acquired a new position in Old Dominion Freight Line in the 3rd quarter worth about $4,307,000. Atlantic Union Bankshares Corp purchased a new stake in shares of Old Dominion Freight Line during the 3rd quarter worth about $1,999,000. Finally, Citigroup Inc. raised its stake in shares of Old Dominion Freight Line by 46.4% during the 3rd quarter. Citigroup Inc. now owns 1,040,681 shares of the transportation company’s stock worth $146,507,000 after purchasing an additional 329,895 shares in the last quarter. Hedge funds and other institutional investors own 77.82% of the company’s stock.

Old Dominion Freight Line Trading Up 1.3%

NASDAQ ODFL opened at $222.78 on Friday. Old Dominion Freight Line, Inc. has a 1 year low of $126.01 and a 1 year high of $227.08. The company has a fifty day simple moving average of $198.69 and a 200 day simple moving average of $170.23. The company has a market cap of $46.40 billion, a P/E ratio of 46.12, a P/E/G ratio of 4.61 and a beta of 1.20.

Old Dominion Freight Line (NASDAQ:ODFL) last released its earnings results on Wednesday, February 4th. The transportation company reported $1.09 earnings per share for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $1.31 billion during the quarter, compared to analyst estimates of $1.30 billion. During the same quarter in the previous year, the business earned $1.23 EPS. The business’s revenue was down 5.7% on a year-over-year basis. Equities research analysts forecast that Old Dominion Freight Line, Inc. will post 5.13 EPS for the current fiscal year.

Old Dominion Freight Line Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 18th. Investors of record on Wednesday, March 4th were 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 was 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 24.02%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Raymond James Financial boosted their price target on Old Dominion Freight Line from $180.00 to $213.00 and gave the company an “outperform” rating in a research note on Friday, February 6th. 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. Stifel Nicolaus raised their price objective on shares of Old Dominion Freight Line from $217.00 to $228.00 and gave the company a “buy” rating in a research report on Thursday, April 16th. JPMorgan Chase & Co. lifted their target price on shares of Old Dominion Freight Line from $182.00 to $183.00 and gave the company a “neutral” rating in a research note on Tuesday, April 7th. Finally, Jefferies Financial Group boosted their target price on shares of Old Dominion Freight Line from $210.00 to $230.00 and gave the stock a “hold” rating in a research report on Wednesday. Nine equities research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat, Old Dominion Freight Line has an average rating of “Hold” and an average price target of $196.33.

Insider Activity at Old Dominion Freight Line

In other news, insider Earl E. Congdon sold 25,000 shares of the company’s stock in a transaction that occurred on Thursday, February 26th. The stock was sold at an average price of $196.13, for a total transaction of $4,903,250.00. Following the completion of the transaction, the insider directly owned 2,162,113 shares in the company, valued at $424,055,222.69. The trade was a 1.14% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Bradley R. Gabosch sold 3,134 shares of the 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 completion of the sale, the director directly owned 11,278 shares of the company’s stock, valued at $2,190,977.06. This represents a 21.75% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 80,134 shares of company stock worth $15,640,132 in the last 90 days. 10.00% of the stock is owned by company insiders.

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.