David S. Congdon Sells 575 Shares of Old Dominion Freight Line, Inc. (ODFL) Stock

Old Dominion Freight Line, Inc. (NASDAQ:ODFL) Vice Chairman David S. Congdon sold 575 shares of the firm’s stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $97.83, for a total transaction of $56,252.25. Following the completion of the transaction, the insider now directly owns 9,516 shares of the company’s stock, valued at approximately $930,950.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Shares of Old Dominion Freight Line, Inc. (NASDAQ ODFL) traded down 0.67% on Friday, hitting $94.79. 323,471 shares of the stock were exchanged. The stock has a market cap of $7.81 billion, a price-to-earnings ratio of 24.55 and a beta of 1.08. Old Dominion Freight Line, Inc. has a 1-year low of $66.33 and a 1-year high of $103.51. The stock’s 50-day moving average is $97.19 and its 200-day moving average is $90.74.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its earnings results on Thursday, July 27th. The transportation company reported $1.19 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.10 by $0.09. The company had revenue of $839.90 million during the quarter, compared to the consensus estimate of $824.68 million. Old Dominion Freight Line had a net margin of 10.19% and a return on equity of 16.87%. The firm’s revenue for the quarter was up 11.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.98 earnings per share. Analysts forecast that Old Dominion Freight Line, Inc. will post $4.14 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 20th. Stockholders of record on Wednesday, September 6th will be issued a $0.10 dividend. The ex-dividend date is Friday, September 1st. This represents a $0.40 annualized dividend and a dividend yield of 0.42%. Old Dominion Freight Line’s dividend payout ratio is currently 10.39%.

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A number of research firms recently weighed in on ODFL. Zacks Investment Research downgraded shares of Old Dominion Freight Line from a “buy” rating to a “hold” rating in a research report on Wednesday, August 2nd. BidaskClub raised shares of Old Dominion Freight Line from a “sell” rating to a “hold” rating in a research report on Wednesday. Deutsche Bank AG downgraded shares of Old Dominion Freight Line from a “buy” rating to a “hold” rating and decreased their price objective for the company from $108.00 to $98.00 in a research report on Monday, July 31st. Credit Suisse Group reissued an “outperform” rating and issued a $109.00 price objective (up previously from $101.00) on shares of Old Dominion Freight Line in a research report on Thursday, July 13th. They noted that the move was a valuation call. Finally, Bank of America Corporation raised shares of Old Dominion Freight Line from an “underperform” rating to a “neutral” rating and lifted their price objective for the company from $83.00 to $96.00 in a research report on Tuesday, June 6th. Seven equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $97.67.

Several hedge funds have recently made changes to their positions in ODFL. BlackRock Inc. increased its stake in shares of Old Dominion Freight Line by 11,389.2% in the first quarter. BlackRock Inc. now owns 5,400,851 shares of the transportation company’s stock valued at $462,150,000 after buying an additional 5,353,843 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Old Dominion Freight Line by 1.0% in the second quarter. Vanguard Group Inc. now owns 5,372,428 shares of the transportation company’s stock valued at $511,669,000 after buying an additional 54,645 shares in the last quarter. Janus Henderson Group PLC purchased a new stake in shares of Old Dominion Freight Line during the second quarter valued at approximately $266,855,000. Janus Capital Management LLC increased its stake in shares of Old Dominion Freight Line by 1.0% in the first quarter. Janus Capital Management LLC now owns 2,789,817 shares of the transportation company’s stock valued at $238,725,000 after buying an additional 27,397 shares in the last quarter. Finally, William Blair Investment Management LLC increased its stake in shares of Old Dominion Freight Line by 7.9% in the second quarter. William Blair Investment Management LLC now owns 2,625,605 shares of the transportation company’s stock valued at $250,063,000 after buying an additional 191,911 shares in the last quarter. Institutional investors own 75.07% of the company’s stock.

About Old Dominion Freight Line

Old Dominion Freight Line, Inc is a union-free motor carrier providing regional, inter-regional and national less-than-truckload (LTL) services. The Company’s LTL services include ground and air expedited transportation for time-sensitive shipments, consumer household pickup and delivery and freight delivery services throughout North America.

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