Insider Selling: Old Dominion Freight Line (NASDAQ:ODFL) SVP Sells 19,952 Shares of Stock

Old Dominion Freight Line, Inc. (NASDAQ:ODFL) SVP Cecil Jr. Overbey sold 19,952 shares of the firm’s stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $198.39, for a total transaction of $3,958,277.28. Following the sale, the senior vice president directly owned 22,746 shares in the company, valued at approximately $4,512,578.94. The trade was a 46.73% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Old Dominion Freight Line Stock Performance

Shares of ODFL stock traded up $1.09 during mid-day trading on Wednesday, hitting $199.43. 1,218,660 shares of the stock were exchanged, compared to its average volume of 2,032,303. The stock’s fifty day simple moving average is $218.82 and its two-hundred day simple moving average is $210.64. The stock has a market capitalization of $41.35 billion, a price-to-earnings ratio of 38.43, a P/E/G ratio of 3.50 and a beta of 1.18. Old Dominion Freight Line, Inc. has a 12-month low of $126.01 and a 12-month high of $252.03.

Old Dominion Freight Line (NASDAQ:ODFL) last released its quarterly earnings results on Wednesday, July 29th. The transportation company reported $1.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.54 by $0.14. The firm had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.54 billion. Old Dominion Freight Line had a return on equity of 24.87% and a net margin of 19.44%.The firm’s quarterly revenue was up 10.4% compared to the same quarter last year. During the same quarter last year, the business posted $1.27 EPS. On average, research analysts expect that Old Dominion Freight Line, Inc. will post 5.78 earnings per share for the current fiscal year.

Old Dominion Freight Line Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 16th. Stockholders of record on Wednesday, September 2nd will be issued a $0.29 dividend. This represents a $1.16 annualized dividend and a dividend yield of 0.6%. The ex-dividend date of this dividend is Wednesday, September 2nd. Old Dominion Freight Line’s dividend payout ratio is presently 22.35%.

Analysts Set New Price Targets

A number of analysts recently weighed in on ODFL shares. Robert W. Baird set a $229.00 price target on shares of Old Dominion Freight Line and gave the stock a “neutral” rating in a research note on Tuesday, April 28th. Rothschild & Co Redburn dropped their price objective on shares of Old Dominion Freight Line from $176.00 to $172.00 and set a “sell” rating on the stock in a research note on Tuesday, May 12th. Susquehanna upped their target price on shares of Old Dominion Freight Line from $224.00 to $228.00 and gave the company a “neutral” rating in a report on Tuesday, July 14th. TD Cowen reiterated a “hold” rating on shares of Old Dominion Freight Line in a research note on Wednesday, June 3rd. Finally, Evercore reissued an “outperform” rating and set a $243.00 price target on shares of Old Dominion Freight Line in a report on Thursday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, thirteen have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, Old Dominion Freight Line presently has an average rating of “Hold” and a consensus price target of $226.55.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. California State Teachers Retirement System boosted its position in shares of Old Dominion Freight Line by 21,008.4% in the 2nd quarter. California State Teachers Retirement System now owns 63,865,160 shares of the transportation company’s stock worth $13,833,194,000 after buying an additional 63,562,602 shares in the last quarter. BlackRock Inc. purchased a new position in Old Dominion Freight Line during the 2nd quarter valued at about $3,416,007,000. Norges Bank purchased a new position in Old Dominion Freight Line during the 4th quarter valued at about $444,983,000. Bank of New York Mellon Corp purchased a new position in Old Dominion Freight Line during the 2nd quarter valued at about $543,289,000. Finally, Boston Partners acquired a new position in Old Dominion Freight Line during the third quarter worth about $292,599,000. 77.82% of the stock is owned by hedge funds and other institutional investors.

About Old Dominion Freight Line

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.