Adage Capital Partners GP L.L.C. Reduces Stock Position in Old Dominion Freight Line, Inc. $ODFL

Key Points

• Adage Capital Partners GP L.L.C. reduced its stake in Old Dominion Freight Line by 11.5%, now holding about 146,500 shares valued at approximately $24.24 million.
• Institutional investors hold 77.82% of Old Dominion's stock, with major increases in holdings from firms like T. Rowe Price and JPMorgan Chase.
• The company reported a 6.1% year-over-year decline in quarterly revenue, missing analysts' expectations with a net margin of 19.42% and a payout ratio of 21.88% for its recent dividend announcement.

Adage Capital Partners GP L.L.C. lessened its stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 11.5% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 146,500 shares of the transportation company's stock after selling 19,000 shares during the quarter. Adage Capital Partners GP L.L.C. owned 0.07% of Old Dominion Freight Line worth $24,238,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the company. Larson Financial Group LLC boosted its holdings in Old Dominion Freight Line by 234.8% in the 1st quarter. Larson Financial Group LLC now owns 154 shares of the transportation company's stock valued at $25,000 after purchasing an additional 108 shares during the period. American National Bank & Trust acquired a new stake in shares of Old Dominion Freight Line during the 1st quarter worth about $30,000. Wayfinding Financial LLC acquired a new stake in shares of Old Dominion Freight Line during the 1st quarter worth about $39,000. Zions Bancorporation National Association UT acquired a new stake in Old Dominion Freight Line in the 1st quarter valued at about $39,000. Finally, Olde Wealth Management LLC acquired a new stake in Old Dominion Freight Line in the 1st quarter valued at about $43,000. 77.82% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

ODFL has been the topic of several recent analyst reports. Morgan Stanley reduced their price objective on shares of Old Dominion Freight Line from $170.00 to $165.00 and set an "equal weight" rating on the stock in a research note on Thursday, July 31st. JPMorgan Chase & Co. lowered their price objective on shares of Old Dominion Freight Line from $158.00 to $146.00 and set a "neutral" rating on the stock in a report on Tuesday, July 8th. Barclays set a $155.00 price objective on shares of Old Dominion Freight Line and gave the company an "equal weight" rating in a report on Thursday, July 31st. Wells Fargo & Company lowered their target price on shares of Old Dominion Freight Line from $160.00 to $145.00 and set an "underweight" rating on the stock in a report on Thursday, July 31st. Finally, Susquehanna lowered their target price on shares of Old Dominion Freight Line from $168.00 to $160.00 and set a "neutral" rating on the stock in a report on Wednesday, June 18th. Eight research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $167.14.

Old Dominion Freight Line Trading Down 2.2%

NASDAQ:ODFL traded down $3.25 on Wednesday, reaching $144.97. 252,481 shares of the stock traded hands, compared to its average volume of 1,841,903. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.04. The firm has a market capitalization of $30.47 billion, a price-to-earnings ratio of 28.39, a price-to-earnings-growth ratio of 3.51 and a beta of 1.23. The company's 50 day moving average is $156.27 and its 200-day moving average is $160.33. Old Dominion Freight Line, Inc. has a 1-year low of $140.71 and a 1-year high of $233.26.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The transportation company reported $1.27 EPS for the quarter, missing analysts' consensus estimates of $1.29 by ($0.02). The company had revenue of $1.41 billion during the quarter, compared to analyst estimates of $1.43 billion. Old Dominion Freight Line had a return on equity of 25.94% and a net margin of 19.42%.The company's revenue for the quarter was down 6.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.48 earnings per share. Equities research analysts anticipate that Old Dominion Freight Line, Inc. will post 5.68 EPS for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 17th. Shareholders of record on Wednesday, September 3rd will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date is Wednesday, September 3rd. Old Dominion Freight Line's dividend payout ratio (DPR) is presently 21.88%.

About Old Dominion Freight Line

Old Dominion Freight Line, Inc operates as a less-than-truckload motor carrier in the United States and North America. The company offers regional, inter-regional, and national less-than-truckload services, as well as expedited transportation. It also provides various value-added services, including container drayage, truckload brokerage, and supply chain consulting.