First Trust Advisors LP Has $150.62 Million Position in Old Dominion Freight Line, Inc. $ODFL

Key Points

• First Trust Advisors LP cut its stake in Old Dominion Freight Line by 29.8% in the first quarter, though it still held 770,853 shares worth about $150.6 million at quarter-end.
• Old Dominion reported better-than-expected quarterly earnings of $1.14 per share versus $1.05 expected, with revenue of $1.33 billion also slightly ahead of estimates, even as sales declined 2.9% year over year.
• The company declared a quarterly dividend of $0.29 per share, and analysts currently rate the stock a consensus Hold with an average price target of $223.04.

First Trust Advisors LP lowered its stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 29.8% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 770,853 shares of the transportation company's stock after selling 327,491 shares during the quarter. First Trust Advisors LP owned about 0.37% of Old Dominion Freight Line worth $150,625,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Annis Gardner Whiting Capital Advisors LLC grew its position in shares of Old Dominion Freight Line by 80.5% in the first quarter. Annis Gardner Whiting Capital Advisors LLC now owns 139 shares of the transportation company's stock valued at $27,000 after purchasing an additional 62 shares during the last quarter. Evolution Wealth Management Inc. bought a new position in shares of Old Dominion Freight Line in the first quarter worth about $29,000. Reflection Asset Management acquired a new position in shares of Old Dominion Freight Line during the 4th quarter worth about $28,000. Cassaday & Co Wealth Management LLC bought a new stake in Old Dominion Freight Line during the 1st quarter valued at approximately $39,000. Finally, DT Investment Partners LLC boosted its stake in Old Dominion Freight Line by 600.0% during the 4th quarter. DT Investment Partners LLC now owns 210 shares of the transportation company's stock valued at $33,000 after purchasing an additional 180 shares during the period. 77.82% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Old Dominion Freight Line

In other Old Dominion Freight Line news, Director Greg C. Gantt sold 22,107 shares of Old Dominion Freight Line stock in a transaction on Monday, May 4th. The shares were sold at an average price of $191.52, for a total transaction of $4,233,932.64. Following the completion of the sale, the director owned 88,551 shares of the company's stock, valued at approximately $16,959,287.52. The trade was a 19.98% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 10.00% of the company's stock.

Old Dominion Freight Line Stock Performance

ODFL opened at $230.71 on Friday. The firm has a market cap of $47.98 billion, a price-to-earnings ratio of 48.27, a PEG ratio of 4.20 and a beta of 1.18. The firm's 50-day simple moving average is $224.89 and its 200-day simple moving average is $204.57. Old Dominion Freight Line, Inc. has a twelve month low of $126.01 and a twelve month high of $252.03.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last released its quarterly earnings results on Wednesday, April 29th. The transportation company reported $1.14 earnings per share (EPS) 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 period in the previous year, the business posted $1.19 earnings per share. The firm's revenue for the quarter was down 2.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that Old Dominion Freight Line, Inc. will post 5.56 EPS for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The firm also recently disclosed 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 dividend on an annualized basis and a yield of 0.5%. Old Dominion Freight Line's dividend payout ratio (DPR) is presently 24.27%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on ODFL. Jefferies Financial Group lifted their price target on Old Dominion Freight Line from $230.00 to $250.00 and gave the stock a "hold" rating in a research report on Tuesday, June 9th. Rothschild & Co Redburn dropped their price objective on shares of Old Dominion Freight Line from $176.00 to $172.00 and set a "sell" rating on the stock in a report on Tuesday, May 12th. Truist Financial lifted their target price on Old Dominion Freight Line from $225.00 to $250.00 and gave the stock a "buy" rating in a research report on Wednesday, July 15th. Stephens restated an "overweight" rating and set a $240.00 price target (up from $232.00) on shares of Old Dominion Freight Line in a research note on Thursday, April 30th. Finally, BMO Capital Markets reiterated an "outperform" rating and issued a $230.00 price objective on shares of Old Dominion Freight Line in a research report on Thursday, June 4th. Ten investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $223.04.

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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