Epoch Investment Partners Inc. Lowers Stake in Old Dominion Freight Line, Inc. $ODFL

Key Points

• Epoch Investment Partners Inc. reduced its stake in Old Dominion Freight Line, Inc. by 4.5%, now holding 288,904 shares worth approximately $47.8 million.
• Old Dominion reported Q2 earnings of $1.27 per share, missing estimates of $1.29, with revenue down 6.1% year-over-year at $1.41 billion.
• The company declared a quarterly dividend of $0.28, payable on September 17th, which results in an annualized yield of 0.7%.

Epoch Investment Partners Inc. cut its holdings in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 4.5% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 288,904 shares of the transportation company's stock after selling 13,554 shares during the period. Epoch Investment Partners Inc. owned 0.14% of Old Dominion Freight Line worth $47,799,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Ameriprise Financial Inc. increased 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 in the last quarter. GAMMA Investing LLC increased its position in shares of Old Dominion Freight Line by 48.7% in the 1st quarter. GAMMA Investing LLC now owns 3,109 shares of the transportation company's stock valued at $514,000 after acquiring an additional 1,018 shares during the period. Wealth Enhancement Advisory Services LLC increased its position in shares of Old Dominion Freight Line by 9.5% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 17,595 shares of the transportation company's stock valued at $2,911,000 after acquiring an additional 1,529 shares during the period. Mercer Global Advisors Inc. ADV increased its position in shares of Old Dominion Freight Line by 93.5% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 15,396 shares of the transportation company's stock valued at $2,716,000 after acquiring an additional 7,439 shares during the period. Finally, Bayesian Capital Management LP increased its position in shares of Old Dominion Freight Line by 592.3% in the 4th quarter. Bayesian Capital Management LP now owns 9,000 shares of the transportation company's stock valued at $1,588,000 after acquiring an additional 7,700 shares during the period. 77.82% of the stock is owned by institutional investors and hedge funds.

Old Dominion Freight Line Stock Performance

ODFL traded up $1.27 during midday trading on Friday, hitting $150.97. 1,679,371 shares of the company were exchanged, compared to its average volume of 1,923,390. The company's 50 day simple moving average is $158.10 and its 200 day simple moving average is $162.85. The firm has a market capitalization of $31.73 billion, a price-to-earnings ratio of 29.49, a price-to-earnings-growth ratio of 3.50 and a beta of 1.24. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.04. Old Dominion Freight Line, Inc. has a 1-year low of $140.91 and a 1-year high of $233.26.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The transportation company reported $1.27 earnings per share for the quarter, missing the consensus estimate of $1.29 by ($0.02). The company had revenue of $1.41 billion for the quarter, compared to analyst estimates of $1.43 billion. Old Dominion Freight Line had a return on equity of 25.94% and a net margin of 19.42%.Old Dominion Freight Line's revenue for the quarter was down 6.1% on a year-over-year basis. During the same period in the prior year, the business posted $1.48 earnings per share. As a group, sell-side analysts predict that Old Dominion Freight Line, Inc. will post 5.68 earnings per share for the current year.

Old Dominion Freight Line Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 17th. Stockholders of record on Wednesday, September 3rd will be paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 0.7%. The ex-dividend date of this dividend is Wednesday, September 3rd. Old Dominion Freight Line's dividend payout ratio is presently 21.88%.

Analysts Set New Price Targets

ODFL has been the topic of several research reports. Wall Street Zen raised Old Dominion Freight Line from a "sell" rating to a "hold" rating in a research report on Friday, May 30th. Benchmark reissued a "hold" rating and issued a $102.00 target price on shares of Old Dominion Freight Line in a research report on Thursday, June 12th. Susquehanna cut their target price on Old Dominion Freight Line from $168.00 to $160.00 and set a "neutral" rating on the stock in a research report on Wednesday, June 18th. Truist Financial upped their target price on Old Dominion Freight Line from $175.00 to $180.00 and gave the company a "buy" rating in a research report on Monday, June 30th. Finally, The Goldman Sachs Group raised Old Dominion Freight Line from a "neutral" rating to a "buy" rating and upped their target price for the company from $190.00 to $200.00 in a research report on Monday, June 2nd. Eight investment analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $167.62.

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.