Lombard Odier Asset Management USA Corp Sells 5,496 Shares of Old Dominion Freight Line, Inc. $ODFL

Key Points

• Lombard Odier Asset Management USA Corp cut its stake in Old Dominion Freight Line by 56.2% in Q1, selling 5,496 shares and leaving it with 4,285 shares worth about $837,000.
• Old Dominion Freight Line reported better-than-expected quarterly earnings, posting $1.14 EPS versus $1.05 expected, while revenue came in at $1.33 billion and slipped 2.9% year over year.
• The company announced a quarterly dividend of $0.29 per share, and analysts currently have an average Hold rating with a consensus price target of $223.04.

Lombard Odier Asset Management USA Corp lowered its position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 56.2% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 4,285 shares of the transportation company's stock after selling 5,496 shares during the period. Lombard Odier Asset Management USA Corp's holdings in Old Dominion Freight Line were worth $837,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Annis Gardner Whiting Capital Advisors LLC boosted its holdings in Old Dominion Freight Line by 80.5% in the first quarter. Annis Gardner Whiting Capital Advisors LLC now owns 139 shares of the transportation company's stock worth $27,000 after purchasing an additional 62 shares in the last quarter. Evolution Wealth Management Inc. bought a new position in shares of Old Dominion Freight Line in the 1st quarter valued at approximately $29,000. Reflection Asset Management acquired a new position in Old Dominion Freight Line during the fourth quarter valued at approximately $28,000. Cassaday & Co Wealth Management LLC acquired a new position in Old Dominion Freight Line during the first quarter valued at approximately $39,000. Finally, DT Investment Partners LLC grew its holdings in Old Dominion Freight Line by 600.0% during the fourth quarter. DT Investment Partners LLC now owns 210 shares of the transportation company's stock valued at $33,000 after purchasing an additional 180 shares during the last quarter. Institutional investors own 77.82% of the company's stock.

Old Dominion Freight Line Stock Performance

Shares of ODFL opened at $232.99 on Friday. The business's fifty day moving average price is $225.49 and its two-hundred day moving average price is $204.77. The firm has a market capitalization of $48.45 billion, a price-to-earnings ratio of 48.74, a PEG ratio of 4.21 and a beta of 1.18. Old Dominion Freight Line, Inc. has a 52 week low of $126.01 and a 52 week high of $252.03.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last announced its quarterly earnings data on Wednesday, April 29th. The transportation company reported $1.14 earnings per share for the quarter, beating 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 for the quarter, compared to analyst estimates of $1.31 billion. During the same period in the prior year, the business posted $1.19 earnings per share. Old Dominion Freight Line's revenue was down 2.9% compared to the same quarter last year. As a group, research analysts forecast that Old Dominion Freight Line, Inc. will post 5.56 EPS for the current year.

Old Dominion Freight Line Announces Dividend

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

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Weiss Ratings restated a "hold (c)" rating on shares of Old Dominion Freight Line in a research note on Friday, July 10th. BMO Capital Markets reaffirmed an "outperform" rating and issued a $230.00 price target on shares of Old Dominion Freight Line in a research report on Thursday, June 4th. Evercore upgraded Old Dominion Freight Line from an "in-line" rating to an "outperform" rating in a report on Wednesday, July 1st. Argus boosted their target price on shares of Old Dominion Freight Line from $220.00 to $260.00 and gave the stock a "buy" rating in a research report on Thursday, June 18th. Finally, Morgan Stanley reiterated an "equal weight" rating and set a $245.00 target price (up from $235.00) on shares of Old Dominion Freight Line in a research note on Monday, July 6th. Ten analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $223.04.

Insider Activity at Old Dominion Freight Line

In related news, Director Greg C. Gantt sold 22,107 shares of the company's stock in a transaction on Monday, May 4th. The shares were sold at an average price of $191.52, for a total value of $4,233,932.64. Following the completion of the sale, the director owned 88,551 shares in the company, valued at $16,959,287.52. This represents a 19.98% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 10.00% of the stock is currently owned by corporate insiders.

Old Dominion Freight Line Profile

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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