Traynor Capital Management Inc. Purchases New Position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Traynor Capital Management Inc. acquired a new stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 6,070 shares of the transportation company's stock, valued at approximately $1,206,000.

Several other large investors have also recently modified their holdings of the stock. Sequoia Financial Advisors LLC raised its holdings in Old Dominion Freight Line by 20.5% in 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 in the last quarter. Chevy Chase Trust Holdings LLC grew its holdings in shares of Old Dominion Freight Line by 98.3% during the 1st quarter. Chevy Chase Trust Holdings LLC now owns 100,892 shares of the transportation company's stock worth $22,127,000 after acquiring an additional 50,019 shares during the period. Truist Financial Corp raised its holdings in 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 worth $18,754,000 after purchasing an additional 7,460 shares in the last quarter. Forsta AP Fonden boosted its stake in Old Dominion Freight Line by 65.0% during the first quarter. Forsta AP Fonden now owns 39,600 shares of the transportation company's stock worth $8,685,000 after acquiring an additional 15,600 shares in the last quarter. Finally, Sei Investments Co. boosted its stake in Old Dominion Freight Line by 98.6% in the 1st quarter. Sei Investments Co. now owns 43,188 shares of the transportation company's stock worth $9,471,000 after purchasing an additional 21,438 shares in the last quarter. Hedge funds and other institutional investors own 77.82% of the company's stock.

Old Dominion Freight Line Stock Up 0.2 %

Shares of NASDAQ ODFL traded up $0.43 during trading hours on Tuesday, hitting $201.31. 1,729,339 shares of the stock were exchanged, compared to its average volume of 1,554,459. Old Dominion Freight Line, Inc. has a 12 month low of $165.49 and a 12 month high of $227.80. The firm has a fifty day moving average price of $195.55 and a 200-day moving average price of $190.13. The company has a quick ratio of 1.46, a current ratio of 1.33 and a debt-to-equity ratio of 0.01. The company has a market cap of $43.74 billion, a PE ratio of 35.12, a PEG ratio of 4.23 and a beta of 0.99.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last issued its quarterly earnings results on Wednesday, October 23rd. The transportation company reported $1.43 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.42 by $0.01. The business had revenue of $1.47 billion for the quarter, compared to the consensus estimate of $1.49 billion. Old Dominion Freight Line had a return on equity of 29.40% and a net margin of 21.03%. The business's quarterly revenue was down 3.0% on a year-over-year basis. During the same period in the prior year, the firm posted $1.54 earnings per share. On average, sell-side analysts expect that Old Dominion Freight Line, Inc. will post 5.48 EPS for the current year.

Old Dominion Freight Line Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Wednesday, December 4th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 0.52%. The ex-dividend date of this dividend is Wednesday, December 4th. Old Dominion Freight Line's dividend payout ratio is presently 18.18%.

Analyst Upgrades and Downgrades

ODFL has been the subject of a number of research analyst reports. Evercore ISI reduced their target price on Old Dominion Freight Line from $199.00 to $188.00 and set an "in-line" rating for the company in a report on Thursday, October 3rd. Morgan Stanley lowered their price objective on shares of Old Dominion Freight Line from $174.00 to $168.00 and set an "equal weight" rating on the stock in a research report on Monday, July 8th. Benchmark reiterated a "hold" rating on shares of Old Dominion Freight Line in a research note on Wednesday, September 11th. Bank of America lowered their price target on Old Dominion Freight Line from $210.00 to $206.00 and set a "neutral" rating on the stock in a report on Friday, September 6th. Finally, Susquehanna cut their price objective on Old Dominion Freight Line from $225.00 to $218.00 and set a "positive" rating for the company in a report on Thursday, October 24th. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, four have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $196.39.

Insider Activity

In other Old Dominion Freight Line news, Director Greg C. Gantt sold 7,000 shares of the firm'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 of the company's stock, valued at approximately $19,584,852.30. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, Director Greg C. Gantt sold 7,000 shares of the firm's stock in a transaction dated Monday, October 28th. The stock was 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 directly owns 97,890 shares in the company, valued at $19,584,852.30. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Chairman David S. Congdon sold 10,000 shares of the stock in a transaction that occurred on Thursday, August 29th. The stock was 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 in the company, valued at approximately $271,602,670.57. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 46,975 shares of company stock worth $9,386,158 over the last 90 days. 9.90% of the stock is currently owned by corporate insiders.

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.