Handelsbanken Fonder AB Sells 3,451 Shares of Old Dominion Freight Line, Inc. $ODFL

Handelsbanken Fonder AB lowered its holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 3.1% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 108,201 shares of the transportation company’s stock after selling 3,451 shares during the period. Handelsbanken Fonder AB owned approximately 0.05% of Old Dominion Freight Line worth $15,233,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of ODFL. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of Old Dominion Freight Line by 5.5% in the third quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 396,862 shares of the transportation company’s stock worth $55,870,000 after purchasing an additional 20,585 shares during the last quarter. K.J. Harrison & Partners Inc purchased a new position in Old Dominion Freight Line in the 3rd quarter worth approximately $1,010,000. TD Asset Management Inc increased its holdings in shares of Old Dominion Freight Line by 14.7% in the 3rd quarter. TD Asset Management Inc now owns 819,704 shares of the transportation company’s stock worth $115,398,000 after buying an additional 105,135 shares during the last quarter. Mufg Securities Americas Inc. raised its position in shares of Old Dominion Freight Line by 21.0% during the 3rd quarter. Mufg Securities Americas Inc. now owns 4,988 shares of the transportation company’s stock valued at $702,000 after buying an additional 867 shares in the last quarter. Finally, AXQ Capital LP bought a new stake in shares of Old Dominion Freight Line during the 3rd quarter worth $880,000. Institutional investors own 77.82% of the company’s stock.

Old Dominion Freight Line Stock Performance

Shares of ODFL stock opened at $203.05 on Friday. The company has a market capitalization of $42.32 billion, a P/E ratio of 42.04, a PEG ratio of 10.13 and a beta of 1.28. Old Dominion Freight Line, Inc. has a fifty-two week low of $126.01 and a fifty-two week high of $208.74. The stock has a 50 day moving average price of $179.12 and a two-hundred day moving average price of $156.11.

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

Old Dominion Freight Line Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 18th. Shareholders of record on Wednesday, March 4th will be given a $0.29 dividend. The ex-dividend date is Wednesday, March 4th. This is a positive change from Old Dominion Freight Line’s previous quarterly dividend of $0.28. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.6%. Old Dominion Freight Line’s dividend payout ratio is presently 23.19%.

Insider Buying and Selling at Old Dominion Freight Line

In related news, Chairman David S. Congdon sold 52,000 shares of the company’s stock in a transaction that occurred on Thursday, February 19th. The stock was sold at an average price of $194.77, for a total transaction of $10,128,040.00. Following the completion of the transaction, the chairman owned 712,800 shares in the company, valued at $138,832,056. This represents a 6.80% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Bradley R. Gabosch sold 3,134 shares of the firm’s stock in a transaction on Wednesday, February 18th. The stock was sold at an average price of $194.27, for a total value of $608,842.18. Following the completion of the sale, the director directly owned 11,278 shares of the company’s stock, valued at $2,190,977.06. The trade was a 21.75% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 80,134 shares of company stock worth $15,640,132. 10.00% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on ODFL shares. TD Cowen upped their target price on shares of Old Dominion Freight Line from $167.00 to $180.00 and gave the stock a “hold” rating in a research report on Thursday, February 5th. BMO Capital Markets reiterated an “outperform” rating on shares of Old Dominion Freight Line in a report on Thursday, February 19th. Wolfe Research set a $138.00 price objective on Old Dominion Freight Line in a research report on Thursday, January 8th. JPMorgan Chase & Co. boosted their target price on Old Dominion Freight Line from $150.00 to $168.00 and gave the stock a “neutral” rating in a research report on Thursday, February 5th. Finally, Argus raised Old Dominion Freight Line from a “hold” rating to a “buy” rating and set a $220.00 target price for the company in a research note on Thursday, February 12th. Nine research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and four have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $189.88.

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.