Old Dominion Freight Line, Inc. $ODFL Stake Lowered by Rhumbline Advisers

Rhumbline Advisers lowered its position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 2.9% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 351,607 shares of the transportation company’s stock after selling 10,315 shares during the quarter. Rhumbline Advisers’ holdings in Old Dominion Freight Line were worth $49,499,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ODFL. Financial Gravity Companies Inc. acquired a new position in Old Dominion Freight Line during the second quarter valued at approximately $26,000. E Fund Management Hong Kong Co. Ltd. grew its stake in Old Dominion Freight Line by 175.7% in the 3rd quarter. E Fund Management Hong Kong Co. Ltd. now owns 193 shares of the transportation company’s stock valued at $27,000 after buying an additional 123 shares during the last quarter. Westside Investment Management Inc. grew its stake in Old Dominion Freight Line by 100.0% in the 3rd quarter. Westside Investment Management Inc. now owns 196 shares of the transportation company’s stock valued at $27,000 after buying an additional 98 shares during the last quarter. Rossby Financial LCC bought a new position in Old Dominion Freight Line in the 2nd quarter worth $28,000. Finally, Chilton Capital Management LLC acquired a new position in Old Dominion Freight Line during the 2nd quarter worth $47,000. 77.82% of the stock is owned by hedge funds and other institutional investors.

Old Dominion Freight Line Stock Up 4.2%

Shares of Old Dominion Freight Line stock opened at $193.21 on Friday. Old Dominion Freight Line, Inc. has a 12-month low of $126.01 and a 12-month high of $209.61. The stock has a market capitalization of $40.40 billion, a P/E ratio of 40.00, a price-to-earnings-growth ratio of 9.26 and a beta of 1.28. The company has a 50-day simple moving average of $171.16 and a 200 day simple moving average of $152.69.

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

Old Dominion Freight Line Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 18th. Investors of record on Wednesday, March 4th will be given a dividend of $0.29 per share. This is a boost from Old Dominion Freight Line’s previous quarterly dividend of $0.28. The ex-dividend date is Wednesday, March 4th. This represents a $1.16 dividend on an annualized basis and a yield of 0.6%. Old Dominion Freight Line’s dividend payout ratio is currently 24.02%.

Analysts Set New Price Targets

A number of analysts have commented on the company. Barclays set a $185.00 price objective on Old Dominion Freight Line in a research report on Thursday, February 5th. Robert W. Baird lowered Old Dominion Freight Line from a “neutral” rating to an “underperform” rating and upped their target price for the company from $166.00 to $204.00 in a research note on Thursday, February 5th. Rothschild & Co Redburn lifted their price target on shares of Old Dominion Freight Line from $114.00 to $176.00 and gave the stock a “sell” rating in a research note on Friday, February 6th. Wells Fargo & Company lifted their target price on shares of Old Dominion Freight Line from $138.00 to $165.00 and gave the company an “underweight” rating in a research report on Thursday, February 5th. Finally, Morgan Stanley reissued an “overweight” rating and issued a $209.00 price target (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 issued a Hold rating and four have given a Sell rating to the company. According to MarketBeat.com, Old Dominion Freight Line currently has an average rating of “Hold” and an average target price of $189.88.

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.