Summit Trail Advisors LLC Increases Stock Position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Summit Trail Advisors LLC increased its position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 25.6% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 2,566 shares of the transportation company’s stock after buying an additional 523 shares during the quarter. Summit Trail Advisors LLC’s holdings in Old Dominion Freight Line were worth $510,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in ODFL. Benjamin Edwards Inc. purchased a new position in Old Dominion Freight Line during the second quarter valued at $25,000. Atwood & Palmer Inc. lifted its holdings in Old Dominion Freight Line by 3,700.0% during the second quarter. Atwood & Palmer Inc. now owns 152 shares of the transportation company’s stock valued at $27,000 after purchasing an additional 148 shares in the last quarter. Versant Capital Management Inc lifted its holdings in Old Dominion Freight Line by 1,630.0% during the second quarter. Versant Capital Management Inc now owns 173 shares of the transportation company’s stock valued at $31,000 after purchasing an additional 163 shares in the last quarter. LRI Investments LLC lifted its holdings in Old Dominion Freight Line by 73.1% during the second quarter. LRI Investments LLC now owns 187 shares of the transportation company’s stock valued at $33,000 after purchasing an additional 79 shares in the last quarter. Finally, Cullen Frost Bankers Inc. lifted its holdings in Old Dominion Freight Line by 472.5% during the second quarter. Cullen Frost Bankers Inc. now owns 229 shares of the transportation company’s stock valued at $40,000 after purchasing an additional 189 shares in the last quarter. 77.82% of the stock is owned by hedge funds and other institutional investors.

Old Dominion Freight Line Price Performance

Old Dominion Freight Line stock opened at $225.97 on Wednesday. Old Dominion Freight Line, Inc. has a 12-month low of $165.49 and a 12-month high of $233.26. The stock has a market cap of $48.24 billion, a P/E ratio of 39.51, a PEG ratio of 4.61 and a beta of 0.99. The company has a 50-day moving average price of $204.50 and a 200 day moving average price of $192.81. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.01.

Old Dominion Freight Line (NASDAQ:ODFL) last released its quarterly earnings data on Wednesday, October 23rd. The transportation company reported $1.43 earnings per share (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 net margin of 21.03% and a return on equity of 29.40%. Old Dominion Freight Line’s revenue was down 3.0% compared to the same quarter last year. During the same period last year, the business earned $1.54 earnings per share. Sell-side analysts anticipate that Old Dominion Freight Line, Inc. will post 5.43 earnings per share for the current year.

Old Dominion Freight Line Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Wednesday, December 4th will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 0.46%. The ex-dividend date is Wednesday, December 4th. Old Dominion Freight Line’s dividend payout ratio (DPR) is presently 18.18%.

Insiders Place Their Bets

In other Old Dominion Freight Line news, Chairman David S. Congdon sold 10,000 shares of the stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $195.17, for a total transaction of $1,951,700.00. Following the completion of the transaction, the chairman now owns 1,391,621 shares of the company’s stock, valued at $271,602,670.57. This trade represents a 0.71 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Leo H. Suggs sold 3,000 shares of the stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $225.44, for a total transaction of $676,320.00. Following the transaction, the director now directly owns 7,383 shares of the company’s stock, valued at approximately $1,664,423.52. This trade represents a 28.89 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 20,000 shares of company stock valued at $4,028,510 over the last 90 days. 9.90% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on ODFL shares. Benchmark reaffirmed a “hold” rating on shares of Old Dominion Freight Line in a report on Wednesday, September 11th. Argus downgraded shares of Old Dominion Freight Line from a “buy” rating to a “hold” rating in a report on Tuesday, November 12th. Citigroup increased their price objective on shares of Old Dominion Freight Line from $201.00 to $241.00 and gave the company a “neutral” rating in a report on Tuesday, November 12th. Bank of America reduced their target price on shares of Old Dominion Freight Line from $210.00 to $206.00 and set a “neutral” rating for the company in a research report on Friday, September 6th. Finally, Susquehanna reduced their target price on shares of Old Dominion Freight Line from $225.00 to $218.00 and set a “positive” rating for the company in a research report on Thursday, October 24th. One analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $200.00.

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.