Wesbanco Bank Inc. Buys 8,689 Shares of Old Dominion Freight Line (NASDAQ:ODFL)

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Wesbanco Bank Inc. raised its stake in shares of Old Dominion Freight Line (NASDAQ:ODFL) by 50.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 26,009 shares of the transportation company’s stock after buying an additional 8,689 shares during the period. Wesbanco Bank Inc.’s holdings in Old Dominion Freight Line were worth $3,883,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of ODFL. Quantamental Technologies LLC raised its holdings in Old Dominion Freight Line by 155.2% during the second quarter. Quantamental Technologies LLC now owns 171 shares of the transportation company’s stock valued at $26,000 after buying an additional 104 shares in the last quarter. Cordasco Financial Network raised its holdings in Old Dominion Freight Line by 77.2% during the second quarter. Cordasco Financial Network now owns 179 shares of the transportation company’s stock valued at $27,000 after buying an additional 78 shares in the last quarter. Kavar Capital Partners LLC bought a new position in Old Dominion Freight Line during the second quarter valued at about $45,000. SRS Capital Advisors Inc. bought a new position in Old Dominion Freight Line during the second quarter valued at about $59,000. Finally, Huntington National Bank raised its holdings in Old Dominion Freight Line by 240.8% during the second quarter. Huntington National Bank now owns 409 shares of the transportation company’s stock valued at $61,000 after buying an additional 289 shares in the last quarter. Institutional investors own 71.58% of the company’s stock.

ODFL has been the topic of several recent research reports. Morgan Stanley set a $146.00 target price on Old Dominion Freight Line and gave the company a “hold” rating in a report on Friday, August 9th. KeyCorp raised their target price on Old Dominion Freight Line from $165.00 to $175.00 and gave the company an “overweight” rating in a report on Friday, July 26th. Mizuho restated a “hold” rating and set a $151.00 target price on shares of Old Dominion Freight Line in a report on Tuesday, July 2nd. Credit Suisse Group raised their target price on Old Dominion Freight Line from $152.00 to $160.00 and gave the company a “neutral” rating in a report on Friday, July 26th. Finally, BidaskClub upgraded Old Dominion Freight Line from a “hold” rating to a “buy” rating in a report on Friday, August 2nd. Nine equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $152.08.

In other news, insider David S. Congdon sold 30,150 shares of the firm’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $165.51, for a total value of $4,990,126.50. Following the sale, the insider now directly owns 13,385 shares of the company’s stock, valued at $2,215,351.35. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Chairman Earl E. Congdon sold 56,400 shares of the firm’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $166.53, for a total value of $9,392,292.00. Following the completion of the sale, the chairman now directly owns 10,854 shares in the company, valued at $1,807,516.62. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 87,799 shares of company stock worth $14,586,493. 11.90% of the stock is currently owned by company insiders.

Shares of NASDAQ:ODFL traded up $0.21 during midday trading on Friday, hitting $173.92. The company’s stock had a trading volume of 224,293 shares, compared to its average volume of 510,087. The stock has a market capitalization of $13.97 billion, a price-to-earnings ratio of 23.57, a PEG ratio of 2.51 and a beta of 1.50. The stock’s 50 day simple moving average is $164.73 and its 200 day simple moving average is $151.45. Old Dominion Freight Line has a fifty-two week low of $115.00 and a fifty-two week high of $176.22. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.92 and a current ratio of 1.92.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its quarterly earnings results on Thursday, July 25th. The transportation company reported $2.16 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.11 by $0.05. The company had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.08 billion. Old Dominion Freight Line had a return on equity of 23.57% and a net margin of 15.48%. The firm’s revenue was up 2.6% compared to the same quarter last year. During the same period last year, the business posted $1.99 earnings per share. As a group, analysts anticipate that Old Dominion Freight Line will post 7.92 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 18th. Stockholders of record on Wednesday, September 4th will be given a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 0.39%. The ex-dividend date is Tuesday, September 3rd. Old Dominion Freight Line’s dividend payout ratio is currently 9.21%.

Old Dominion Freight Line Company Profile

Old Dominion Freight Line, Inc operates as a less-than-truckload (LTL) motor carrier in the United States and North America. It provides regional, inter-regional, and national LTL services, including expedited transportation. The company also offers various value-added services, such as container drayage, truckload brokerage, and supply chain consulting.

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Institutional Ownership by Quarter for Old Dominion Freight Line (NASDAQ:ODFL)

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