Markel Group Inc. Raises Stock Position in Old Dominion Freight Line, Inc. $ODFL

Markel Group Inc. boosted its position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 17.5% during the fourth quarter, Holdings Channel.com reports. The firm owned 421,650 shares of the transportation company’s stock after buying an additional 62,900 shares during the quarter. Markel Group Inc.’s holdings in Old Dominion Freight Line were worth $66,115,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the company. Axxcess Wealth Management LLC raised its stake in Old Dominion Freight Line by 8.1% during the fourth quarter. Axxcess Wealth Management LLC now owns 1,829 shares of the transportation company’s stock worth $287,000 after purchasing an additional 137 shares during the period. Global Retirement Partners LLC raised its stake in Old Dominion Freight Line by 3.6% during the fourth quarter. Global Retirement Partners LLC now owns 5,379 shares of the transportation company’s stock worth $843,000 after purchasing an additional 186 shares during the period. KDT Advisors LLC purchased a new position in Old Dominion Freight Line during the fourth quarter worth about $214,000. ABN Amro Investment Solutions purchased a new position in Old Dominion Freight Line during the fourth quarter worth about $1,112,000. Finally, Partners Group Holding AG raised its stake in Old Dominion Freight Line by 37.0% during the fourth quarter. Partners Group Holding AG now owns 194,631 shares of the transportation company’s stock worth $30,518,000 after purchasing an additional 52,514 shares during the period. 77.82% of the stock is owned by hedge funds and other institutional investors.

Old Dominion Freight Line Price Performance

Shares of ODFL opened at $210.47 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 market cap of $43.77 billion, a PE ratio of 44.03, a P/E/G ratio of 4.25 and a beta of 1.17. The firm has a 50-day simple moving average of $201.08 and a two-hundred day simple moving average of $179.25.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its quarterly earnings results on Wednesday, April 29th. The transportation company reported $1.14 earnings per share 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 analysts’ expectations of $1.31 billion. During the same period last year, the business earned $1.19 earnings per share. The business’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 5.32 earnings per share for the current fiscal year.

Old Dominion Freight Line Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 17th. Shareholders of record on Wednesday, June 3rd will be given a dividend of $0.29 per share. The ex-dividend date is Wednesday, June 3rd. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.6%. Old Dominion Freight Line’s dividend payout ratio (DPR) is currently 24.27%.

Insider Activity at Old Dominion Freight Line

In other news, insider Earl E. Congdon sold 25,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 26th. The shares were sold at an average price of $196.13, for a total value of $4,903,250.00. Following the completion of the transaction, the insider owned 2,162,113 shares of the company’s stock, valued at approximately $424,055,222.69. This trade represents a 1.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Greg C. Gantt sold 22,107 shares of the firm’s stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $191.52, for a total transaction of $4,233,932.64. Following the completion of the transaction, the director directly owned 88,551 shares of the company’s stock, valued at approximately $16,959,287.52. The trade was a 19.98% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 10.00% of the company’s stock.

Analyst Ratings Changes

ODFL has been the topic of a number of analyst reports. Deutsche Bank Aktiengesellschaft downgraded shares of Old Dominion Freight Line from a “buy” rating to a “hold” rating and set a $205.00 target price on the stock. in a research note on Thursday, February 5th. Zacks Research raised shares of Old Dominion Freight Line from a “strong sell” rating to a “hold” rating in a research note on Tuesday, February 10th. Morgan Stanley set a $235.00 price target on shares of Old Dominion Freight Line and gave the company an “overweight” rating in a research report on Thursday, April 30th. Truist Financial set a $225.00 price target on shares of Old Dominion Freight Line in a research report on Thursday, February 5th. 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 report on Thursday, April 30th. 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. According to MarketBeat, Old Dominion Freight Line has a consensus rating of “Hold” and an average price target of $206.29.

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.