Bessemer Group Inc. Cuts Holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Bessemer Group Inc. lowered its position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 97.3% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 11,741 shares of the transportation company's stock after selling 423,698 shares during the period. Bessemer Group Inc.'s holdings in Old Dominion Freight Line were worth $1,942,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of ODFL. American National Bank & Trust purchased a new stake in Old Dominion Freight Line in the 1st quarter worth $30,000. Whipplewood Advisors LLC acquired a new stake in shares of Old Dominion Freight Line in the fourth quarter valued at about $35,000. Itau Unibanco Holding S.A. increased its stake in shares of Old Dominion Freight Line by 518.9% during the fourth quarter. Itau Unibanco Holding S.A. now owns 229 shares of the transportation company's stock worth $40,000 after purchasing an additional 192 shares in the last quarter. Murphy & Mullick Capital Management Corp acquired a new position in shares of Old Dominion Freight Line during the 4th quarter worth about $51,000. Finally, CoreCap Advisors LLC raised its position in shares of Old Dominion Freight Line by 98.2% during the 4th quarter. CoreCap Advisors LLC now owns 339 shares of the transportation company's stock worth $60,000 after purchasing an additional 168 shares during the last quarter. 77.82% of the stock is owned by hedge funds and other institutional investors.

Old Dominion Freight Line Stock Performance

Shares of Old Dominion Freight Line stock opened at $163.68 on Friday. The firm has a market cap of $34.59 billion, a PE ratio of 30.71, a price-to-earnings-growth ratio of 3.37 and a beta of 1.26. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.01. Old Dominion Freight Line, Inc. has a 52 week low of $144.90 and a 52 week high of $233.26. The business's fifty day simple moving average is $160.36 and its 200-day simple moving average is $172.19.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last posted its earnings results 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 company had revenue of $1.37 billion for the quarter, compared to analysts' expectations of $1.38 billion. Old Dominion Freight Line had a net margin of 20.04% and a return on equity of 27.40%. Old Dominion Freight Line's revenue for the quarter was down 5.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.34 earnings per share. Equities analysts forecast that Old Dominion Freight Line, Inc. will post 5.68 earnings per share for the current year.

Old Dominion Freight Line Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 18th. Stockholders of record on Wednesday, June 4th were issued a $0.28 dividend. The ex-dividend date of this dividend was Wednesday, June 4th. This represents a $1.12 annualized dividend and a dividend yield of 0.68%. Old Dominion Freight Line's dividend payout ratio is currently 21.01%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. Evercore ISI lowered their price objective on Old Dominion Freight Line from $164.00 to $156.00 and set an "in-line" rating on the stock in a report on Thursday, April 24th. Stifel Nicolaus dropped their price target 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. Bank of America raised their price objective on Old Dominion Freight Line from $167.00 to $183.00 and gave the company a "neutral" rating in a report on Friday, May 16th. Susquehanna lowered their target price on shares of Old Dominion Freight Line from $168.00 to $160.00 and set a "neutral" rating on the stock in a research note on Wednesday, June 18th. Finally, UBS Group dropped their target price on shares of Old Dominion Freight Line from $196.00 to $158.00 and set a "neutral" rating for the company in a report on Tuesday, April 8th. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and eight have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $176.10.

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.

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