Bank of New York Mellon Corp Sells 258,324 Shares of Old Dominion Freight Line, Inc. $ODFL

Key Points

• Bank of New York Mellon reduced its stake in Old Dominion Freight Line by 5.2% in the fourth quarter, selling 258,324 shares and leaving it with 4.73 million shares worth about $740.9 million.
• Insiders and institutions remain active: Director Greg C. Gantt sold 22,107 shares, while institutional investors still own 77.82% of the company and corporate insiders hold 10.00%.
• Analysts and fundamentals are mixed but positive: BMO raised its price target to $230, and the stock beat quarterly earnings estimates, though revenue declined 2.9% year over year and the consensus analyst rating remains “Hold.”

Bank of New York Mellon Corp lessened its holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 5.2% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 4,725,211 shares of the transportation company's stock after selling 258,324 shares during the quarter. Bank of New York Mellon Corp owned approximately 2.26% of Old Dominion Freight Line worth $740,913,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. Westside Investment Management Inc. lifted its holdings in shares of Old Dominion Freight Line by 100.0% in the 3rd quarter. Westside Investment Management Inc. now owns 196 shares of the transportation company's stock worth $27,000 after buying an additional 98 shares during the period. DT Investment Partners LLC lifted its holdings in shares of Old Dominion Freight Line by 600.0% in the 4th quarter. DT Investment Partners LLC now owns 210 shares of the transportation company's stock worth $33,000 after buying an additional 180 shares during the period. Raiffeisen Bank International AG purchased a new stake in shares of Old Dominion Freight Line in the 3rd quarter worth $37,000. Torren Management LLC purchased a new stake in shares of Old Dominion Freight Line in the 4th quarter worth $41,000. Finally, Kohmann Bosshard Financial Services LLC purchased a new stake in shares of Old Dominion Freight Line in the 4th quarter worth $50,000. Institutional investors own 77.82% of the company's stock.

Insider Transactions at Old Dominion Freight Line

In other Old Dominion Freight Line news, Director Greg C. Gantt sold 22,107 shares of the stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $191.52, for a total transaction of $4,233,932.64. Following the transaction, the director owned 88,551 shares in the company, valued at approximately $16,959,287.52. This represents a 19.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 10.00% of the company's stock.

Analysts Set New Price Targets

Several brokerages have weighed in on ODFL. BMO Capital Markets upped their target price on Old Dominion Freight Line from $215.00 to $230.00 and gave the stock an "outperform" rating in a report on Monday, May 4th. Weiss Ratings reiterated a "hold (c)" rating on shares of Old Dominion Freight Line in a report on Tuesday, April 14th. Evercore set a $219.00 price objective on Old Dominion Freight Line in a research note on Thursday, April 30th. TD Cowen restated a "hold" rating on shares of Old Dominion Freight Line in a research note on Wednesday. Finally, Raymond James Financial restated an "outperform" rating and set a $224.00 price objective on shares of Old Dominion Freight Line in a research note on Thursday, April 30th. Eight investment analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, Old Dominion Freight Line presently has a consensus rating of "Hold" and a consensus target price of $207.08.

Old Dominion Freight Line Stock Performance

Shares of ODFL stock opened at $236.06 on Thursday. The stock's 50-day simple moving average is $207.60 and its 200-day simple moving average is $184.29. The firm has a market capitalization of $49.09 billion, a PE ratio of 49.39, a P/E/G ratio of 4.69 and a beta of 1.17. Old Dominion Freight Line, Inc. has a fifty-two week low of $126.01 and a fifty-two week high of $236.84.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last announced its quarterly earnings data on Wednesday, April 29th. The transportation company reported $1.14 earnings per share for the quarter, beating analysts' consensus estimates of $1.05 by $0.09. The business had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.31 billion. Old Dominion Freight Line had a return on equity of 23.42% and a net margin of 18.46%.The company's revenue was down 2.9% on a year-over-year basis. During the same period in the prior year, the company earned $1.19 earnings per share. Sell-side analysts forecast that Old Dominion Freight Line, Inc. will post 5.32 earnings per share for the current year.

Old Dominion Freight Line Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 17th. Shareholders of record on Wednesday, June 3rd will be given a dividend of $0.29 per share. The ex-dividend date is Wednesday, June 3rd. This represents a $1.16 dividend on an annualized basis and a yield of 0.5%. Old Dominion Freight Line's dividend payout ratio is currently 24.27%.

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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