PNC Financial Services Group Inc. Buys 2,408 Shares of Old Dominion Freight Line, Inc. $ODFL

PNC Financial Services Group Inc. boosted its stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 10.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 25,947 shares of the transportation company’s stock after acquiring an additional 2,408 shares during the period. PNC Financial Services Group Inc.’s holdings in Old Dominion Freight Line were worth $4,069,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Westside Investment Management Inc. boosted its holdings in Old Dominion Freight Line by 100.0% in the third quarter. Westside Investment Management Inc. now owns 196 shares of the transportation company’s stock valued at $27,000 after acquiring an additional 98 shares during the last quarter. Torren Management LLC bought a new stake in Old Dominion Freight Line in the fourth quarter valued at approximately $41,000. Raiffeisen Bank International AG bought a new stake in Old Dominion Freight Line in the third quarter valued at approximately $37,000. Kohmann Bosshard Financial Services LLC bought a new stake in Old Dominion Freight Line in the fourth quarter valued at approximately $50,000. Finally, Caitong International Asset Management Co. Ltd bought a new stake in Old Dominion Freight Line in the third quarter valued at approximately $55,000. 77.82% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, insider Earl E. Congdon sold 25,000 shares of the stock in a transaction on Thursday, February 26th. The stock was sold at an average price of $196.13, for a total value of $4,903,250.00. Following the transaction, the insider directly owned 2,162,113 shares in the company, valued at $424,055,222.69. This trade represents a 1.14% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Greg C. Gantt sold 22,107 shares of the stock in a transaction on Monday, May 4th. The stock was sold at an average price of $191.52, for a total value of $4,233,932.64. Following the completion of the transaction, the director owned 88,551 shares in the company, valued at approximately $16,959,287.52. This represents a 19.98% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 10.00% of the stock is owned by company insiders.

Old Dominion Freight Line Stock Performance

Old Dominion Freight Line stock opened at $210.47 on Tuesday. The stock has a market capitalization of $43.77 billion, a price-to-earnings ratio of 44.03, a PEG ratio of 4.31 and a beta of 1.17. Old Dominion Freight Line, Inc. has a 52-week low of $126.01 and a 52-week high of $233.79. The stock’s 50 day moving average price is $201.77 and its two-hundred day moving average price is $180.03.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its quarterly 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. The firm had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.31 billion. Old Dominion Freight Line had a return on equity of 23.42% and a net margin of 18.46%.The company’s revenue for the quarter was down 2.9% compared to the same quarter last year. During the same period in the prior year, the business earned $1.19 EPS. On average, equities research analysts forecast that Old Dominion Freight Line, Inc. will post 5.32 EPS for the current year.

Old Dominion Freight Line Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several analysts recently commented on ODFL shares. Rothschild & Co Redburn reduced their target price on Old Dominion Freight Line from $176.00 to $172.00 and set a “sell” rating on the stock in a report on Tuesday, May 12th. Deutsche Bank Aktiengesellschaft cut Old Dominion Freight Line from a “buy” rating to a “hold” rating and set a $205.00 target price on the stock. in a report on Thursday, February 5th. Stifel Nicolaus increased their price target on Old Dominion Freight Line from $228.00 to $232.00 in a report on Thursday, April 30th. The Goldman Sachs Group set a $216.00 price target on Old Dominion Freight Line and gave the stock a “neutral” rating in a report on Thursday, April 30th. Finally, Wolfe Research increased their price target on Old Dominion Freight Line from $183.00 to $185.00 and gave the stock an “underperform” rating in a report on Tuesday, April 7th. Eight analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, Old Dominion Freight Line has an average rating of “Hold” and a consensus 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.