Old Dominion Freight Line, Inc. $ODFL Holdings Cut by Jacobs Levy Equity Management Inc.

Key Points

• Jacobs Levy Equity Management Inc. significantly reduced its stake in Old Dominion Freight Line, decreasing holdings by 71.5% to approximately $31.55 million after selling 477,903 shares.
• Old Dominion Freight Line announced a quarterly dividend of $0.28 per share, reflecting an annualized distribution of $1.12 and a dividend yield of 0.7%.
• In its latest earnings report, the company reported $1.27 EPS, missing expectations by $0.02, with a year-over-year revenue decline of 6.1%.

Jacobs Levy Equity Management Inc. cut its holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 71.5% in the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 190,714 shares of the transportation company's stock after selling 477,903 shares during the period. Jacobs Levy Equity Management Inc. owned 0.09% of Old Dominion Freight Line worth $31,554,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the business. Vanguard Group Inc. raised 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 valued at $3,750,157,000 after acquiring an additional 416,097 shares during the last quarter. Invesco Ltd. raised its holdings in Old Dominion Freight Line by 1.3% in the 1st quarter. Invesco Ltd. now owns 4,272,231 shares of the transportation company's stock valued at $706,841,000 after acquiring an additional 53,079 shares during the last quarter. T. Rowe Price Investment Management Inc. raised its holdings 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 acquiring an additional 1,151,221 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in Old Dominion Freight Line by 45.1% in the 1st quarter. JPMorgan Chase & Co. now owns 2,429,750 shares of the transportation company's stock valued at $402,002,000 after acquiring an additional 754,796 shares during the last quarter. Finally, Ameriprise Financial Inc. raised its holdings in Old Dominion Freight Line by 11.4% in the 1st quarter. Ameriprise Financial Inc. now owns 1,412,698 shares of the transportation company's stock valued at $232,955,000 after acquiring an additional 145,058 shares during the last quarter. 77.82% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

ODFL has been the subject of a number of research analyst reports. Citigroup dropped their price objective on Old Dominion Freight Line from $174.00 to $173.00 and set a "buy" rating for the company in a report on Wednesday. The Goldman Sachs Group upgraded Old Dominion Freight Line from a "neutral" rating to a "buy" rating and raised their price objective for the stock from $190.00 to $200.00 in a report on Monday, June 2nd. Robert W. Baird set a $148.00 price objective on Old Dominion Freight Line and gave the stock a "neutral" rating in a report on Monday, August 4th. Stifel Nicolaus cut their price objective on Old Dominion Freight Line from $183.00 to $168.00 and set a "buy" rating on the stock in a report on Thursday, July 31st. Finally, Morgan Stanley lowered their price target on Old Dominion Freight Line from $170.00 to $165.00 and set an "equal weight" rating for the company 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 given a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $167.14.

Old Dominion Freight Line Stock Down 1.3%

NASDAQ ODFL traded down $1.87 during mid-day trading on Wednesday, reaching $146.35. 881,178 shares of the company's stock traded hands, compared to its average volume of 1,845,099. 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 fifty day simple moving average of $156.27 and a 200-day simple moving average of $160.33. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.04. The company has a market cap of $30.76 billion, a price-to-earnings ratio of 28.58, a P/E/G ratio of 3.51 and a beta of 1.23.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last issued its quarterly earnings data 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). Old Dominion Freight Line had a net margin of 19.42% and a return on equity of 25.94%. The business had revenue of $1.41 billion for the quarter, compared to analyst estimates of $1.43 billion. During the same quarter last year, the business earned $1.48 EPS. Old Dominion Freight Line's revenue for the quarter was down 6.1% compared to the same quarter last year. As a group, equities research analysts expect 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 declared a quarterly dividend, which will be paid on Wednesday, September 17th. Investors of record on Wednesday, September 3rd will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date is Wednesday, September 3rd. Old Dominion Freight Line's dividend payout ratio (DPR) is 21.88%.

Old Dominion Freight Line 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.