Wrapmanager Inc. Purchases New Shares in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Wrapmanager Inc. acquired a new position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 1,036 shares of the transportation company’s stock, valued at approximately $206,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in ODFL. Sequoia Financial Advisors LLC raised its position in shares of Old Dominion Freight Line by 20.5% during the 3rd quarter. Sequoia Financial Advisors LLC now owns 5,979 shares of the transportation company’s stock worth $1,188,000 after purchasing an additional 1,017 shares during the last quarter. Kinsale Capital Group Inc. increased its stake in Old Dominion Freight Line by 18.4% during the 3rd quarter. Kinsale Capital Group Inc. now owns 23,293 shares of the transportation company’s stock worth $4,627,000 after buying an additional 3,614 shares in the last quarter. Truist Financial Corp raised its holdings in shares of Old Dominion Freight Line by 7.6% during the second quarter. Truist Financial Corp now owns 106,193 shares of the transportation company’s stock valued at $18,754,000 after acquiring an additional 7,460 shares during the last quarter. Ground Swell Capital LLC lifted its position in shares of Old Dominion Freight Line by 262.6% in the third quarter. Ground Swell Capital LLC now owns 6,701 shares of the transportation company’s stock valued at $1,331,000 after acquiring an additional 4,853 shares in the last quarter. Finally, Versor Investments LP acquired a new stake in shares of Old Dominion Freight Line in the third quarter worth approximately $1,404,000. 77.82% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on ODFL shares. The Goldman Sachs Group decreased their price objective on Old Dominion Freight Line from $228.00 to $216.00 and set a “neutral” rating on the stock in a report on Wednesday, October 9th. Evercore ISI lowered their target price on Old Dominion Freight Line from $199.00 to $188.00 and set an “in-line” rating on the stock in a report on Thursday, October 3rd. Benchmark reaffirmed a “hold” rating on shares of Old Dominion Freight Line in a report on Wednesday, September 11th. Bank of America lowered their price objective on Old Dominion Freight Line from $210.00 to $206.00 and set a “neutral” rating on the stock in a research note on Friday, September 6th. Finally, Stephens restated an “overweight” rating and issued a $214.00 target price on shares of Old Dominion Freight Line in a report on Thursday, September 5th. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $200.00.

Insider Transactions at Old Dominion Freight Line

In other news, Director Greg C. Gantt sold 7,000 shares of the company’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $200.07, for a total value of $1,400,490.00. Following the completion of the transaction, the director now owns 97,890 shares in the company, valued at approximately $19,584,852.30. This represents a 6.67 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Chairman David S. Congdon sold 29,975 shares of Old Dominion Freight Line stock in a transaction on Monday, August 26th. The stock was sold at an average price of $201.30, for a total transaction of $6,033,967.50. Following the sale, the chairman now owns 1,401,621 shares in the company, valued at $282,146,307.30. This represents a 2.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 49,975 shares of company stock valued at $10,062,478. Insiders own 9.90% of the company’s stock.

Old Dominion Freight Line Stock Performance

Shares of ODFL stock opened at $211.80 on Wednesday. Old Dominion Freight Line, Inc. has a 52 week low of $165.49 and a 52 week high of $233.26. The firm has a 50 day moving average of $202.22 and a two-hundred day moving average of $191.77. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.01. The stock has a market capitalization of $45.22 billion, a PE ratio of 37.03, a P/E/G ratio of 4.51 and a beta of 0.99.

Old Dominion Freight Line (NASDAQ:ODFL) last released its earnings results on Wednesday, October 23rd. The transportation company reported $1.43 EPS for the quarter, topping the consensus estimate of $1.42 by $0.01. The firm had revenue of $1.47 billion during the quarter, compared to analysts’ expectations of $1.49 billion. Old Dominion Freight Line had a return on equity of 29.40% and a net margin of 21.03%. Old Dominion Freight Line’s revenue for the quarter was down 3.0% on a year-over-year basis. During the same period in the previous year, the firm posted $1.54 EPS. On average, research analysts predict that Old Dominion Freight Line, Inc. will post 5.43 EPS for the current fiscal year.

Old Dominion Freight Line Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Wednesday, December 4th will be paid a $0.26 dividend. The ex-dividend date is Wednesday, December 4th. This represents a $1.04 dividend on an annualized basis and a yield of 0.49%. Old Dominion Freight Line’s dividend payout ratio is currently 18.18%.

Old Dominion Freight Line Company Profile

Old Dominion Freight Line, Inc operates as a less-than-truckload motor carrier in the United States and North America. The company offers regional, inter-regional, and national less-than-truckload services, as well as expedited transportation. It also provides various value-added services, including container drayage, truckload brokerage, and supply chain consulting.