Bank of New York Mellon Corp Lowers Holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Bank of New York Mellon Corp lowered its stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 3.8% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 5,650,666 shares of the transportation company's stock after selling 222,503 shares during the quarter. Bank of New York Mellon Corp owned 2.66% of Old Dominion Freight Line worth $934,903,000 as of its most recent filing with the SEC.

Other institutional investors have also recently added to or reduced their stakes in the company. Evergreen Private Wealth LLC raised its holdings in Old Dominion Freight Line by 0.9% in the 4th quarter. Evergreen Private Wealth LLC now owns 6,651 shares of the transportation company's stock valued at $1,173,000 after buying an additional 59 shares during the period. Lido Advisors LLC lifted its stake in Old Dominion Freight Line by 3.2% in the fourth quarter. Lido Advisors LLC now owns 1,929 shares of the transportation company's stock valued at $340,000 after buying an additional 59 shares during the last quarter. Dorsey & Whitney Trust CO LLC lifted its stake in Old Dominion Freight Line by 5.5% in the fourth quarter. Dorsey & Whitney Trust CO LLC now owns 1,169 shares of the transportation company's stock valued at $206,000 after buying an additional 61 shares during the last quarter. Integrated Wealth Concepts LLC raised its stake in shares of Old Dominion Freight Line by 1.4% during the fourth quarter. Integrated Wealth Concepts LLC now owns 4,531 shares of the transportation company's stock worth $799,000 after purchasing an additional 63 shares during the last quarter. Finally, Benjamin Edwards Inc. raised its stake in shares of Old Dominion Freight Line by 3.0% during the fourth quarter. Benjamin Edwards Inc. now owns 2,297 shares of the transportation company's stock worth $405,000 after purchasing an additional 67 shares during the last quarter. Institutional investors and hedge funds own 77.82% of the company's stock.

Old Dominion Freight Line Price Performance

Shares of ODFL traded up $1.23 during trading hours on Friday, reaching $171.08. 1,369,300 shares of the company traded hands, compared to its average volume of 1,654,401. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.01. The stock has a market capitalization of $36.15 billion, a PE ratio of 32.10, a price-to-earnings-growth ratio of 3.53 and a beta of 1.25. Old Dominion Freight Line, Inc. has a fifty-two week low of $144.90 and a fifty-two week high of $233.26. The stock has a fifty day simple moving average of $162.00 and a 200 day simple moving average of $171.28.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last posted its quarterly earnings data on Wednesday, April 23rd. The transportation company reported $1.19 EPS for the quarter, beating analysts' consensus estimates of $1.14 by $0.05. The business had revenue of $1.37 billion for the quarter, compared to analyst estimates of $1.38 billion. Old Dominion Freight Line had a return on equity of 27.40% and a net margin of 20.04%. The business's revenue for the quarter was down 5.8% compared to the same quarter last year. During the same quarter last year, the company earned $1.34 earnings per share. As a group, research analysts predict that Old Dominion Freight Line, Inc. will post 5.68 EPS for the current fiscal year.

Old Dominion Freight Line Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 18th. Shareholders of record on Wednesday, June 4th were issued a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 0.65%. The ex-dividend date of this dividend was Wednesday, June 4th. Old Dominion Freight Line's dividend payout ratio (DPR) is 21.01%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Citigroup upgraded Old Dominion Freight Line from a "neutral" rating to a "buy" rating and cut their price target for the stock from $186.00 to $183.00 in a research note on Tuesday, April 8th. Benchmark reiterated a "hold" rating and issued a $102.00 price objective on shares of Old Dominion Freight Line in a research report on Thursday, June 12th. UBS Group cut their price objective on Old Dominion Freight Line from $196.00 to $158.00 and set a "neutral" rating for the company in a research report on Tuesday, April 8th. Baird R W upgraded Old Dominion Freight Line to a "hold" rating in a research report on Tuesday. Finally, Stifel Nicolaus cut their price objective on Old Dominion Freight Line from $188.00 to $175.00 and set a "buy" rating for the company in a research report on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $174.55.

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.