Goldman Sachs Group Inc. Cuts Stake in Old Dominion Freight Line, Inc. $ODFL

Key Points

• Goldman Sachs cut its stake in Old Dominion Freight Line by 9.1%, now holding approximately 1.18% of the company valued at $413.46 million after selling 248,844 shares in the first quarter.
• Old Dominion Freight Line reported a miss in earnings per share for the last quarter, with $1.27 EPS compared to analysts' expectations of $1.29, and experienced a 6.1% decline in revenue year-over-year.
• The company declared a $0.28 quarterly dividend to be paid on September 17th, representing an annualized dividend yield of 0.7% with a payout ratio of 21.88%.

Goldman Sachs Group Inc. decreased its stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 9.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,498,976 shares of the transportation company's stock after selling 248,844 shares during the period. Goldman Sachs Group Inc. owned approximately 1.18% of Old Dominion Freight Line worth $413,456,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Vanguard Group Inc. boosted its holdings in Old Dominion Freight Line by 1.9% in the 1st quarter. Vanguard Group Inc. now owns 22,666,405 shares of the transportation company's stock worth $3,750,157,000 after acquiring an additional 416,097 shares during the period. Invesco Ltd. lifted its position in shares of Old Dominion Freight Line by 1.3% during the first quarter. Invesco Ltd. now owns 4,272,231 shares of the transportation company's stock worth $706,841,000 after purchasing an additional 53,079 shares in the last quarter. T. Rowe Price Investment Management Inc. boosted its position in Old Dominion Freight Line by 79.5% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 2,599,005 shares of the transportation company's stock valued at $430,006,000 after buying an additional 1,151,221 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in Old Dominion Freight Line by 45.1% in the first quarter. JPMorgan Chase & Co. now owns 2,429,750 shares of the transportation company's stock valued at $402,002,000 after purchasing an additional 754,796 shares during the last quarter. Finally, Ameriprise Financial Inc. grew its position in shares of Old Dominion Freight Line by 11.4% during the first quarter. Ameriprise Financial Inc. now owns 1,412,698 shares of the transportation company's stock worth $232,955,000 after buying an additional 145,058 shares in the last quarter. Institutional investors and hedge funds own 77.82% of the company's stock.

Old Dominion Freight Line Stock Up 0.3%

Old Dominion Freight Line stock opened at $151.11 on Tuesday. Old Dominion Freight Line, Inc. has a 52 week low of $140.71 and a 52 week high of $233.26. The stock has a market cap of $31.76 billion, a price-to-earnings ratio of 29.51, a PEG ratio of 3.50 and a beta of 1.23. The company's 50-day moving average price is $156.68 and its two-hundred day moving average price is $160.41. 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 (NASDAQ:ODFL - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The transportation company reported $1.27 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.29 by ($0.02). Old Dominion Freight Line had a net margin of 19.42% and a return on equity of 25.94%. The firm had revenue of $1.41 billion for the quarter, compared to the consensus estimate of $1.43 billion. During the same period in the previous year, the business posted $1.48 earnings per share. The business's revenue for the quarter was down 6.1% compared to the same quarter last year. On average, analysts expect that Old Dominion Freight Line, Inc. will post 5.68 EPS for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 17th. Shareholders of record on Wednesday, September 3rd will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a 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

Several analysts recently weighed in on ODFL shares. Wells Fargo & Company lowered their price objective on Old Dominion Freight Line from $160.00 to $145.00 and set an "underweight" rating for the company in a report on Thursday, July 31st. JPMorgan Chase & Co. reduced their price objective on Old Dominion Freight Line from $158.00 to $146.00 and set a "neutral" rating on the stock in a research note on Tuesday, July 8th. Baird R W upgraded shares of Old Dominion Freight Line to a "hold" rating in a research note on Tuesday, July 1st. Barclays set a $155.00 price target on Old Dominion Freight Line and gave the stock an "equal weight" rating in a report on Thursday, July 31st. Finally, Susquehanna cut their price objective on shares of 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. Eight analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, Old Dominion Freight Line has an average 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.

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