Old Dominion Freight Line, Inc. $ODFL Shares Sold by Northern Trust Corp

Key Points

• Northern Trust Corp has sold 3,452 shares of Old Dominion Freight Line, reducing its stake by 0.2% to approximately 1,980,405 shares, valued at $327.66 million.
• Old Dominion Freight Line reported Q2 earnings of $1.27 per share, slightly below the consensus estimate, with revenue of $1.41 billion, down 6.1% year-over-year.
• The company has declared a quarterly dividend of $0.28 per share, set to be paid on September 17th, with an annualized yield of 0.7%.

Northern Trust Corp lowered its stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 0.2% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,980,405 shares of the transportation company's stock after selling 3,452 shares during the period. Northern Trust Corp owned approximately 0.94% of Old Dominion Freight Line worth $327,658,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Brooklyn Investment Group raised its position in shares of Old Dominion Freight Line by 19.3% during the first quarter. Brooklyn Investment Group now owns 1,497 shares of the transportation company's stock worth $248,000 after purchasing an additional 242 shares during the period. Corient IA LLC purchased a new position in Old Dominion Freight Line in the 1st quarter worth about $693,000. Partners Group Holding AG raised its holdings in Old Dominion Freight Line by 26.9% during the 1st quarter. Partners Group Holding AG now owns 129,114 shares of the transportation company's stock worth $21,362,000 after buying an additional 27,372 shares during the period. Menora Mivtachim Holdings LTD. lifted its stake in Old Dominion Freight Line by 11.1% during the first quarter. Menora Mivtachim Holdings LTD. now owns 500,000 shares of the transportation company's stock valued at $82,725,000 after buying an additional 50,000 shares in the last quarter. Finally, American Century Companies Inc. boosted its holdings in shares of Old Dominion Freight Line by 41.3% in the first quarter. American Century Companies Inc. now owns 288,704 shares of the transportation company's stock worth $47,766,000 after buying an additional 84,313 shares during the period. Institutional investors and hedge funds own 77.82% of the company's stock.

Old Dominion Freight Line Price Performance

ODFL opened at $150.24 on Thursday. The stock has a market cap of $31.58 billion, a price-to-earnings ratio of 29.34, a PEG ratio of 3.56 and a beta of 1.24. Old Dominion Freight Line, Inc. has a 1 year low of $140.91 and a 1 year high of $233.26. 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 stock has a fifty day moving average price of $158.78 and a 200 day moving average price of $165.11.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last issued its earnings results 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). Old Dominion Freight Line had a return on equity of 25.94% and a net margin of 19.42%.The firm had revenue of $1.41 billion during the quarter, compared to analyst estimates of $1.43 billion. During the same period in the previous year, the company earned $1.48 earnings per share. The business's revenue for the quarter was down 6.1% on a year-over-year basis. Analysts forecast that Old Dominion Freight Line, Inc. will post 5.68 EPS for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 17th. Investors of record on Wednesday, September 3rd will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 0.7%. The ex-dividend date of this dividend is Wednesday, September 3rd. Old Dominion Freight Line's dividend payout ratio (DPR) is presently 21.88%.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on ODFL. The Goldman Sachs Group upgraded shares of Old Dominion Freight Line from a "neutral" rating to a "buy" rating and boosted their price target for the company from $190.00 to $200.00 in a report on Monday, June 2nd. Truist Financial boosted their target price on shares of Old Dominion Freight Line from $175.00 to $180.00 and gave the company a "buy" rating in a research note on Monday, June 30th. Stephens decreased their target price on Old Dominion Freight Line from $186.00 to $174.00 and set an "overweight" rating for the company in a research report on Thursday, July 31st. Raymond James Financial dropped their price target on Old Dominion Freight Line from $180.00 to $165.00 and set an "outperform" rating on the stock in a research report on Thursday, July 31st. Finally, Morgan Stanley reduced their price objective on Old Dominion Freight Line from $170.00 to $165.00 and set an "equal weight" rating for the company in a research note on Thursday, July 31st. Eight equities research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $167.62.

Old Dominion Freight Line Company 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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