Quadrant Capital Group LLC Reduces Stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

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

A number of other hedge funds have also recently added to or reduced their stakes in ODFL. Healthcare of Ontario Pension Plan Trust Fund grew its stake in Old Dominion Freight Line by 4,027.8% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,486 shares of the transportation company’s stock worth $444,000 after buying an additional 1,450 shares during the last quarter. Cibc World Market Inc. grew its stake in Old Dominion Freight Line by 2.8% during the 1st quarter. Cibc World Market Inc. now owns 1,846 shares of the transportation company’s stock worth $551,000 after buying an additional 50 shares during the last quarter. Sei Investments Co. grew its stake in Old Dominion Freight Line by 5.5% during the 1st quarter. Sei Investments Co. now owns 54,600 shares of the transportation company’s stock worth $16,294,000 after buying an additional 2,854 shares during the last quarter. Allianz Asset Management GmbH grew its stake in Old Dominion Freight Line by 29.8% during the 1st quarter. Allianz Asset Management GmbH now owns 26,717 shares of the transportation company’s stock worth $7,979,000 after buying an additional 6,133 shares during the last quarter. Finally, Prudential PLC purchased a new position in Old Dominion Freight Line during the 1st quarter worth approximately $758,000. Hedge funds and other institutional investors own 72.14% of the company’s stock.

Insider Activity

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

Old Dominion Freight Line Stock Performance

Old Dominion Freight Line stock opened at $399.90 on Friday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.73 and a current ratio of 1.73. The stock has a fifty day moving average of $400.78 and a two-hundred day moving average of $376.71. The company has a market capitalization of $43.63 billion, a price-to-earnings ratio of 35.58, a PEG ratio of 4.13 and a beta of 1.07. Old Dominion Freight Line, Inc. has a fifty-two week low of $277.49 and a fifty-two week high of $438.05.

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 for the quarter, topping the consensus estimate of $2.89 by $0.20. The company had revenue of $1.52 billion during the quarter, compared to the consensus estimate of $1.51 billion. Old Dominion Freight Line had a return on equity of 32.45% and a net margin of 21.16%. Old Dominion Freight Line’s revenue was down 5.5% compared to the same quarter last year. During the same quarter last year, the business posted $3.36 earnings per share. On average, analysts anticipate that Old Dominion Freight Line, Inc. will post 11.19 EPS for the current fiscal year.

Old Dominion Freight Line announced that its board has initiated a share buyback plan on Wednesday, July 26th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the transportation company to reacquire up to 6.9% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its shares are undervalued.

Old Dominion Freight Line Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 20th. Stockholders of record on Wednesday, December 6th will be given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend 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%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on ODFL shares. StockNews.com started coverage on Old Dominion Freight Line in a research note on Thursday, October 5th. They set a “hold” rating on the stock. Wells Fargo & Company lowered their target price on Old Dominion Freight Line from $505.00 to $435.00 and set an “overweight” rating on the stock in a research note on Thursday, October 26th. Stephens reiterated an “overweight” rating and issued a $470.00 target price on shares of Old Dominion Freight Line in a research note on Monday, August 21st. Barclays lowered their target price on Old Dominion Freight Line from $410.00 to $385.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 26th. Finally, Citigroup reduced their price target on Old Dominion Freight Line from $450.00 to $420.00 and set a “neutral” rating for the company in a report on Thursday, October 26th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, Old Dominion Freight Line presently has a consensus rating of “Hold” and an average price target of $393.58.

About Old Dominion Freight Line

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.