JPMorgan Chase & Co. Lowers Position in Old Dominion Freight Line, Inc. $ODFL

JPMorgan Chase & Co. lessened its position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 23.6% during the fourth quarter, Holdings Channel reports. The fund owned 2,708,426 shares of the transportation company’s stock after selling 836,162 shares during the period. JPMorgan Chase & Co.’s holdings in Old Dominion Freight Line were worth $424,682,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in Old Dominion Freight Line by 2.2% in the third quarter. Vanguard Group Inc. now owns 23,252,921 shares of the transportation company’s stock valued at $3,273,546,000 after acquiring an additional 494,674 shares during the last quarter. CIBC Private Wealth Group LLC increased its stake in Old Dominion Freight Line by 21.6% in the third quarter. CIBC Private Wealth Group LLC now owns 4,366,843 shares of the transportation company’s stock valued at $614,764,000 after acquiring an additional 776,004 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in Old Dominion Freight Line by 23.9% in the fourth quarter. Goldman Sachs Group Inc. now owns 3,314,157 shares of the transportation company’s stock valued at $519,660,000 after acquiring an additional 639,769 shares during the last quarter. Norges Bank bought a new position in Old Dominion Freight Line in the fourth quarter valued at $444,983,000. Finally, Boston Partners bought a new position in Old Dominion Freight Line in the third quarter valued at $292,599,000. Institutional investors own 77.82% of the company’s stock.

Old Dominion Freight Line Trading Down 5.1%

Shares of NASDAQ:ODFL opened at $235.95 on Thursday. The stock’s 50-day moving average price is $213.19 and its 200-day moving average price is $188.33. Old Dominion Freight Line, Inc. has a 12-month low of $126.01 and a 12-month high of $252.03. The stock has a market capitalization of $49.07 billion, a P/E ratio of 49.36, a price-to-earnings-growth ratio of 5.04 and a beta of 1.17.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its quarterly earnings data on Wednesday, April 29th. The transportation company reported $1.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.05 by $0.09. Old Dominion Freight Line had a return on equity of 23.42% and a net margin of 18.46%.The firm had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.31 billion. During the same period last year, the firm earned $1.19 earnings per share. The company’s revenue for the quarter was down 2.9% compared to the same quarter last year. As a group, research analysts predict that Old Dominion Freight Line, Inc. will post 5.38 EPS for the current year.

Old Dominion Freight Line Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 17th. Stockholders of record on Wednesday, June 3rd will be paid a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date of this dividend is Wednesday, June 3rd. Old Dominion Freight Line’s dividend payout ratio (DPR) is 24.27%.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Weiss Ratings reissued a “hold (c)” rating on shares of Old Dominion Freight Line in a research note on Tuesday, April 14th. Wells Fargo & Company set a $235.00 target price on Old Dominion Freight Line and gave the company an “equal weight” rating in a research note on Friday, June 5th. Stifel Nicolaus increased their target price on Old Dominion Freight Line from $228.00 to $232.00 in a research note on Thursday, April 30th. Citigroup reissued a “neutral” rating and issued a $225.00 target price (up from $218.00) on shares of Old Dominion Freight Line in a research note on Thursday, April 30th. Finally, Robert W. Baird set a $229.00 target price on Old Dominion Freight Line and gave the company a “neutral” rating in a research note on Tuesday, April 28th. Eight equities research analysts have rated the stock with a Buy rating, sixteen have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $210.71.

Insider Activity

In other news, Director Greg C. Gantt sold 22,107 shares of the firm’s stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $191.52, for a total transaction of $4,233,932.64. Following the transaction, the director directly owned 88,551 shares of the company’s stock, valued at approximately $16,959,287.52. This trade represents a 19.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 10.00% of the company’s stock.

Trending Headlines about Old Dominion Freight Line

Here are the key news stories impacting Old Dominion Freight Line this week:

• Positive Sentiment: Jefferies raised its price target on Old Dominion Freight Line to $250 from $230, signaling continued confidence in the stock’s long-term value even while keeping a hold rating. Jefferies adjusts PT on Old Dominion Freight Line
• Positive Sentiment: Old Dominion was highlighted on CNBC’s “Final Trades,” which can support investor attention and trading interest in the shares. CNBC Final Trades mention
• Neutral Sentiment: Analysts and commentary suggest the stock has been outperforming parts of the industrials group, but recent coverage also points to a premium valuation after a strong run. Outperforming the industrials sector
• Negative Sentiment: News that Amazon is expanding its less-than-truckload shipping business is pressuring Old Dominion and other freight carriers, raising competition concerns in the LTL market. Amazon expands LTL shipping business
• Negative Sentiment: Another article focused on a fund exit and valuation/risk concerns, reinforcing worries that the stock may be expensive relative to near-term fundamentals. Fund exit puts valuation and risks in focus

Old Dominion Freight Line 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.