Avity Investment Management Inc. Cuts Stock Position in Old Dominion Freight Line, Inc. $ODFL

Avity Investment Management Inc. lessened its holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 1.8% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 181,630 shares of the transportation company’s stock after selling 3,270 shares during the period. Old Dominion Freight Line makes up about 2.5% of Avity Investment Management Inc.’s investment portfolio, making the stock its 17th largest position. Avity Investment Management Inc. owned about 0.09% of Old Dominion Freight Line worth $39,341,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Brighton Jones LLC lifted its holdings in shares of Old Dominion Freight Line by 5.3% in the 4th quarter. Brighton Jones LLC now owns 1,559 shares of the transportation company’s stock valued at $275,000 after acquiring an additional 79 shares during the last quarter. Empowered Funds LLC grew its position in Old Dominion Freight Line by 134.9% in the 1st quarter. Empowered Funds LLC now owns 10,213 shares of the transportation company’s stock valued at $1,690,000 after acquiring an additional 5,866 shares during the last quarter. Marshall Wace LLP bought a new position in shares of Old Dominion Freight Line in the second quarter worth about $7,478,000. Jump Financial LLC bought a new position in Old Dominion Freight Line in the 2nd quarter worth about $2,891,000. Finally, AXA S.A. increased its position in shares of Old Dominion Freight Line by 1.2% during the second quarter. AXA S.A. now owns 20,253 shares of the transportation company’s stock worth $3,287,000 after acquiring an additional 238 shares during the period. Hedge funds and other institutional investors own 77.82% of the company’s stock.

Analysts Set New Price Targets

ODFL has been the topic of several research reports. Morgan Stanley reissued an “equal weight” rating and set a $245.00 price objective (up from $235.00) on shares of Old Dominion Freight Line in a report on Monday, July 6th. JPMorgan Chase & Co. upped their price objective on shares of Old Dominion Freight Line from $197.00 to $234.00 and gave the company a “neutral” rating in a report on Monday, June 8th. Raymond James Financial restated an “outperform” rating and issued a $241.00 target price (up from $224.00) on shares of Old Dominion Freight Line in a research note on Monday, July 13th. Wall Street Zen upgraded shares of Old Dominion Freight Line from a “hold” rating to a “buy” rating in a research note on Saturday. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Old Dominion Freight Line in a research report on Friday, July 10th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, thirteen have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $226.55.

Old Dominion Freight Line Trading Up 2.3%

Shares of ODFL opened at $216.36 on Friday. The firm has a market cap of $45.00 billion, a P/E ratio of 41.69, a price-to-earnings-growth ratio of 3.76 and a beta of 1.18. Old Dominion Freight Line, Inc. has a 12-month low of $126.01 and a 12-month high of $252.03. The company’s 50-day moving average price is $226.40 and its 200 day moving average price is $207.98.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its quarterly earnings results on Wednesday, July 29th. The transportation company reported $1.68 earnings per share for the quarter, topping the consensus estimate of $1.54 by $0.14. Old Dominion Freight Line had a return on equity of 24.87% and a net margin of 19.44%.The company had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.54 billion. During the same quarter in the prior year, the business earned $1.27 EPS. Old Dominion Freight Line’s revenue was up 10.4% on a year-over-year basis. Equities research analysts forecast that Old Dominion Freight Line, Inc. will post 5.78 earnings per share for the current year.

Old Dominion Freight Line Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 16th. Shareholders of record on Wednesday, September 2nd will be paid a $0.29 dividend. The ex-dividend date is Wednesday, September 2nd. This represents a $1.16 dividend on an annualized basis and a yield of 0.5%. Old Dominion Freight Line’s dividend payout ratio (DPR) is currently 22.35%.

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.