Wealthfront Advisers LLC Cuts Stock Holdings in Old Dominion Freight Line, Inc. $ODFL

Wealthfront Advisers LLC cut its position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 39.5% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 26,148 shares of the transportation company’s stock after selling 17,087 shares during the period. Wealthfront Advisers LLC’s holdings in Old Dominion Freight Line were worth $3,681,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Johnson Investment Counsel Inc. acquired a new position in shares of Old Dominion Freight Line in the third quarter worth about $220,000. Oppenheimer & Co. Inc. increased its stake in shares of Old Dominion Freight Line by 37.4% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 2,572 shares of the transportation company’s stock valued at $362,000 after purchasing an additional 700 shares in the last quarter. Linden Thomas Advisory Services LLC increased its stake in shares of Old Dominion Freight Line by 2.2% in the 3rd quarter. Linden Thomas Advisory Services LLC now owns 9,168 shares of the transportation company’s stock valued at $1,291,000 after purchasing an additional 198 shares in the last quarter. Wilson Asset Management International PTY Ltd. acquired a new position in Old Dominion Freight Line in the 3rd quarter worth about $4,307,000. Finally, Oppenheimer Asset Management Inc. boosted its position in Old Dominion Freight Line by 42.8% during the third quarter. Oppenheimer Asset Management Inc. now owns 6,154 shares of the transportation company’s stock worth $866,000 after purchasing an additional 1,843 shares in the last quarter. Institutional investors and hedge funds own 77.82% of the company’s stock.

Wall Street Analyst Weigh In

ODFL has been the subject of a number of recent analyst reports. Benchmark restated a “hold” rating on shares of Old Dominion Freight Line in a research report on Wednesday, December 3rd. Bank of America set a $165.00 price target on shares of Old Dominion Freight Line in a research note on Thursday, December 18th. Truist Financial set a $225.00 price target on shares of Old Dominion Freight Line in a report on Thursday, February 5th. TD Cowen increased their price objective on shares of Old Dominion Freight Line from $167.00 to $180.00 and gave the company a “hold” rating in a report on Thursday, February 5th. Finally, Morgan Stanley reiterated an “overweight” rating and issued a $209.00 target price (up previously from $190.00) on shares of Old Dominion Freight Line in a research report on Wednesday, February 4th. Nine equities research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and four have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $189.88.

Old Dominion Freight Line Stock Up 4.2%

Old Dominion Freight Line stock opened at $193.21 on Friday. Old Dominion Freight Line, Inc. has a 52-week low of $126.01 and a 52-week high of $209.61. The firm has a market capitalization of $40.40 billion, a price-to-earnings ratio of 40.00, a PEG ratio of 9.26 and a beta of 1.28. The company has a fifty day simple moving average of $171.16 and a 200-day simple moving average of $152.69.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its quarterly earnings results on Wednesday, February 4th. The transportation company reported $1.09 earnings per share for the quarter, topping the consensus estimate of $1.06 by $0.03. The firm had revenue of $1.31 billion for the quarter, compared to the consensus estimate of $1.30 billion. Old Dominion Freight Line had a net margin of 18.62% and a return on equity of 24.03%. During the same period last year, the firm posted $1.23 earnings per share. The company’s revenue for the quarter was down 5.7% on a year-over-year basis. On average, research analysts anticipate that Old Dominion Freight Line, Inc. will post 5.68 EPS for the current fiscal year.

Old Dominion Freight Line Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, March 18th. Stockholders of record on Wednesday, March 4th will be issued a dividend of $0.29 per share. The ex-dividend date is Wednesday, March 4th. This represents a $1.16 annualized dividend and a dividend yield of 0.6%. This is an increase from Old Dominion Freight Line’s previous quarterly dividend of $0.28. Old Dominion Freight Line’s payout ratio is presently 24.02%.

Old Dominion Freight Line Company Profile

Old Dominion Freight Line is a U.S.-based less-than-truckload (LTL) transportation company that provides regional, inter-regional and national freight services. Founded in 1934 and headquartered in Thomasville, North Carolina, the company has grown from a regional carrier into a national freight network, operating a broad system of service centers and terminals to move shipments for shippers of varying sizes and industries.

The company’s core business is LTL trucking, offering scheduled pickup and delivery for palletized freight that does not require a full truckload.