Fisher Funds Management LTD Reduces Stake in Old Dominion Freight Line, Inc. $ODFL

Key Points

• Fisher Funds Management cut its stake in Old Dominion Freight Line by 49% in the first quarter, selling 264,250 shares and leaving it with 274,549 shares worth about $53.6 million.
• Old Dominion reported better-than-expected Q1 earnings of $1.14 per share on revenue of $1.33 billion, though revenue still fell 2.9% from a year earlier.
• Analyst sentiment remains mixed: the stock has a Hold consensus rating with a $217.30 price target, while recent notes ranged from sell to buy and included higher targets from firms like Argus and Stifel.

Fisher Funds Management LTD lessened its holdings in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 49.0% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 274,549 shares of the transportation company's stock after selling 264,250 shares during the period. Old Dominion Freight Line accounts for approximately 1.6% of Fisher Funds Management LTD's investment portfolio, making the stock its 20th biggest holding. Fisher Funds Management LTD owned approximately 0.13% of Old Dominion Freight Line worth $53,647,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the business. Brighton Jones LLC boosted its holdings in Old Dominion Freight Line by 5.3% in the fourth quarter. Brighton Jones LLC now owns 1,559 shares of the transportation company's stock valued at $275,000 after purchasing an additional 79 shares in the last quarter. Empowered Funds LLC increased its stake in Old Dominion Freight Line by 134.9% in the first quarter. Empowered Funds LLC now owns 10,213 shares of the transportation company's stock valued at $1,690,000 after purchasing an additional 5,866 shares during the last quarter. Marshall Wace LLP acquired a new stake in Old Dominion Freight Line during the second quarter worth approximately $7,478,000. Jump Financial LLC acquired a new stake in Old Dominion Freight Line during the second quarter worth approximately $2,891,000. Finally, AXA S.A. raised its holdings in Old Dominion Freight Line by 1.2% during the second quarter. AXA S.A. now owns 20,253 shares of the transportation company's stock worth $3,287,000 after purchasing an additional 238 shares in the last quarter. Hedge funds and other institutional investors own 77.82% of the company's stock.

Insider Buying and Selling

In related news, Director Greg C. Gantt sold 22,107 shares of the 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 in the company, valued at $16,959,287.52. This represents a 19.98% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 10.00% of the stock is currently owned by company insiders.

Old Dominion Freight Line Stock Performance

Shares of NASDAQ ODFL opened at $221.04 on Monday. Old Dominion Freight Line, Inc. has a twelve month low of $126.01 and a twelve month high of $252.03. The stock has a 50 day moving average of $217.66 and a two-hundred day moving average of $193.10. The stock has a market cap of $45.97 billion, a P/E ratio of 46.24, a P/E/G ratio of 4.44 and a beta of 1.17.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last posted its quarterly earnings data on Wednesday, April 29th. The transportation company reported $1.14 earnings per share for the quarter, beating the consensus estimate of $1.05 by $0.09. The business had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.31 billion. Old Dominion Freight Line had a return on equity of 23.42% and a net margin of 18.46%.The company's revenue was down 2.9% compared to the same quarter last year. During the same period in the prior year, the company earned $1.19 earnings per share. As a group, research analysts predict that Old Dominion Freight Line, Inc. will post 5.43 earnings per share for the current year.

Old Dominion Freight Line Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Investors of record on Wednesday, June 3rd were given a $0.29 dividend. The ex-dividend date was Wednesday, June 3rd. This represents a $1.16 annualized dividend and a yield of 0.5%. Old Dominion Freight Line's dividend payout ratio is 24.27%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on ODFL. Rothschild & Co Redburn lowered their target price on shares of 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. Robert W. Baird set a $229.00 price target on shares of Old Dominion Freight Line and gave the stock a "neutral" rating in a research note on Tuesday, April 28th. Barclays set a $210.00 price target on shares of Old Dominion Freight Line and gave the stock an "equal weight" rating in a research note on Thursday, April 30th. Stifel Nicolaus boosted their price target on shares of Old Dominion Freight Line from $228.00 to $232.00 in a research report on Thursday, April 30th. Finally, Argus upped their price objective on shares of Old Dominion Freight Line from $220.00 to $260.00 and gave the company a "buy" rating in a research note on Thursday. Eight equities research 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 data from MarketBeat, Old Dominion Freight Line has a consensus rating of "Hold" and a consensus price target of $217.30.

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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