Gulf International Bank UK Ltd Trims Stock Position in Old Dominion Freight Line, Inc. $ODFL

Key Points

• Gulf International Bank UK Ltd has reduced its holdings in Old Dominion Freight Line, Inc. by 23.6%, now owning 11,033 shares, valued at approximately $1.825 million.
• Old Dominion's latest earnings report revealed a net margin of 19.42% and a revenue decline of 6.1% year-over-year, with earnings per share falling short of estimates.
• The company announced a quarterly dividend of $0.28 per share, which equates to an annualized dividend of $1.12 and a yield of 0.7%.

Gulf International Bank UK Ltd lessened its stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 23.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 11,033 shares of the transportation company's stock after selling 3,403 shares during the quarter. Gulf International Bank UK Ltd's holdings in Old Dominion Freight Line were worth $1,825,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. S Bank Fund Management Ltd acquired a new stake in shares of Old Dominion Freight Line in the first quarter valued at approximately $602,000. National Pension Service raised its position in Old Dominion Freight Line by 17.0% in the first quarter. National Pension Service now owns 297,819 shares of the transportation company's stock valued at $49,274,000 after purchasing an additional 43,179 shares during the period. Russell Investments Group Ltd. raised its position in Old Dominion Freight Line by 0.9% in the first quarter. Russell Investments Group Ltd. now owns 271,564 shares of the transportation company's stock valued at $44,920,000 after purchasing an additional 2,388 shares during the period. Prudential PLC raised its position in Old Dominion Freight Line by 10.4% in the first quarter. Prudential PLC now owns 24,720 shares of the transportation company's stock valued at $4,090,000 after purchasing an additional 2,320 shares during the period. Finally, Resona Asset Management Co. Ltd. raised its position in Old Dominion Freight Line by 3.6% in the first quarter. Resona Asset Management Co. Ltd. now owns 66,882 shares of the transportation company's stock valued at $11,060,000 after purchasing an additional 2,344 shares during the period. Institutional investors and hedge funds own 77.82% of the company's stock.

Old Dominion Freight Line Stock Down 0.5%

Shares of NASDAQ:ODFL traded down $0.73 on Monday, hitting $150.41. 1,134,538 shares of the company's stock were exchanged, compared to its average volume of 1,838,426. The firm's 50-day moving average is $159.51 and its 200 day moving average is $165.53. The company has a market capitalization of $31.61 billion, a PE ratio of 29.38, a P/E/G ratio of 3.48 and a beta of 1.24. Old Dominion Freight Line, Inc. has a 1-year low of $140.91 and a 1-year high of $233.26. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.38 and a current ratio of 1.38.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The transportation company reported $1.27 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.29 by ($0.02). Old Dominion Freight Line had a return on equity of 25.94% and a net margin of 19.42%. The business had revenue of $1.41 billion for the quarter, compared to analyst estimates of $1.43 billion. During the same period in the prior year, the company posted $1.48 earnings per share. The company's revenue was down 6.1% compared to the same quarter last year. Sell-side analysts predict that Old Dominion Freight Line, Inc. will post 5.68 EPS for the current year.

Old Dominion Freight Line Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 17th. Stockholders of record on Wednesday, September 3rd will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 0.7%. The ex-dividend date of this dividend is Wednesday, September 3rd. Old Dominion Freight Line's payout ratio is presently 21.88%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on ODFL shares. Baird R W upgraded Old Dominion Freight Line to a "hold" rating in a research report on Tuesday, July 1st. Truist Financial lifted their target price on Old Dominion Freight Line from $175.00 to $180.00 and gave the company a "buy" rating in a research report on Monday, June 30th. Wells Fargo & Company reduced their target price on Old Dominion Freight Line from $160.00 to $145.00 and set an "underweight" rating on the stock in a research report on Thursday, July 31st. Morgan Stanley reduced their target price on Old Dominion Freight Line from $170.00 to $165.00 and set an "equal weight" rating on the stock in a research report on Thursday, July 31st. Finally, JPMorgan Chase & Co. cut their price objective on Old Dominion Freight Line from $158.00 to $146.00 and set a "neutral" rating on the stock in a report on Tuesday, July 8th. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating and eight have issued a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average 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.