Quadrant Capital Group LLC Cuts Stock Position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Quadrant Capital Group LLC lessened its holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 3.5% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 1,359 shares of the transportation company’s stock after selling 49 shares during the period. Quadrant Capital Group LLC’s holdings in Old Dominion Freight Line were worth $502,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Veritable L.P. grew its position in shares of Old Dominion Freight Line by 1.4% during the second quarter. Veritable L.P. now owns 2,110 shares of the transportation company’s stock valued at $780,000 after purchasing an additional 30 shares in the last quarter. Continuum Advisory LLC grew its position in shares of Old Dominion Freight Line by 2.3% during the first quarter. Continuum Advisory LLC now owns 1,479 shares of the transportation company’s stock valued at $504,000 after purchasing an additional 33 shares in the last quarter. Brown Brothers Harriman & Co. grew its position in shares of Old Dominion Freight Line by 25.0% during the first quarter. Brown Brothers Harriman & Co. now owns 175 shares of the transportation company’s stock valued at $60,000 after purchasing an additional 35 shares in the last quarter. Ballentine Partners LLC grew its position in shares of Old Dominion Freight Line by 5.6% during the second quarter. Ballentine Partners LLC now owns 695 shares of the transportation company’s stock valued at $257,000 after purchasing an additional 37 shares in the last quarter. Finally, Greenleaf Trust grew its position in shares of Old Dominion Freight Line by 1.0% during the first quarter. Greenleaf Trust now owns 3,979 shares of the transportation company’s stock valued at $1,356,000 after purchasing an additional 38 shares in the last quarter. Hedge funds and other institutional investors own 72.14% of the company’s stock.

Analysts Set New Price Targets

ODFL has been the subject of several recent research reports. Barclays dropped their price target on Old Dominion Freight Line from $410.00 to $385.00 and set an “equal weight” rating for the company in a research report on Thursday, October 26th. Morgan Stanley lifted their price target on Old Dominion Freight Line from $358.00 to $360.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 26th. Credit Suisse Group lifted their price target on Old Dominion Freight Line from $304.00 to $375.00 in a research report on Thursday, July 27th. Wells Fargo & Company decreased their price objective on shares of Old Dominion Freight Line from $505.00 to $435.00 and set an “overweight” rating for the company in a research note on Thursday, October 26th. Finally, Stephens reissued an “overweight” rating and issued a $470.00 price objective on shares of Old Dominion Freight Line in a research note on Monday, August 21st. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, Old Dominion Freight Line has an average rating of “Hold” and a consensus target price of $393.58.

Old Dominion Freight Line Stock Performance

Shares of NASDAQ:ODFL opened at $399.90 on Friday. The company has a market capitalization of $43.63 billion, a price-to-earnings ratio of 35.58, a price-to-earnings-growth ratio of 4.13 and a beta of 1.07. Old Dominion Freight Line, Inc. has a 52 week low of $277.49 and a 52 week high of $438.05. The company has a quick ratio of 1.73, a current ratio of 1.73 and a debt-to-equity ratio of 0.01. The firm has a 50 day moving average of $400.78 and a 200 day moving average of $376.71.

Old Dominion Freight Line (NASDAQ:ODFL) last released its quarterly earnings results on Wednesday, October 25th. The transportation company reported $3.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.89 by $0.20. Old Dominion Freight Line had a net margin of 21.16% and a return on equity of 32.45%. The business had revenue of $1.52 billion for the quarter, compared to analyst estimates of $1.51 billion. During the same period in the previous year, the company earned $3.36 earnings per share. The business’s revenue for the quarter was down 5.5% on a year-over-year basis. On average, sell-side analysts predict that Old Dominion Freight Line, Inc. will post 11.19 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 20th. Shareholders of record on Wednesday, December 6th will be issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 0.40%. The ex-dividend date of this dividend is Tuesday, December 5th. Old Dominion Freight Line’s dividend payout ratio is currently 14.23%.

Old Dominion Freight Line announced that its Board of Directors has authorized a share repurchase plan on Wednesday, July 26th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the transportation company to purchase up to 6.9% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In other Old Dominion Freight Line news, Chairman David S. Congdon sold 24,100 shares of Old Dominion Freight Line stock in a transaction on Friday, November 10th. The shares were sold at an average price of $390.59, for a total value of $9,413,219.00. Following the transaction, the chairman now directly owns 766,754 shares of the company’s stock, valued at $299,486,444.86. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Chairman David S. Congdon sold 12,000 shares of the business’s stock in a transaction on Wednesday, November 8th. The shares were sold at an average price of $390.15, for a total transaction of $4,681,800.00. Following the sale, the chairman now directly owns 801,004 shares of the company’s stock, valued at $312,511,710.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman David S. Congdon sold 24,100 shares of the business’s stock in a transaction on Friday, November 10th. The shares were sold at an average price of $390.59, for a total transaction of $9,413,219.00. Following the sale, the chairman now directly owns 766,754 shares in the company, valued at $299,486,444.86. The disclosure for this sale can be found here. Corporate insiders own 10.40% of the company’s stock.

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.