Fred Alger Management LLC Cuts Stock Holdings in Old Dominion Freight Line, Inc. $ODFL

Key Points

• Fred Alger Management LLC significantly reduced its stake in Old Dominion Freight Line, Inc. by 62.5%, selling over 101,000 shares and leaving it with about 60,800 shares valued at over $10 million.
• Several institutional investors, including Larson Financial Group LLC, have increased their holdings in Old Dominion Freight Line, with Larson growing its position by 234.8% this quarter.
• Old Dominion Freight Line announced a quarterly dividend of $0.28 per share, representing an annualized yield of 0.7%, with the next payment scheduled for September 17th.

Fred Alger Management LLC decreased its position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 62.5% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 60,803 shares of the transportation company's stock after selling 101,525 shares during the quarter. Fred Alger Management LLC's holdings in Old Dominion Freight Line were worth $10,060,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Larson Financial Group LLC grew its holdings in shares of Old Dominion Freight Line by 234.8% during the first quarter. Larson Financial Group LLC now owns 154 shares of the transportation company's stock valued at $25,000 after buying an additional 108 shares during the last quarter. American National Bank & Trust purchased a new stake in shares of Old Dominion Freight Line during the first quarter valued at approximately $30,000. Zions Bancorporation National Association UT purchased a new stake in shares of Old Dominion Freight Line during the first quarter valued at approximately $39,000. Wayfinding Financial LLC purchased a new stake in shares of Old Dominion Freight Line during the first quarter valued at approximately $39,000. Finally, Olde Wealth Management LLC purchased a new stake in shares of Old Dominion Freight Line during the first quarter valued at approximately $43,000. Hedge funds and other institutional investors own 77.82% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on ODFL shares. Morgan Stanley cut their price target on shares of Old Dominion Freight Line from $170.00 to $165.00 and set an "equal weight" rating on the stock in a report on Thursday, July 31st. UBS Group dropped their target price on shares of Old Dominion Freight Line from $158.00 to $155.00 and set a "neutral" rating on the stock in a report on Thursday, July 31st. Baird R W upgraded shares of Old Dominion Freight Line to a "hold" rating in a report on Tuesday, July 1st. Wall Street Zen upgraded shares of Old Dominion Freight Line from a "sell" rating to a "hold" rating in a report on Friday, May 30th. Finally, Vertical Research upgraded shares of Old Dominion Freight Line from a "hold" rating to a "buy" rating and set a $170.00 target price on the stock in a report on Thursday, July 31st. Eight research 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's stock. According to data from MarketBeat, Old Dominion Freight Line presently has a consensus rating of "Hold" and a consensus price target of $167.62.

Old Dominion Freight Line Trading Up 0.3%

Shares of Old Dominion Freight Line stock opened at $151.11 on Tuesday. The company's fifty day simple moving average is $156.68 and its 200-day simple moving average is $160.41. The stock has a market capitalization of $31.76 billion, a PE ratio of 29.51, a P/E/G ratio of 3.50 and a beta of 1.23. Old Dominion Freight Line, Inc. has a 1-year low of $140.71 and a 1-year high of $233.26. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.38 and a quick ratio of 1.38.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last issued 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 business had revenue of $1.41 billion for the quarter, compared to analysts' expectations of $1.43 billion. Old Dominion Freight Line had a return on equity of 25.94% and a net margin of 19.42%.The company's revenue was down 6.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.48 EPS. As a group, equities analysts anticipate that Old Dominion Freight Line, Inc. will post 5.68 earnings per share for the current year.

Old Dominion Freight Line Dividend Announcement

The firm also recently declared 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 is Wednesday, September 3rd. Old Dominion Freight Line's dividend payout ratio (DPR) is currently 21.88%.

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.

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