Congress Asset Management Co. Trims Holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Congress Asset Management Co. cut its holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 16.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,007 shares of the transportation company’s stock after selling 408 shares during the quarter. Congress Asset Management Co.’s holdings in Old Dominion Freight Line were worth $332,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Geode Capital Management LLC grew its position in shares of Old Dominion Freight Line by 2.0% in the 4th quarter. Geode Capital Management LLC now owns 4,927,383 shares of the transportation company’s stock worth $870,311,000 after buying an additional 96,410 shares during the period. Norges Bank bought a new position in Old Dominion Freight Line in the 4th quarter worth about $494,916,000. Capital World Investors boosted its stake in Old Dominion Freight Line by 1.1% in the 4th quarter. Capital World Investors now owns 2,510,101 shares of the transportation company’s stock worth $442,784,000 after purchasing an additional 27,367 shares in the last quarter. Northern Trust Corp boosted its stake in Old Dominion Freight Line by 15.2% in the 4th quarter. Northern Trust Corp now owns 1,983,857 shares of the transportation company’s stock worth $349,952,000 after purchasing an additional 261,305 shares in the last quarter. Finally, First Trust Advisors LP boosted its stake in Old Dominion Freight Line by 13.6% in the 4th quarter. First Trust Advisors LP now owns 1,547,441 shares of the transportation company’s stock worth $272,969,000 after purchasing an additional 185,500 shares in the last quarter. 77.82% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. Susquehanna lowered their target price on shares of Old Dominion Freight Line from $171.00 to $168.00 and set a “neutral” rating on the stock in a research note on Thursday, April 24th. Raymond James set a $185.00 target price on shares of Old Dominion Freight Line and gave the company an “outperform” rating in a research note on Thursday, April 24th. Citigroup upgraded shares of Old Dominion Freight Line from a “neutral” rating to a “buy” rating and lowered their target price for the company from $186.00 to $183.00 in a research note on Tuesday, April 8th. Barclays lowered their target price on shares of Old Dominion Freight Line from $185.00 to $170.00 and set an “equal weight” rating on the stock in a research note on Thursday, April 24th. Finally, Stephens restated an “overweight” rating and set a $180.00 target price (down previously from $200.00) on shares of Old Dominion Freight Line in a research note on Thursday, April 24th. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, Old Dominion Freight Line currently has an average rating of “Hold” and a consensus price target of $180.42.

Old Dominion Freight Line Trading Up 1.2%

Shares of ODFL opened at $162.21 on Tuesday. The company has a 50 day simple moving average of $158.63 and a two-hundred day simple moving average of $177.26. Old Dominion Freight Line, Inc. has a 1 year low of $144.90 and a 1 year high of $233.26. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.33 and a quick ratio of 1.33. The firm has a market cap of $34.28 billion, a P/E ratio of 29.60, a price-to-earnings-growth ratio of 2.89 and a beta of 1.26.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its earnings results on Wednesday, April 23rd. The transportation company reported $1.19 earnings per share for the quarter, beating analysts’ consensus estimates of $1.14 by $0.05. Old Dominion Freight Line had a net margin of 20.40% and a return on equity of 28.02%. The firm had revenue of $1.37 billion during the quarter, compared to analyst estimates of $1.38 billion. During the same period last year, the firm posted $1.34 earnings per share. Old Dominion Freight Line’s revenue for the quarter was down 5.8% compared to the same quarter last year. On average, equities analysts expect that Old Dominion Freight Line, Inc. will post 5.68 earnings per share for the current fiscal year.

Old Dominion Freight Line Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 18th. Investors of record on Wednesday, June 4th will be given a $0.28 dividend. The ex-dividend date of this dividend is Wednesday, June 4th. This represents a $1.12 dividend on an annualized basis and a yield of 0.69%. Old Dominion Freight Line’s dividend payout ratio is presently 21.01%.

Old Dominion Freight Line 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.