Hsbc Holdings PLC Sells 33,301 Shares of Old Dominion Freight Line, Inc. $ODFL

Key Points

• HSBC Holdings PLC reduced its stake in Old Dominion Freight Line by 8.5% in the fourth quarter, selling 33,301 shares and leaving it with 358,228 shares worth about $56.3 million.
• Old Dominion reported better-than-expected quarterly earnings of $1.14 per share versus estimates of $1.05, while revenue came in at $1.33 billion, slightly above forecasts but down 2.9% year over year.
• Analysts remain mixed on ODFL, with an average Hold rating and target price of $217.30; the stock recently traded at $219.52 and also paid a quarterly dividend of $0.29 per share.

Hsbc Holdings PLC lowered its stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 8.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 358,228 shares of the transportation company's stock after selling 33,301 shares during the quarter. Hsbc Holdings PLC owned approximately 0.17% of Old Dominion Freight Line worth $56,274,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Brighton Jones LLC raised its stake in shares of Old Dominion Freight Line by 5.3% during the 4th quarter. Brighton Jones LLC now owns 1,559 shares of the transportation company's stock worth $275,000 after purchasing an additional 79 shares in the last quarter. Empowered Funds LLC increased its holdings in Old Dominion Freight Line by 134.9% during the first quarter. Empowered Funds LLC now owns 10,213 shares of the transportation company's stock worth $1,690,000 after buying an additional 5,866 shares during the last quarter. Marshall Wace LLP acquired a new position in Old Dominion Freight Line during the second quarter worth $7,478,000. Jump Financial LLC bought a new stake in Old Dominion Freight Line during the second quarter worth $2,891,000. Finally, AXA S.A. raised its position 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 acquiring an additional 238 shares in the last quarter. Institutional investors own 77.82% of the company's stock.

Insider Activity at Old Dominion Freight Line

In other news, Director Greg C. Gantt sold 22,107 shares of the stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $191.52, for a total transaction of $4,233,932.64. Following the transaction, the director owned 88,551 shares in the company, valued at approximately $16,959,287.52. This trade represents a 19.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 10.00% of the company's stock.

Old Dominion Freight Line Price Performance

Shares of ODFL opened at $219.52 on Tuesday. The company's 50-day moving average is $217.86 and its 200-day moving average is $193.65. The firm has a market capitalization of $45.65 billion, a PE ratio of 45.92, a PEG ratio of 4.44 and a beta of 1.17. Old Dominion Freight Line, Inc. has a fifty-two week low of $126.01 and a fifty-two week high of $252.03.

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

Old Dominion Freight Line Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 17th. Stockholders of record on Wednesday, June 3rd were issued a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date was Wednesday, June 3rd. Old Dominion Freight Line's payout ratio is currently 24.27%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on ODFL. Wolfe Research lifted their price objective on shares of Old Dominion Freight Line from $183.00 to $185.00 and gave the company an "underperform" rating in a research report on Tuesday, April 7th. Wells Fargo & Company set a $235.00 target price on shares of Old Dominion Freight Line and gave the company an "equal weight" rating in a report on Friday, June 5th. BMO Capital Markets reiterated an "outperform" rating and issued a $230.00 target price on shares of Old Dominion Freight Line in a research note on Thursday, June 4th. UBS Group lifted their price target on Old Dominion Freight Line from $202.00 to $216.00 and gave the stock a "neutral" rating in a report on Thursday, April 30th. Finally, Raymond James Financial reissued an "outperform" rating and set a $224.00 price target on shares of Old Dominion Freight Line in a research report on Thursday, April 30th. Eight equities research analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, Old Dominion Freight Line has an average rating of "Hold" and an average target price of $217.30.

About Old Dominion Freight Line

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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