Old Dominion Freight Line, Inc. $ODFL Shares Bought by Kinsale Capital Group Inc.

Kinsale Capital Group Inc. lifted its holdings in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 26.9% during the 3rd quarter, Holdings Channel.com reports. The firm owned 69,516 shares of the transportation company’s stock after purchasing an additional 14,722 shares during the period. Old Dominion Freight Line comprises 1.6% of Kinsale Capital Group Inc.’s portfolio, making the stock its 25th largest holding. Kinsale Capital Group Inc.’s holdings in Old Dominion Freight Line were worth $12,085,000 as of its most recent filing with the SEC.

Other large investors also recently made changes to their positions in the company. BlackRock Inc. acquired a new stake in shares of Old Dominion Freight Line in the second quarter valued at $3,416,007,000. Bank of New York Mellon Corp acquired a new position in Old Dominion Freight Line during the 2nd quarter worth about $543,289,000. Legal & General Group Plc acquired a new position in Old Dominion Freight Line during the 2nd quarter worth about $253,155,000. Caisse de depot et placement du Quebec acquired a new position in Old Dominion Freight Line during the 2nd quarter worth about $190,557,000. Finally, Bank of America Corp DE bought a new stake in Old Dominion Freight Line during the 2nd quarter worth about $160,147,000. Institutional investors own 77.82% of the company’s stock.

Insider Activity at Old Dominion Freight Line

In other news, SVP Cecil Overbey, Jr. sold 19,952 shares of Old Dominion Freight Line stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $198.39, for a total transaction of $3,958,277.28. Following the completion of the sale, the senior vice president owned 22,746 shares in the company, valued at $4,512,578.94. The trade was a 46.73% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 8.20% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on ODFL. Evercore restated an “outperform” rating and issued a $243.00 price objective (up from $237.00) on shares of Old Dominion Freight Line in a research report on Thursday, July 30th. JPMorgan Chase & Co. dropped their target price on shares of Old Dominion Freight Line from $232.00 to $216.00 and set a “neutral” rating for the company in a research note on Friday, October 30th. Citigroup upgraded shares of Old Dominion Freight Line from a “neutral” rating to a “buy” rating and reduced their target price for the stock from $231.00 to $223.00 in a research report on Tuesday, September 8th. Weiss Ratings cut shares of Old Dominion Freight Line from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, August 25th. Finally, TD Cowen decreased their price target on shares of Old Dominion Freight Line from $233.00 to $226.00 and set a “hold” rating on the stock in a research note on Thursday, October 29th. Ten investment analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $217.22.

Old Dominion Freight Line Stock Up 3.6%

Old Dominion Freight Line stock opened at $170.89 on Tuesday. The business’s 50-day simple moving average is $180.26 and its 200 day simple moving average is $201.42. The stock has a market cap of $35.44 billion, a price-to-earnings ratio of 30.74, a P/E/G ratio of 2.93 and a beta of 1.14. 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 announced its quarterly earnings data on Wednesday, October 28th. The transportation company reported $1.65 earnings per share for the quarter, topping the consensus estimate of $1.61 by $0.04. Old Dominion Freight Line had a return on equity of 25.92% and a net margin of 20.08%. The firm had revenue of $1.59 billion during the quarter, compared to analysts’ expectations of $1.57 billion. During the same period in the previous year, the business posted $1.28 EPS. The company’s quarterly revenue was up 13.1% compared to the same quarter last year. As a group, sell-side analysts expect that Old Dominion Freight Line, Inc. will post 5.93 EPS for the current year.

Old Dominion Freight Line Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 16th. Stockholders of record on Wednesday, December 2nd will be paid a $0.29 dividend. This represents a $1.16 annualized dividend and a dividend yield of 0.7%. The ex-dividend date of this dividend is Wednesday, December 2nd. Old Dominion Freight Line’s dividend payout ratio (DPR) is 20.86%.

Old Dominion Freight Line Company Profile

Old Dominion Freight Line is a transportation and logistics company specializing in less-than-truckload (LTL) shipping. It combines freight from multiple customers in its network to transport shipments that do not require an entire truck, and provides pickup and delivery services for businesses.

Founded in 1934 by Earl and Lillian Congdon, the company began with a single truck serving routes between Virginia and North Carolina. It has since expanded its service-center network across the United States, offering regional and national freight transportation.