Covenant Asset Management LLC Increases Stock Holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Covenant Asset Management LLC raised its stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 0.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 17,861 shares of the transportation company’s stock after purchasing an additional 137 shares during the period. Old Dominion Freight Line accounts for about 0.6% of Covenant Asset Management LLC’s holdings, making the stock its 29th biggest position. Covenant Asset Management LLC’s holdings in Old Dominion Freight Line were worth $3,548,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Sequoia Financial Advisors LLC boosted its holdings in shares of Old Dominion Freight Line by 20.5% in the third quarter. Sequoia Financial Advisors LLC now owns 5,979 shares of the transportation company’s stock valued at $1,188,000 after acquiring an additional 1,017 shares during the period. Kinsale Capital Group Inc. boosted its holdings in shares of Old Dominion Freight Line by 18.4% in the third quarter. Kinsale Capital Group Inc. now owns 23,293 shares of the transportation company’s stock valued at $4,627,000 after acquiring an additional 3,614 shares during the period. Segall Bryant & Hamill LLC acquired a new stake in shares of Old Dominion Freight Line in the third quarter valued at approximately $30,745,000. Truist Financial Corp boosted its holdings in shares of Old Dominion Freight Line by 7.6% in 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 period. Finally, Whalen Wealth Management Inc. acquired a new stake in shares of Old Dominion Freight Line in the third quarter valued at approximately $681,000. 77.82% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on ODFL shares. TD Cowen decreased their price objective on Old Dominion Freight Line from $203.00 to $196.00 and set a “hold” rating for the company in a report on Thursday, October 24th. JPMorgan Chase & Co. decreased their price target on Old Dominion Freight Line from $193.00 to $189.00 and set a “neutral” rating for the company in a report on Friday, September 6th. Wells Fargo & Company decreased their price target on Old Dominion Freight Line from $170.00 to $160.00 and set an “underweight” rating for the company in a report on Thursday, October 24th. Raymond James increased their price target on Old Dominion Freight Line from $190.00 to $209.00 and gave the stock an “outperform” rating in a report on Thursday, July 25th. Finally, Stephens reaffirmed an “overweight” rating and set a $214.00 price target 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 given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $200.00.

Insider Activity

In related news, Director Greg C. Gantt sold 7,000 shares of Old Dominion Freight Line stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $200.07, for a total transaction of $1,400,490.00. Following the completion of the sale, the director now owns 97,890 shares in the company, valued at approximately $19,584,852.30. This trade represents a 6.67 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Chairman David S. Congdon sold 29,975 shares of Old Dominion Freight Line stock in a transaction dated 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 sale, the chairman now owns 1,401,621 shares of the company’s stock, valued at approximately $282,146,307.30. This represents a 2.09 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 49,975 shares of company stock worth $10,062,478 over the last 90 days. 9.90% of the stock is currently owned by corporate insiders.

Old Dominion Freight Line Trading Up 2.2 %

Shares of ODFL stock opened at $218.98 on Friday. Old Dominion Freight Line, Inc. has a fifty-two week low of $165.49 and a fifty-two week high of $233.26. The stock has a market cap of $46.75 billion, a P/E ratio of 38.28, a P/E/G ratio of 4.43 and a beta of 0.99. The business has a fifty day simple moving average of $203.28 and a 200-day simple moving average of $192.11. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.01.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its quarterly earnings results on Wednesday, October 23rd. The transportation company reported $1.43 earnings per share for the quarter, beating analysts’ consensus estimates of $1.42 by $0.01. Old Dominion Freight Line had a return on equity of 29.40% and a net margin of 21.03%. The business had revenue of $1.47 billion during the quarter, compared to analysts’ expectations of $1.49 billion. During the same quarter last year, the business posted $1.54 earnings per share. The business’s revenue for the quarter was down 3.0% on a year-over-year basis. On average, analysts forecast that Old Dominion Freight Line, Inc. will post 5.43 earnings per share 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. Stockholders of record on Wednesday, December 4th will be given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.47%. The ex-dividend date of this dividend is Wednesday, December 4th. Old Dominion Freight Line’s dividend payout ratio is currently 18.18%.

Old Dominion Freight Line 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.