Janney Montgomery Scott LLC Sells 28,713 Shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Janney Montgomery Scott LLC lessened its position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 81.0% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 6,720 shares of the transportation company’s stock after selling 28,713 shares during the period. Janney Montgomery Scott LLC’s holdings in Old Dominion Freight Line were worth $2,724,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the company. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its holdings in Old Dominion Freight Line by 14.9% during the 3rd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 18,016 shares of the transportation company’s stock valued at $7,371,000 after purchasing an additional 2,335 shares during the period. Oppenheimer & Co. Inc. bought a new position in shares of Old Dominion Freight Line during the third quarter valued at approximately $783,000. Charles Schwab Investment Management Inc. lifted its stake in Old Dominion Freight Line by 0.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 513,755 shares of the transportation company’s stock worth $210,198,000 after acquiring an additional 4,692 shares during the period. Citigroup Inc. boosted its holdings in Old Dominion Freight Line by 51.9% in the third quarter. Citigroup Inc. now owns 101,466 shares of the transportation company’s stock valued at $41,514,000 after acquiring an additional 34,681 shares in the last quarter. Finally, Atria Wealth Solutions Inc. boosted its holdings in Old Dominion Freight Line by 636.1% in the third quarter. Atria Wealth Solutions Inc. now owns 10,732 shares of the transportation company’s stock valued at $4,391,000 after acquiring an additional 9,274 shares in the last quarter. Hedge funds and other institutional investors own 77.82% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on ODFL shares. JPMorgan Chase & Co. dropped their target price on shares of Old Dominion Freight Line from $231.00 to $219.00 and set a “neutral” rating for the company in a research report on Thursday, April 25th. Robert W. Baird upgraded shares of Old Dominion Freight Line from a “neutral” rating to an “outperform” rating and set a $205.00 price objective for the company in a report on Wednesday, May 8th. Bank of America reduced their target price on Old Dominion Freight Line from $223.00 to $205.00 and set a “neutral” rating on the stock in a report on Thursday, April 25th. Raymond James raised their target price on Old Dominion Freight Line from $207.50 to $233.00 and gave the company an “outperform” rating in a research note on Monday, April 15th. Finally, TD Cowen reduced their price target on Old Dominion Freight Line from $209.00 to $206.00 and set a “hold” rating on the stock in a research note on Friday, April 26th. Twelve research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Old Dominion Freight Line has an average rating of “Hold” and an average target price of $209.08.

Old Dominion Freight Line Price Performance

Shares of ODFL opened at $173.06 on Friday. The company has a market capitalization of $37.60 billion, a P/E ratio of 30.47, a price-to-earnings-growth ratio of 2.17 and a beta of 1.07. Old Dominion Freight Line, Inc. has a twelve month low of $149.00 and a twelve month high of $227.80. The company has a quick ratio of 2.29, a current ratio of 2.29 and a debt-to-equity ratio of 0.01. The firm has a 50 day moving average of $205.50 and a 200 day moving average of $204.08.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its quarterly earnings results on Wednesday, April 24th. The transportation company reported $1.34 earnings per share for the quarter, topping the consensus estimate of $1.33 by $0.01. Old Dominion Freight Line had a return on equity of 30.12% and a net margin of 21.19%. The firm had revenue of $1.46 billion during the quarter, compared to analysts’ expectations of $1.47 billion. As a group, equities research analysts anticipate that Old Dominion Freight Line, Inc. will post 6.02 earnings per share for the current fiscal year.

Old Dominion Freight Line Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 19th. Shareholders of record on Wednesday, June 5th will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 0.60%. The ex-dividend date is Wednesday, June 5th. Old Dominion Freight Line’s dividend payout ratio is currently 18.31%.

Insider Activity

In other news, Director John D. Kasarda sold 15,944 shares of the business’s stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $221.08, for a total transaction of $3,524,819.80. Following the completion of the transaction, the director now directly owns 13,540 shares of the company’s stock, valued at $2,993,355.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 9.90% of the company’s stock.

Old Dominion Freight Line Company Profile

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.