Edgestream Partners L.P. Sells 86,894 Shares of Old Dominion Freight Line, Inc. $ODFL

Key Points

• Edgestream Partners L.P. cut its Old Dominion Freight Line stake by 95.5%, selling 86,894 shares and retaining 4,082 shares valued at approximately $798,000. Institutional investors collectively own 77.82% of ODFL.
• Analyst sentiment remains mixed, with a consensus rating of “Hold” and an average price target of $226.55. Recent actions included a Zacks upgrade to “Strong Buy” and higher price targets from Argus and Barclays.
• Old Dominion reported quarterly EPS of $1.68, beating estimates by $0.14, 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% annualized yield.

Edgestream Partners L.P. lessened its stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 95.5% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,082 shares of the transportation company's stock after selling 86,894 shares during the quarter. Edgestream Partners L.P.'s holdings in Old Dominion Freight Line were worth $798,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Price T Rowe Associates Inc. MD increased its holdings in Old Dominion Freight Line by 14.1% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 14,223,960 shares of the transportation company's stock worth $2,230,318,000 after acquiring an additional 1,761,511 shares during the period. State Street Corp boosted its holdings in Old Dominion Freight Line by 0.9% in the 4th quarter. State Street Corp now owns 7,746,286 shares of the transportation company's stock valued at $1,214,618,000 after purchasing an additional 70,736 shares during the period. Boston Partners increased its holdings in shares of Old Dominion Freight Line by 98.4% in the fourth quarter. Boston Partners now owns 4,122,696 shares of the transportation company's stock worth $648,186,000 after purchasing an additional 2,044,434 shares during the period. T. Rowe Price Investment Management Inc. increased its holdings in shares of Old Dominion Freight Line by 11.0% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 3,680,719 shares of the transportation company's stock worth $577,137,000 after purchasing an additional 365,424 shares during the period. Finally, Goldman Sachs Group Inc. increased its holdings in shares of Old Dominion Freight Line by 23.9% in the fourth quarter. Goldman Sachs Group Inc. now owns 3,314,157 shares of the transportation company's stock worth $519,660,000 after purchasing an additional 639,769 shares during the period. 77.82% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms recently issued reports on ODFL. Zacks Research raised Old Dominion Freight Line from a "hold" rating to a "strong-buy" rating in a research note on Friday, July 31st. Argus upped their target price on Old Dominion Freight Line from $220.00 to $260.00 and gave the stock a "buy" rating in a research note on Thursday, June 18th. TD Cowen reaffirmed a "hold" rating on shares of Old Dominion Freight Line in a report on Wednesday, June 3rd. Benchmark reiterated a "hold" rating on shares of Old Dominion Freight Line in a research report on Thursday, June 4th. Finally, Barclays lifted their price target on Old Dominion Freight Line from $210.00 to $220.00 and gave the company an "equal weight" rating in a research report on Thursday, June 25th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, thirteen have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, Old Dominion Freight Line currently has a consensus rating of "Hold" and an average target price of $226.55.

Old Dominion Freight Line Stock Up 3.7%

Shares of ODFL stock opened at $219.32 on Wednesday. The business has a 50-day moving average price of $226.85 and a two-hundred day moving average price of $207.41. Old Dominion Freight Line, Inc. has a 12-month low of $126.01 and a 12-month high of $252.03. The firm has a market cap of $45.61 billion, a P/E ratio of 42.26, a price-to-earnings-growth ratio of 3.67 and a beta of 1.18.

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

Old Dominion Freight Line Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 16th. Shareholders of record on Wednesday, September 2nd will be paid a $0.29 dividend. The ex-dividend date of this dividend is Wednesday, September 2nd. This represents a $1.16 annualized dividend and a yield of 0.5%. Old Dominion Freight Line's dividend payout ratio is currently 22.35%.

Old Dominion Freight Line 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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