Old Dominion Freight Line, Inc. $ODFL Shares Sold by Amundi

Key Points

• Amundi reduced its Old Dominion Freight Line stake by 26.7% in the first quarter, selling 240,865 shares and retaining 662,403 shares worth approximately $129.4 million. Institutional investors collectively own 77.82% of the company.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $226.55. Recent targets range from $172 with a “Sell” rating to $241 with an “Outperform” rating.
• Old Dominion reported a quarterly earnings beat, posting $1.68 EPS versus the $1.54 consensus, while revenue rose 10.4% year over year to $1.55 billion. The company also declared a quarterly dividend of $0.29 per share, yielding approximately 0.5%.

Amundi cut its holdings in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 26.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 662,403 shares of the transportation company's stock after selling 240,865 shares during the period. Amundi owned approximately 0.32% of Old Dominion Freight Line worth $129,434,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. Annis Gardner Whiting Capital Advisors LLC increased its position in shares of 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 acquiring an additional 62 shares in the last quarter. Reflection Asset Management purchased a new position in Old Dominion Freight Line during the 4th quarter worth approximately $28,000. Evolution Wealth Management Inc. purchased a new position in Old Dominion Freight Line during the 1st quarter worth approximately $29,000. DT Investment Partners LLC raised its stake in Old Dominion Freight Line by 600.0% during the 4th 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 period. Finally, Cassaday & Co Wealth Management LLC acquired a new stake in Old Dominion Freight Line during the 1st quarter valued at $39,000. Institutional investors and hedge funds own 77.82% of the company's stock.

Insider Transactions at Old Dominion Freight Line

In other Old Dominion Freight Line news, Director Greg C. Gantt sold 22,107 shares of the company's stock in a transaction 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 of the company's stock, valued at approximately $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 can be accessed through the SEC website. Corporate insiders own 10.00% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on ODFL. Rothschild & Co Redburn reduced their price objective on Old Dominion Freight Line from $176.00 to $172.00 and set a "sell" rating for the company in a research note on Tuesday, May 12th. Jefferies Financial Group reiterated a "hold" rating and issued a $227.00 target price on shares of Old Dominion Freight Line in a report on Thursday. Raymond James Financial reissued an "outperform" rating and issued a $241.00 price target (up from $224.00) on shares of Old Dominion Freight Line in a research report on Monday, July 13th. Weiss Ratings restated a "hold (c)" rating on shares of Old Dominion Freight Line in a report on Friday, July 10th. Finally, TD Cowen reaffirmed a "hold" rating on shares of Old Dominion Freight Line in a research report on Wednesday, June 3rd. Nine equities research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $226.55.

Old Dominion Freight Line Price Performance

NASDAQ ODFL opened at $212.14 on Friday. The stock's 50 day simple moving average is $226.77 and its 200 day simple moving average is $206.57. Old Dominion Freight Line, Inc. has a one year low of $126.01 and a one year high of $252.03. The firm has a market cap of $44.12 billion, a PE ratio of 40.87, a price-to-earnings-growth ratio of 3.70 and a beta of 1.18.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last issued its quarterly earnings results on Wednesday, July 29th. The transportation company reported $1.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.54 by $0.14. Old Dominion Freight Line had a net margin of 19.44% and a return on equity of 24.87%. The business had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.54 billion. During the same quarter in the prior year, the company earned $1.27 EPS. The firm's quarterly revenue was up 10.4% on a year-over-year basis. As a group, equities analysts expect that Old Dominion Freight Line, Inc. will post 5.76 earnings per share for the current year.

Old Dominion Freight Line Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 16th. Investors of record on Wednesday, September 2nd will be given a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 0.5%. The ex-dividend date is Wednesday, September 2nd. Old Dominion Freight Line's payout ratio is 22.35%.

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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