First Trust Advisors LP Sells 256,059 Shares of Old Dominion Freight Line, Inc. $ODFL

First Trust Advisors LP lowered its holdings in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 16.8% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,264,995 shares of the transportation company’s stock after selling 256,059 shares during the quarter. First Trust Advisors LP’s holdings in Old Dominion Freight Line were worth $178,086,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Vanguard Group Inc. grew its position in Old Dominion Freight Line by 2.2% during 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 buying an additional 494,674 shares during the period. JPMorgan Chase & Co. raised its position in Old Dominion Freight Line by 21.3% in the third quarter. JPMorgan Chase & Co. now owns 3,544,588 shares of the transportation company’s stock worth $499,007,000 after acquiring an additional 622,275 shares during the period. Norges Bank purchased a new position in shares of Old Dominion Freight Line during the 2nd quarter worth $371,961,000. Lazard Asset Management LLC boosted its stake in shares of Old Dominion Freight Line by 11.6% during the 2nd quarter. Lazard Asset Management LLC now owns 1,933,480 shares of the transportation company’s stock worth $313,802,000 after acquiring an additional 200,681 shares during the last quarter. Finally, Ameriprise Financial Inc. grew its position in shares of Old Dominion Freight Line by 9.7% during the 2nd quarter. Ameriprise Financial Inc. now owns 1,549,766 shares of the transportation company’s stock valued at $251,046,000 after acquiring an additional 137,068 shares during the period. Hedge funds and other institutional investors own 77.82% of the company’s stock.

Insider Buying and Selling

In related news, insider Earl E. Congdon sold 25,000 shares of the business’s stock in a transaction that occurred on Thursday, February 26th. The stock was sold at an average price of $196.13, for a total value of $4,903,250.00. Following the transaction, the insider directly owned 2,162,113 shares of the company’s stock, valued at approximately $424,055,222.69. The trade was a 1.14% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, 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 value of $10,128,040.00. Following the completion of the transaction, the chairman owned 712,800 shares of the company’s stock, valued at $138,832,056. The trade was a 6.80% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 80,134 shares of company stock worth $15,640,132. 10.00% of the stock is owned by corporate insiders.

Old Dominion Freight Line Stock Performance

ODFL opened at $193.97 on Friday. The stock has a market cap of $40.43 billion, a price-to-earnings ratio of 40.16, a price-to-earnings-growth ratio of 4.08 and a beta of 1.23. The firm’s fifty day moving average is $184.00 and its 200 day moving average is $158.04. Old Dominion Freight Line, Inc. has a fifty-two week low of $126.01 and a fifty-two week high of $221.63.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its quarterly earnings results on Wednesday, February 4th. The transportation company reported $1.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.06 by $0.03. The business had revenue of $1.31 billion during the quarter, compared to analyst estimates of $1.30 billion. Old Dominion Freight Line had a return on equity of 24.03% and a net margin of 18.62%.Old Dominion Freight Line’s revenue for the quarter was down 5.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.23 EPS. On average, equities research 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 firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 18th. Stockholders of record on Wednesday, March 4th will be paid a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.6%. This is a positive change from Old Dominion Freight Line’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend is Wednesday, March 4th. Old Dominion Freight Line’s dividend payout ratio is currently 24.02%.

Analysts Set New Price Targets

ODFL has been the subject of several analyst reports. Wall Street Zen upgraded Old Dominion Freight Line from a “sell” rating to a “hold” rating in a research note on Sunday, January 25th. The Goldman Sachs Group reiterated a “buy” rating and set a $195.00 target price on shares of Old Dominion Freight Line in a research report on Wednesday, February 4th. Raymond James Financial upped their price target on Old Dominion Freight Line from $180.00 to $213.00 and gave the stock an “outperform” rating in a research report on Friday, February 6th. Benchmark reaffirmed a “hold” rating on shares of Old Dominion Freight Line in a research note on Wednesday. Finally, Jefferies Financial Group lifted their price objective on Old Dominion Freight Line from $195.00 to $210.00 and gave the company a “hold” rating in a research report on Tuesday, March 3rd. Nine research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and four have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $190.50.

About Old Dominion Freight Line

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.