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

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

A number of other institutional investors and hedge funds have also made changes to their positions in ODFL. Blueshift Asset Management LLC purchased a new position in Old Dominion Freight Line in the 4th quarter valued at about $630,000. Ameriprise Financial Inc. lifted its position in shares of Old Dominion Freight Line by 2.9% during the fourth quarter. Ameriprise Financial Inc. now owns 1,267,640 shares of the transportation company's stock worth $223,281,000 after purchasing an additional 35,778 shares during the last quarter. Callan Family Office LLC bought a new position in shares of Old Dominion Freight Line during the fourth quarter worth about $307,000. GAMMA Investing LLC lifted its position in shares of Old Dominion Freight Line by 48.7% during the first quarter. GAMMA Investing LLC now owns 3,109 shares of the transportation company's stock worth $514,000 after purchasing an additional 1,018 shares during the last quarter. Finally, one8zero8 LLC acquired a new stake in Old Dominion Freight Line during the fourth quarter worth about $431,000. 77.82% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have commented on ODFL. Evercore ISI dropped their price target on shares of Old Dominion Freight Line from $164.00 to $156.00 and set an "in-line" rating on the stock in a research note on Thursday, April 24th. Robert W. Baird initiated coverage on shares of Old Dominion Freight Line in a research note on Tuesday, July 1st. They set a "neutral" rating and a $164.00 price objective on the stock. Citigroup raised Old Dominion Freight Line from a "neutral" rating to a "buy" rating and reduced their price objective for the stock from $186.00 to $183.00 in a research note on Tuesday, April 8th. Bank of America raised their price objective on Old Dominion Freight Line from $167.00 to $183.00 and gave the stock a "neutral" rating in a research note on Friday, May 16th. Finally, Stifel Nicolaus reduced 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 note on Thursday, April 24th. One research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $174.55.

Old Dominion Freight Line Price Performance

Old Dominion Freight Line stock traded up $1.23 during mid-day trading on Friday, reaching $171.08. The company had a trading volume of 1,369,300 shares, compared to its average volume of 1,654,401. Old Dominion Freight Line, Inc. has a fifty-two week low of $144.90 and a fifty-two week high of $233.26. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.01. The company has a market cap of $36.15 billion, a P/E ratio of 32.10, a P/E/G ratio of 3.53 and a beta of 1.25. The business has a fifty day simple moving average of $162.00 and a 200 day simple moving average of $171.02.

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

Old Dominion Freight Line Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 18th. Investors of record on Wednesday, June 4th were paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis 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 is presently 21.01%.

Old Dominion Freight Line Profile

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.