Bank of America Corp DE Sells 39,808 Shares of Old Dominion Freight Line, Inc. $ODFL

Key Points

• Bank of America reduced its Old Dominion Freight Line stake by 5.6%, selling 39,808 shares and retaining 671,156 shares valued at approximately $131.1 million. Institutional investors collectively own 77.82% of the company.
• Analyst sentiment remains mixed, with a consensus rating of “Hold” and an average price target of $226.55; recent targets range from $220 to $250.
• Old Dominion reported quarterly EPS of $1.68, beating estimates of $1.54, while revenue rose 10.4% year over year to $1.55 billion. The company also declared a quarterly dividend of $0.29 per share, representing a 0.5% yield.

Bank of America Corp DE lowered its stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 5.6% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 671,156 shares of the transportation company's stock after selling 39,808 shares during the quarter. Bank of America Corp DE owned about 0.32% of Old Dominion Freight Line worth $131,144,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Systematic Alpha Investments LLC acquired a new stake in shares of Old Dominion Freight Line in the 1st quarter valued at approximately $227,000. EverSource Wealth Advisors LLC grew its holdings in Old Dominion Freight Line by 12.9% during the first quarter. EverSource Wealth Advisors LLC now owns 3,220 shares of the transportation company's stock valued at $629,000 after purchasing an additional 367 shares during the period. Empowered Funds LLC increased its stake in Old Dominion Freight Line by 139.0% in the first quarter. Empowered Funds LLC now owns 52,784 shares of the transportation company's stock valued at $10,314,000 after purchasing an additional 30,697 shares in the last quarter. Encompass Capital Advisors LLC bought a new stake in Old Dominion Freight Line in the first quarter valued at approximately $60,586,000. Finally, Quantinno Capital Management LP raised its holdings in Old Dominion Freight Line by 48.2% in the first quarter. Quantinno Capital Management LP now owns 199,211 shares of the transportation company's stock worth $38,926,000 after purchasing an additional 64,835 shares during the period. 77.82% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

ODFL has been the topic of a number of recent analyst reports. Barclays lifted their price target on shares of Old Dominion Freight Line from $210.00 to $220.00 and gave the stock an "equal weight" rating in a research report on Thursday, June 25th. Truist Financial upped their price objective on shares of Old Dominion Freight Line from $225.00 to $250.00 and gave the company a "buy" rating in a research report on Wednesday, July 15th. Stephens reaffirmed an "overweight" rating and set a $240.00 price objective (up from $232.00) on shares of Old Dominion Freight Line in a research note on Thursday, April 30th. Zacks Research upgraded Old Dominion Freight Line from a "hold" rating to a "strong-buy" rating in a report on Friday, July 31st. Finally, Jefferies Financial Group reissued a "hold" rating and issued a $227.00 target price on shares of Old Dominion Freight Line in a research note on Thursday, July 30th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, thirteen have issued a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $226.55.

Old Dominion Freight Line Stock Performance

NASDAQ:ODFL opened at $211.41 on Friday. The company has a market cap of $43.97 billion, a P/E ratio of 40.73, a P/E/G ratio of 3.74 and a beta of 1.18. Old Dominion Freight Line, Inc. has a 52-week low of $126.01 and a 52-week high of $252.03. The stock's 50-day simple moving average is $226.58 and its 200 day simple moving average is $207.92.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last issued its earnings results on Wednesday, July 29th. The transportation company reported $1.68 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.54 by $0.14. The company had revenue of $1.55 billion for the quarter, compared to analysts' expectations of $1.54 billion. Old Dominion Freight Line had a net margin of 19.44% and a return on equity of 24.87%. Old Dominion Freight Line's quarterly revenue was up 10.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.27 EPS. As a group, equities analysts predict that Old Dominion Freight Line, Inc. will post 5.78 earnings per share for the current fiscal year.

Old Dominion Freight Line Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 16th. Stockholders of record on Wednesday, September 2nd will be given a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date is Wednesday, September 2nd. Old Dominion Freight Line's dividend payout ratio is presently 22.35%.

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.

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