Columbia Asset Management Increases Stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Columbia Asset Management increased its position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 81.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,152 shares of the transportation company’s stock after buying an additional 1,417 shares during the period. Columbia Asset Management’s holdings in Old Dominion Freight Line were worth $557,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Deseret Mutual Benefit Administrators increased its stake in shares of Old Dominion Freight Line by 67.6% during the second quarter. Deseret Mutual Benefit Administrators now owns 409 shares of the transportation company’s stock valued at $72,000 after buying an additional 165 shares during the period. Markel Group Inc. increased its stake in shares of Old Dominion Freight Line by 43.3% during the second quarter. Markel Group Inc. now owns 279,500 shares of the transportation company’s stock valued at $49,360,000 after buying an additional 84,500 shares during the period. Foundations Investment Advisors LLC increased its stake in shares of Old Dominion Freight Line by 0.6% during the second quarter. Foundations Investment Advisors LLC now owns 9,124 shares of the transportation company’s stock valued at $1,611,000 after buying an additional 54 shares during the period. Oregon Public Employees Retirement Fund increased its stake in shares of Old Dominion Freight Line by 0.9% during the second quarter. Oregon Public Employees Retirement Fund now owns 15,347 shares of the transportation company’s stock valued at $2,710,000 after buying an additional 139 shares during the period. Finally, Legacy Capital Wealth Partners LLC purchased a new position in shares of Old Dominion Freight Line during the second quarter valued at $326,000. Hedge funds and other institutional investors own 77.82% of the company’s stock.

Insider Activity at Old Dominion Freight Line

In related news, Chairman David S. Congdon sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $195.17, for a total value of $1,951,700.00. Following the sale, the chairman now directly owns 1,391,621 shares in the company, valued at approximately $271,602,670.57. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, 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 transaction, the chairman now directly owns 1,401,621 shares in the company, valued at approximately $282,146,307.30. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Chairman David S. Congdon sold 10,000 shares of Old Dominion Freight Line stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $195.17, for a total value of $1,951,700.00. Following the transaction, the chairman now owns 1,391,621 shares in the company, valued at $271,602,670.57. The disclosure for this sale can be found here. 9.90% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the company. Robert W. Baird lifted their target price on Old Dominion Freight Line from $205.00 to $215.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. Stephens restated an “overweight” rating and set a $214.00 price target on shares of Old Dominion Freight Line in a research note on Thursday. JPMorgan Chase & Co. lifted their target price on Old Dominion Freight Line from $176.00 to $193.00 and gave the stock a “neutral” rating in a report on Thursday, July 25th. Wells Fargo & Company decreased their price target on Old Dominion Freight Line from $175.00 to $170.00 and set an “underweight” rating for the company in a report on Thursday. Finally, Raymond James boosted their price target on Old Dominion Freight Line from $190.00 to $209.00 and gave the stock an “outperform” rating in a research report on Thursday, July 25th. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $201.33.

Old Dominion Freight Line Stock Down 4.9 %

Shares of Old Dominion Freight Line stock opened at $186.06 on Friday. The company has a current ratio of 1.46, a quick ratio of 1.46 and a debt-to-equity ratio of 0.01. The business’s 50 day simple moving average is $193.92 and its 200-day simple moving average is $197.74. The stock has a market capitalization of $40.43 billion, a price-to-earnings ratio of 32.76, a PEG ratio of 3.76 and a beta of 1.00. Old Dominion Freight Line, Inc. has a twelve month low of $165.49 and a twelve month high of $227.80.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its quarterly earnings results on Wednesday, July 24th. The transportation company reported $1.48 earnings per share for the quarter, topping analysts’ consensus estimates of $1.45 by $0.03. The business had revenue of $1.50 billion for the quarter, compared to analysts’ expectations of $1.50 billion. Old Dominion Freight Line had a return on equity of 30.33% and a net margin of 21.38%. The business’s quarterly revenue was up 6.1% on a year-over-year basis. During the same period in the prior year, the firm earned $1.33 EPS. Equities research analysts forecast that Old Dominion Freight Line, Inc. will post 5.68 earnings per share for the current year.

Old Dominion Freight Line Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 18th. Investors of record on Wednesday, September 4th will be given a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 0.56%. The ex-dividend date is Wednesday, September 4th. Old Dominion Freight Line’s dividend payout ratio is currently 18.31%.

About Old Dominion Freight Line

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.