Lazard Asset Management LLC Decreases Stake in Old Dominion Freight Line, Inc. $ODFL

Lazard Asset Management LLC cut its stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 3.8% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 835,025 shares of the transportation company's stock after selling 32,827 shares during the period. Lazard Asset Management LLC owned 0.40% of Old Dominion Freight Line worth $163,164,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently bought and sold shares of ODFL. OMERS ADMINISTRATION Corp lifted its stake in shares of Old Dominion Freight Line by 42.0% during the first quarter. OMERS ADMINISTRATION Corp now owns 9,956 shares of the transportation company's stock worth $1,945,000 after buying an additional 2,946 shares during the period. Bradley Foster & Sargent Inc. CT increased its position in shares of Old Dominion Freight Line by 2.6% in the 1st quarter. Bradley Foster & Sargent Inc. CT now owns 3,646 shares of the transportation company's stock valued at $712,000 after acquiring an additional 91 shares during the period. Lombard Odier Asset Management Switzerland SA purchased a new position in Old Dominion Freight Line in the 1st quarter worth $394,000. Waverly Advisors LLC raised its stake in Old Dominion Freight Line by 8.6% in the 1st quarter. Waverly Advisors LLC now owns 14,110 shares of the transportation company's stock worth $2,757,000 after acquiring an additional 1,112 shares during the last quarter. Finally, Compound Planning Inc. lifted its position in Old Dominion Freight Line by 49.6% during the 1st quarter. Compound Planning Inc. now owns 2,438 shares of the transportation company's stock worth $476,000 after acquiring an additional 808 shares during the period. Hedge funds and other institutional investors own 77.82% of the company's stock.

Insider Buying and Selling at Old Dominion Freight Line

In related news, Director Greg C. Gantt sold 22,107 shares of the business's stock in a transaction on Monday, May 4th. The shares were sold at an average price of $191.52, for a total transaction of $4,233,932.64. Following the completion of the transaction, the director owned 88,551 shares in the company, valued at approximately $16,959,287.52. The trade was a 19.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 10.00% of the company's stock.

Old Dominion Freight Line Price Performance

Shares of Old Dominion Freight Line stock opened at $232.99 on Monday. The stock's 50 day simple moving average is $225.49 and its 200-day simple moving average is $205.06. The stock has a market cap of $48.45 billion, a P/E ratio of 48.74, a P/E/G ratio of 4.21 and a beta of 1.18. Old Dominion Freight Line, Inc. has a 1-year low of $126.01 and a 1-year high of $252.03.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last issued its quarterly earnings data on Wednesday, April 29th. The transportation company reported $1.14 earnings per share for the quarter, topping the consensus estimate of $1.05 by $0.09. The company had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.31 billion. Old Dominion Freight Line had a return on equity of 23.42% and a net margin of 18.46%.The firm's revenue for the quarter was down 2.9% compared to the same quarter last year. During the same period in the prior year, the business posted $1.19 earnings per share. As a group, research analysts expect that Old Dominion Freight Line, Inc. will post 5.56 EPS for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 16th. Stockholders of record on Wednesday, September 2nd will be given a dividend of $0.29 per share. The ex-dividend date of this dividend is Wednesday, September 2nd. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.5%. Old Dominion Freight Line's payout ratio is currently 24.27%.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on ODFL shares. Benchmark reissued a "hold" rating on shares of Old Dominion Freight Line in a report on Thursday, June 4th. Evercore upgraded shares of Old Dominion Freight Line from an "in-line" rating to an "outperform" rating in a research note on Wednesday, July 1st. Barclays increased their price objective on shares of Old Dominion Freight Line from $210.00 to $220.00 and gave the stock an "equal weight" rating in a research note on Thursday, June 25th. Citigroup raised shares of Old Dominion Freight Line from a "sell" rating to a "neutral" rating and set a $228.00 price target on the stock in a report on Thursday, July 9th. Finally, UBS Group raised their price objective on shares of Old Dominion Freight Line from $216.00 to $224.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 7th. Ten analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Old Dominion Freight Line presently has an average rating of "Hold" and an average price target of $223.04.

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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