Alliancebernstein L.P. Increases Stake in Old Dominion Freight Line, Inc. $ODFL

Alliancebernstein L.P. increased its holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 15.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 245,648 shares of the transportation company's stock after purchasing an additional 32,010 shares during the quarter. Alliancebernstein L.P. owned approximately 0.12% of Old Dominion Freight Line worth $40,642,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. Fifth Third Wealth Advisors LLC grew its stake in shares of Old Dominion Freight Line by 4.6% in the first quarter. Fifth Third Wealth Advisors LLC now owns 1,617 shares of the transportation company's stock worth $268,000 after purchasing an additional 71 shares during the last quarter. Benjamin Edwards Inc. grew its stake in shares of Old Dominion Freight Line by 3.1% in the first quarter. Benjamin Edwards Inc. now owns 2,368 shares of the transportation company's stock worth $392,000 after purchasing an additional 71 shares during the last quarter. City Holding Co. grew its stake in shares of Old Dominion Freight Line by 1.1% in the first quarter. City Holding Co. now owns 7,104 shares of the transportation company's stock worth $1,175,000 after purchasing an additional 75 shares during the last quarter. Brighton Jones LLC boosted its position in Old Dominion Freight Line by 5.3% during the fourth 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. Finally, Fortitude Advisory Group L.L.C. boosted its position in Old Dominion Freight Line by 5.4% during the first quarter. Fortitude Advisory Group L.L.C. now owns 1,558 shares of the transportation company's stock valued at $258,000 after acquiring an additional 80 shares during the last quarter. Institutional investors own 77.82% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on ODFL shares. JPMorgan Chase & Co. lowered their target price 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. TD Cowen lowered their target price on shares of Old Dominion Freight Line from $166.00 to $159.00 and set a "hold" rating on the stock in a report on Thursday, July 31st. Wall Street Zen upgraded shares of Old Dominion Freight Line from a "sell" rating to a "hold" rating in a report on Friday, May 30th. Benchmark restated a "hold" rating and issued a $102.00 target price on shares of Old Dominion Freight Line in a report on Thursday, June 12th. Finally, Morgan Stanley decreased their price objective on shares of Old Dominion Freight Line from $170.00 to $165.00 and set an "equal weight" rating for the company in a research note on Thursday, July 31st. Eight equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $167.14.

Old Dominion Freight Line Stock Performance

ODFL traded down $1.91 on Wednesday, hitting $146.31. The company's stock had a trading volume of 1,199,169 shares, compared to its average volume of 1,782,212. The company's 50 day simple moving average is $155.80 and its 200-day simple moving average is $160.23. The firm has a market cap of $30.75 billion, a P/E ratio of 28.58, a price-to-earnings-growth ratio of 3.44 and a beta of 1.23. Old Dominion Freight Line, Inc. has a 12 month low of $140.71 and a 12 month high of $233.26. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.04.

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

Old Dominion Freight Line Announces Dividend

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