iA Global Asset Management Inc. Decreases Stock Position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Key Points

• iA Global Asset Management Inc. reduced its holdings in Old Dominion Freight Line by 21.7%, resulting in ownership of 23,396 shares valued at approximately $3.87 million.
• Old Dominion Freight Line recently reported earnings of $1.27 per share, missing expectations of $1.29, with quarterly revenue falling 6.1% year-over-year.
• Analysts have mixed ratings on Old Dominion Freight Line, with a majority giving it a hold rating and an average target price of $167.62.

iA Global Asset Management Inc. cut its holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 21.7% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 23,396 shares of the transportation company's stock after selling 6,495 shares during the quarter. iA Global Asset Management Inc.'s holdings in Old Dominion Freight Line were worth $3,871,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the stock. Reaves W H & Co. Inc. lifted its holdings in shares of Old Dominion Freight Line by 18.6% during the 1st quarter. Reaves W H & Co. Inc. now owns 40,770 shares of the transportation company's stock valued at $6,745,000 after purchasing an additional 6,381 shares in the last quarter. New Age Alpha Advisors LLC acquired a new stake in shares of Old Dominion Freight Line in the 1st quarter valued at approximately $2,306,000. Thoroughbred Financial Services LLC increased its stake in shares of Old Dominion Freight Line by 36.2% during the 1st quarter. Thoroughbred Financial Services LLC now owns 6,386 shares of the transportation company's stock worth $1,056,000 after purchasing an additional 1,699 shares during the last quarter. Weitz Investment Management Inc. raised its stake in Old Dominion Freight Line by 9.8% in the first quarter. Weitz Investment Management Inc. now owns 208,500 shares of the transportation company's stock valued at $34,496,000 after buying an additional 18,600 shares during the period. Finally, Argent Trust Co lifted its holdings in Old Dominion Freight Line by 2.1% during the 1st quarter. Argent Trust Co now owns 17,608 shares of the transportation company's stock valued at $2,913,000 after purchasing an additional 364 shares during the last quarter. 77.82% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Baird R W upgraded Old Dominion Freight Line to a "hold" rating in a research note on Tuesday, July 1st. Susquehanna lowered their price objective on shares of Old Dominion Freight Line from $168.00 to $160.00 and set a "neutral" rating for the company in a research report on Wednesday, June 18th. Morgan Stanley reduced their price target on 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. Robert W. Baird set a $148.00 target price on Old Dominion Freight Line and gave the stock a "neutral" rating in a research report on Monday. Finally, Vertical Research raised shares of Old Dominion Freight Line from a "hold" rating to a "buy" rating and set a $170.00 price objective on the stock in a research note on Thursday, July 31st. One analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $167.62.

Old Dominion Freight Line Stock Performance

Shares of Old Dominion Freight Line stock traded up $0.37 during trading hours on Friday, hitting $145.70. 85,810 shares of the company's stock traded hands, compared to its average volume of 1,839,635. The company has a fifty day simple moving average of $160.95 and a 200-day simple moving average of $167.57. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.38 and a quick ratio of 1.32. Old Dominion Freight Line, Inc. has a 12-month low of $141.73 and a 12-month high of $233.26. The stock has a market capitalization of $30.79 billion, a price-to-earnings ratio of 28.38, a PEG ratio of 3.45 and a beta of 1.24.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last issued its earnings results on Wednesday, July 30th. The transportation company reported $1.27 earnings per share for the quarter, missing analysts' consensus estimates of $1.29 by ($0.02). The business had revenue of $1.41 billion for the quarter, compared to the consensus estimate of $1.43 billion. Old Dominion Freight Line had a return on equity of 25.94% and a net margin of 19.42%. Old Dominion Freight Line's revenue for the quarter 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. Equities research analysts anticipate that Old Dominion Freight Line, Inc. will post 5.68 EPS for the current fiscal year.

Old Dominion Freight Line Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 17th. Investors of record on Wednesday, September 3rd will be issued a dividend of $0.28 per share. The ex-dividend date is Wednesday, September 3rd. This represents a $1.12 annualized dividend and a yield of 0.8%. Old Dominion Freight Line's dividend payout ratio is currently 21.88%.

Old Dominion Freight Line Company Profile

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.