Old Dominion Freight Line, Inc. $ODFL Shares Sold by HB Wealth Management LLC

Key Points

• HB Wealth Management LLC has significantly reduced its stake in Old Dominion Freight Line by 52.9%, selling over 21,000 shares, leaving them with approximately $3.1 million in holdings.
• Multiple institutional investors have increased their positions in Old Dominion, with T. Rowe Price raising its stake by 79.5%, indicating strong institutional interest in the company.
• Old Dominion reported a net margin of 19.42% for the last quarter with revenues down 6.1% year-over-year, reflecting challenges faced by the transportation sector.

HB Wealth Management LLC reduced its position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 52.9% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 19,087 shares of the transportation company's stock after selling 21,443 shares during the period. HB Wealth Management LLC's holdings in Old Dominion Freight Line were worth $3,098,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. T. Rowe Price Investment Management Inc. increased its stake in shares of Old Dominion Freight Line by 79.5% in the first quarter. T. Rowe Price Investment Management Inc. now owns 2,599,005 shares of the transportation company's stock worth $430,006,000 after buying an additional 1,151,221 shares during the last quarter. Nuveen LLC bought a new stake in shares of Old Dominion Freight Line in the first quarter worth $151,107,000. JPMorgan Chase & Co. increased its stake in Old Dominion Freight Line by 45.1% during the first quarter. JPMorgan Chase & Co. now owns 2,429,750 shares of the transportation company's stock valued at $402,002,000 after purchasing an additional 754,796 shares during the last quarter. Vanguard Group Inc. increased its stake in Old Dominion Freight Line by 1.9% during the first quarter. Vanguard Group Inc. now owns 22,666,405 shares of the transportation company's stock valued at $3,750,157,000 after purchasing an additional 416,097 shares during the last quarter. Finally, DAVENPORT & Co LLC increased its stake in Old Dominion Freight Line by 4,463.2% during the first quarter. DAVENPORT & Co LLC now owns 261,380 shares of the transportation company's stock valued at $43,253,000 after purchasing an additional 255,652 shares during the last quarter. 77.82% of the stock is owned by institutional investors and hedge funds.

Old Dominion Freight Line Stock Performance

ODFL stock opened at $139.24 on Thursday. The company has a market capitalization of $29.26 billion, a P/E ratio of 27.20, a PEG ratio of 3.27 and a beta of 1.19. The company has a 50-day simple moving average of $148.64 and a 200 day simple moving average of $156.97. Old Dominion Freight Line, Inc. has a fifty-two week low of $133.69 and a fifty-two week high of $233.26. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.04.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The transportation company reported $1.27 earnings per share for the quarter, missing the consensus estimate of $1.29 by ($0.02). The company had revenue of $1.41 billion during the quarter, compared to analyst estimates of $1.43 billion. Old Dominion Freight Line had a return on equity of 25.94% and a net margin of 19.42%.The business's revenue for the quarter was down 6.1% compared to the same quarter last year. During the same period in the previous year, the company earned $1.48 EPS. Sell-side analysts predict that Old Dominion Freight Line, Inc. will post 5.68 earnings per share for the current fiscal year.

Old Dominion Freight Line Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 17th. Investors of record on Wednesday, September 3rd were issued a $0.28 dividend. The ex-dividend date of this dividend was 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 presently 21.88%.

Analyst Upgrades and Downgrades

ODFL has been the subject of several recent research reports. Barclays lowered their target price on shares of Old Dominion Freight Line from $155.00 to $150.00 and set an "equal weight" rating for the company in a research note on Wednesday. Stephens lowered their target price on shares of Old Dominion Freight Line from $186.00 to $174.00 and set an "overweight" rating for the company in a research note on Thursday, July 31st. JPMorgan Chase & Co. lowered their price target on shares of Old Dominion Freight Line from $158.00 to $146.00 and set a "neutral" rating for the company in a research report on Tuesday, July 8th. Vertical Research upgraded shares of Old Dominion Freight Line from a "hold" rating to a "buy" rating and set a $170.00 price target for the company in a research report on Thursday, July 31st. Finally, Evercore ISI lowered their price target on shares of Old Dominion Freight Line from $155.00 to $143.00 and set an "in-line" rating for the company in a research report on Tuesday. Eight investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, Old Dominion Freight Line presently has a consensus rating of "Hold" and a consensus target price of $166.10.

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.

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