Fieldview Capital Management LLC Cuts Position in Old Dominion Freight Line, Inc. $ODFL

Key Points

• Fieldview Capital Management sharply reduced its Old Dominion Freight Line stake by 88.4% in the fourth quarter, selling 25,645 shares and leaving it with 3,352 shares worth about $526,000.
• Despite that sale, institutional ownership remains high: hedge funds and other institutional investors own about 77.82% of ODFL, while insider ownership stands at 10.00% after director Greg C. Gantt sold 22,107 shares in May.
• Analysts are mixed on the stock, with a consensus rating of “Hold” and an average price target of $215.57; meanwhile, ODFL recently reported quarterly EPS of $1.14, beating estimates, and declared a $0.29 quarterly dividend.

Fieldview Capital Management LLC trimmed its position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 88.4% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 3,352 shares of the transportation company's stock after selling 25,645 shares during the period. Fieldview Capital Management LLC's holdings in Old Dominion Freight Line were worth $526,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of Old Dominion Freight Line by 2.2% during the third quarter. Vanguard Group Inc. now owns 23,252,921 shares of the transportation company's stock worth $3,273,546,000 after buying an additional 494,674 shares during the period. State Street Corp increased its stake in Old Dominion Freight Line by 0.9% in the fourth 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 last quarter. CIBC Private Wealth Group LLC increased its stake in Old Dominion Freight Line by 21.6% in the third quarter. CIBC Private Wealth Group LLC now owns 4,366,843 shares of the transportation company's stock valued at $614,764,000 after purchasing an additional 776,004 shares during the last quarter. Boston Partners increased its stake in 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 valued at $648,186,000 after purchasing an additional 2,044,434 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its stake in Old Dominion Freight Line by 21.3% in the third quarter. JPMorgan Chase & Co. now owns 3,544,588 shares of the transportation company's stock valued at $499,007,000 after purchasing an additional 622,275 shares during the last quarter. 77.82% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Old Dominion Freight Line

In other news, Director Greg C. Gantt sold 22,107 shares of the firm's stock in a transaction on Monday, May 4th. The stock was sold at an average price of $191.52, for a total value of $4,233,932.64. Following the completion of the transaction, the director owned 88,551 shares in the company, valued at $16,959,287.52. This trade represents a 19.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 10.00% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. BMO Capital Markets reissued an "outperform" rating and issued a $230.00 price objective on shares of Old Dominion Freight Line in a report on Thursday, June 4th. Rothschild & Co Redburn decreased their price objective on Old Dominion Freight Line from $176.00 to $172.00 and set a "sell" rating for the company in a report on Tuesday, May 12th. TD Cowen reissued a "hold" rating on shares of Old Dominion Freight Line in a report on Wednesday, June 3rd. Jefferies Financial Group increased their price objective on Old Dominion Freight Line from $230.00 to $250.00 and gave the company a "hold" rating in a report on Tuesday, June 9th. Finally, Benchmark reaffirmed a "hold" rating on shares of Old Dominion Freight Line in a report on Thursday, June 4th. Eight analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and three have assigned a Sell rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $215.57.

Old Dominion Freight Line Stock Down 3.4%

Shares of ODFL stock opened at $237.42 on Tuesday. Old Dominion Freight Line, Inc. has a fifty-two week low of $126.01 and a fifty-two week high of $252.03. The stock has a market cap of $49.38 billion, a P/E ratio of 49.67, a P/E/G ratio of 4.97 and a beta of 1.17. The business has a fifty day simple moving average of $215.95 and a 200-day simple moving average of $190.65.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last announced its quarterly earnings results 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. Old Dominion Freight Line had a return on equity of 23.42% and a net margin of 18.46%.The business had revenue of $1.33 billion during the quarter, compared to analysts' expectations of $1.31 billion. During the same quarter last year, the business posted $1.19 earnings per share. The business's revenue for the quarter was down 2.9% on a year-over-year basis. On average, sell-side analysts anticipate that Old Dominion Freight Line, Inc. will post 5.38 earnings per share for the current year.

Old Dominion Freight Line Announces Dividend

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