DnB Asset Management AS Trims Stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

DnB Asset Management AS lessened its stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFLGet Rating) by 1.8% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 21,711 shares of the transportation company’s stock after selling 406 shares during the period. DnB Asset Management AS’s holdings in Old Dominion Freight Line were worth $5,564,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the stock. Norges Bank acquired a new position in shares of Old Dominion Freight Line in the 4th quarter valued at $335,106,000. BlackRock Inc. raised its position in shares of Old Dominion Freight Line by 3.3% in the fourth quarter. BlackRock Inc. now owns 10,008,078 shares of the transportation company’s stock worth $3,586,696,000 after acquiring an additional 320,332 shares during the period. Renaissance Technologies LLC boosted its stake in shares of Old Dominion Freight Line by 39,577.3% during the 1st quarter. Renaissance Technologies LLC now owns 277,741 shares of the transportation company’s stock worth $82,956,000 after acquiring an additional 277,041 shares in the last quarter. ProShare Advisors LLC grew its position in shares of Old Dominion Freight Line by 994.3% during the 1st quarter. ProShare Advisors LLC now owns 201,217 shares of the transportation company’s stock valued at $60,099,000 after acquiring an additional 182,830 shares during the period. Finally, Millennium Management LLC increased its stake in shares of Old Dominion Freight Line by 793.9% in the 4th quarter. Millennium Management LLC now owns 150,038 shares of the transportation company’s stock valued at $53,771,000 after purchasing an additional 171,659 shares in the last quarter. Hedge funds and other institutional investors own 73.48% of the company’s stock.

Old Dominion Freight Line Stock Down 0.9 %

Shares of NASDAQ:ODFL opened at $254.03 on Monday. Old Dominion Freight Line, Inc. has a 52-week low of $231.31 and a 52-week high of $373.58. The stock has a market cap of $28.39 billion, a P/E ratio of 23.56, a PEG ratio of 1.36 and a beta of 1.07. The business has a fifty day moving average of $282.70 and a two-hundred day moving average of $276.93. The company has a quick ratio of 1.92, a current ratio of 1.92 and a debt-to-equity ratio of 0.02.

Old Dominion Freight Line (NASDAQ:ODFLGet Rating) last announced its quarterly earnings data on Wednesday, July 27th. The transportation company reported $3.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.09 by $0.21. The firm had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.66 billion. Old Dominion Freight Line had a net margin of 20.77% and a return on equity of 35.07%. Old Dominion Freight Line’s quarterly revenue was up 26.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.31 earnings per share. On average, research analysts expect that Old Dominion Freight Line, Inc. will post 11.72 earnings per share for the current year.

Old Dominion Freight Line Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 21st. Investors of record on Wednesday, September 7th will be issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 0.47%. The ex-dividend date of this dividend is Tuesday, September 6th. Old Dominion Freight Line’s dividend payout ratio is presently 11.13%.

Insiders Place Their Bets

In other news, Chairman David S. Congdon sold 6,246 shares of the company’s stock in a transaction on Tuesday, August 2nd. The stock was sold at an average price of $300.14, for a total value of $1,874,674.44. Following the transaction, the chairman now owns 809,569 shares of the company’s stock, valued at approximately $242,984,039.66. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 10.30% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on ODFL. Credit Suisse Group increased their price target on Old Dominion Freight Line from $282.00 to $295.00 and gave the stock a “neutral” rating in a research report on Thursday, July 28th. Evercore ISI dropped their price target on shares of Old Dominion Freight Line from $334.00 to $301.00 and set an “in-line” rating on the stock in a research note on Tuesday, July 12th. Susquehanna Bancshares reduced their price objective on shares of Old Dominion Freight Line from $285.00 to $270.00 in a research report on Thursday, July 28th. Wolfe Research lowered shares of Old Dominion Freight Line from a “peer perform” rating to an “underperform” rating in a research report on Tuesday, July 12th. Finally, Citigroup set a $270.00 price target on shares of Old Dominion Freight Line in a research report on Tuesday, July 19th. Three investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $292.13.

Old Dominion Freight Line Company Profile

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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.

See Also

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

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