Old Dominion Freight Line, Inc. $ODFL Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp lessened its stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 8.2% in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 4,983,535 shares of the transportation company’s stock after selling 445,218 shares during the quarter. Bank of New York Mellon Corp owned approximately 2.37% of Old Dominion Freight Line worth $701,582,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in the stock. Ascent Group LLC boosted its holdings in Old Dominion Freight Line by 440.7% in the 3rd quarter. Ascent Group LLC now owns 8,564 shares of the transportation company’s stock valued at $1,206,000 after purchasing an additional 6,980 shares during the last quarter. Assenagon Asset Management S.A. increased its holdings in shares of Old Dominion Freight Line by 31.2% during the 3rd quarter. Assenagon Asset Management S.A. now owns 253,478 shares of the transportation company’s stock worth $35,685,000 after buying an additional 60,279 shares during the last quarter. Vest Financial LLC raised its position in shares of Old Dominion Freight Line by 66.8% during the 2nd quarter. Vest Financial LLC now owns 170,838 shares of the transportation company’s stock valued at $27,727,000 after buying an additional 68,410 shares during the period. Y Intercept Hong Kong Ltd lifted its holdings in Old Dominion Freight Line by 186.8% in the third quarter. Y Intercept Hong Kong Ltd now owns 57,018 shares of the transportation company’s stock valued at $8,027,000 after acquiring an additional 37,134 shares during the last quarter. Finally, Capital Investment Counsel Inc lifted its holdings in Old Dominion Freight Line by 100.0% in the third quarter. Capital Investment Counsel Inc now owns 12,302 shares of the transportation company’s stock valued at $1,732,000 after acquiring an additional 6,152 shares during the last quarter. 77.82% of the stock is currently owned by institutional investors and hedge funds.

Old Dominion Freight Line Price Performance

Old Dominion Freight Line stock opened at $172.72 on Thursday. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 0.02. 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 cap of $36.12 billion, a PE ratio of 34.75, a price-to-earnings-growth ratio of 8.67 and a beta of 1.27. The company’s 50 day moving average is $158.65 and its two-hundred day moving average is $150.32.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its quarterly earnings results on Wednesday, October 29th. The transportation company reported $1.28 EPS for the quarter, topping the consensus estimate of $1.22 by $0.06. The business had revenue of $1.41 billion during the quarter, compared to the consensus estimate of $1.41 billion. Old Dominion Freight Line had a net margin of 18.97% and a return on equity of 24.92%. The company’s quarterly revenue was down 4.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.43 earnings per share. On average, research analysts expect that Old Dominion Freight Line, Inc. will post 5.68 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

ODFL has been the topic of a number of research analyst reports. Barclays set a $165.00 target price on Old Dominion Freight Line and gave the company an “equal weight” rating in a research report on Thursday, January 15th. Benchmark restated a “hold” rating on shares of Old Dominion Freight Line in a report on Wednesday, December 3rd. UBS Group increased their target price on shares of Old Dominion Freight Line from $155.00 to $164.00 and gave the stock a “neutral” rating in a research note on Friday, October 3rd. Deutsche Bank Aktiengesellschaft dropped their price target on shares of Old Dominion Freight Line from $180.00 to $167.00 and set a “buy” rating for the company in a research report on Thursday, December 11th. Finally, TD Cowen restated a “hold” rating on shares of Old Dominion Freight Line in a report on Friday, January 9th. Ten investment analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and five have given a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $163.33.

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.