Wealthfront Advisers LLC Buys 2,911 Shares of Old Dominion Freight Line, Inc. $ODFL

Wealthfront Advisers LLC increased its stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 11.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 29,059 shares of the transportation company’s stock after acquiring an additional 2,911 shares during the quarter. Wealthfront Advisers LLC’s holdings in Old Dominion Freight Line were worth $4,556,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Vanguard Group Inc. increased its position in Old Dominion Freight Line by 2.2% during the third quarter. Vanguard Group Inc. now owns 23,252,921 shares of the transportation company’s stock worth $3,273,546,000 after acquiring an additional 494,674 shares during the period. CIBC Private Wealth Group LLC increased its position in Old Dominion Freight Line by 21.6% during the third quarter. CIBC Private Wealth Group LLC now owns 4,366,843 shares of the transportation company’s stock worth $614,764,000 after acquiring an additional 776,004 shares during the period. JPMorgan Chase & Co. increased 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 worth $499,007,000 after acquiring an additional 622,275 shares during the period. Boston Partners bought a new position in Old Dominion Freight Line during the third quarter worth $292,599,000. Finally, Lazard Asset Management LLC increased its position in Old Dominion Freight Line by 6.2% during the third quarter. Lazard Asset Management LLC now owns 2,054,044 shares of the transportation company’s stock worth $289,168,000 after acquiring an additional 120,564 shares during the period. Institutional investors own 77.82% of the company’s stock.

Old Dominion Freight Line Trading Up 1.5%

Shares of ODFL opened at $212.43 on Friday. Old Dominion Freight Line, Inc. has a 1 year low of $126.01 and a 1 year high of $233.79. The stock has a 50 day simple moving average of $201.00 and a 200-day simple moving average of $172.87. The stock has a market cap of $44.25 billion, a PE ratio of 44.44, a PEG ratio of 4.37 and a beta of 1.20.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its earnings results on Wednesday, April 29th. The transportation company reported $1.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.05 by $0.09. Old Dominion Freight Line had a return on equity of 23.42% and a net margin of 18.46%.The business had revenue of $1.33 billion during the quarter, compared to analysts’ expectations of $1.31 billion. During the same period in the prior year, the firm posted $1.19 EPS. Old Dominion Freight Line’s quarterly revenue was down 2.9% compared to the same quarter last year. On average, sell-side analysts forecast that Old Dominion Freight Line, Inc. will post 5.15 EPS for the current fiscal year.

Old Dominion Freight Line Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 18th. Stockholders of record on Wednesday, March 4th were issued a $0.29 dividend. This represents a $1.16 annualized dividend and a dividend yield of 0.5%. The ex-dividend date of this dividend 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 payout ratio is currently 24.27%.

Insider Transactions at Old Dominion Freight Line

In other news, Director Bradley R. Gabosch sold 3,134 shares of the company’s stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $194.27, for a total value of $608,842.18. Following the sale, the director owned 11,278 shares of the company’s stock, valued at approximately $2,190,977.06. This represents a 21.75% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman David S. Congdon sold 52,000 shares of the company’s stock in a transaction dated Thursday, February 19th. The stock was sold at an average price of $194.77, for a total transaction of $10,128,040.00. Following the completion of the sale, the chairman directly owned 712,800 shares in the company, valued at approximately $138,832,056. The trade was a 6.80% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 80,134 shares of company stock valued at $15,640,132. 10.00% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on ODFL. Benchmark reaffirmed a “hold” rating on shares of Old Dominion Freight Line in a research report on Wednesday, March 4th. Rothschild & Co Redburn boosted their target price on shares of Old Dominion Freight Line from $114.00 to $176.00 and gave the stock a “sell” rating in a research report on Friday, February 6th. Jefferies Financial Group lifted their price target on shares of Old Dominion Freight Line from $210.00 to $230.00 and gave the stock a “hold” rating in a research note on Wednesday, April 22nd. Argus upgraded shares of Old Dominion Freight Line from a “hold” rating to a “buy” rating and set a $220.00 price target on the stock in a research note on Thursday, February 12th. Finally, Stephens reiterated an “overweight” rating and set a $240.00 price target (up from $232.00) on shares of Old Dominion Freight Line in a research note on Thursday. Eight analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, Old Dominion Freight Line currently has an average rating of “Hold” and an average price target of $203.21.

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.