Sei Investments Co. Raises Stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Sei Investments Co. raised its position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 7.5% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 46,415 shares of the transportation company’s stock after purchasing an additional 3,227 shares during the period. Sei Investments Co.’s holdings in Old Dominion Freight Line were worth $8,198,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Trust Co. of Vermont purchased a new position in Old Dominion Freight Line in the fourth quarter valued at $27,000. Raleigh Capital Management Inc. purchased a new position in shares of Old Dominion Freight Line in the 4th quarter valued at about $29,000. Neo Ivy Capital Management acquired a new stake in shares of Old Dominion Freight Line during the 4th quarter worth about $40,000. Farmers & Merchants Investments Inc. lifted its stake in Old Dominion Freight Line by 100.0% during the first quarter. Farmers & Merchants Investments Inc. now owns 124 shares of the transportation company’s stock worth $27,000 after purchasing an additional 62 shares during the last quarter. Finally, Fortitude Family Office LLC boosted its holdings in Old Dominion Freight Line by 103.0% in the first quarter. Fortitude Family Office LLC now owns 134 shares of the transportation company’s stock valued at $29,000 after purchasing an additional 68 shares in the last quarter. 77.82% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Old Dominion Freight Line

In other Old Dominion Freight Line news, Chairman David S. Congdon sold 10,000 shares of the company’s stock in a transaction dated 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 sale, the chairman now owns 1,391,621 shares of the company’s stock, valued at $271,602,670.57. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Chairman David S. Congdon sold 29,975 shares of the business’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $201.30, for a total value of $6,033,967.50. Following the completion of the transaction, the chairman now directly owns 1,401,621 shares of the company’s stock, valued at $282,146,307.30. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Chairman David S. Congdon sold 10,000 shares of the 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 sale, the chairman now directly owns 1,391,621 shares in the company, valued at approximately $271,602,670.57. The disclosure for this sale can be found here. 9.90% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on ODFL. Evercore ISI restated an “in-line” rating and set a $196.00 price objective (down previously from $225.00) on shares of Old Dominion Freight Line in a research report on Tuesday, June 25th. Bank of America decreased their price objective on shares of Old Dominion Freight Line from $210.00 to $206.00 and set a “neutral” rating for the company in a research note on Friday, September 6th. Susquehanna raised their target price on shares of Old Dominion Freight Line from $210.00 to $225.00 and gave the stock a “positive” rating in a research report on Wednesday, September 18th. TD Cowen dropped their price target on Old Dominion Freight Line from $214.00 to $209.00 and set a “hold” rating on the stock in a research report on Friday, September 6th. Finally, Barclays decreased their price objective on Old Dominion Freight Line from $205.00 to $195.00 and set an “equal weight” rating for the company in a research report on Wednesday, June 12th. One analyst has rated the stock with a sell rating, thirteen have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Old Dominion Freight Line has an average rating of “Hold” and a consensus target price of $201.83.

Old Dominion Freight Line Trading Up 0.7 %

Shares of ODFL opened at $196.71 on Monday. The firm’s 50-day moving average is $196.22 and its two-hundred day moving average is $194.79. Old Dominion Freight Line, Inc. has a twelve month low of $165.49 and a twelve month high of $227.80. 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 firm has a market capitalization of $42.74 billion, a P/E ratio of 34.63, a PEG ratio of 4.08 and a beta of 0.99.

Old Dominion Freight Line (NASDAQ:ODFL) last released its quarterly earnings data on Wednesday, July 24th. The transportation company reported $1.48 earnings per share for the quarter, beating the consensus estimate of $1.45 by $0.03. The firm had revenue of $1.50 billion during the quarter, compared to the consensus estimate of $1.50 billion. Old Dominion Freight Line had a return on equity of 30.33% and a net margin of 21.38%. Old Dominion Freight Line’s quarterly revenue was up 6.1% on a year-over-year basis. During the same period last year, the business posted $1.33 EPS. On average, research analysts predict that Old Dominion Freight Line, Inc. will post 5.62 earnings per share for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 18th. Investors of record on Wednesday, September 4th were given a $0.26 dividend. The ex-dividend date was Wednesday, September 4th. This represents a $1.04 annualized dividend and a dividend yield of 0.53%. Old Dominion Freight Line’s dividend payout ratio is presently 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.