Old Dominion Freight Line, Inc. $ODFL Shares Sold by Quantum Capital Management LLC NJ

Key Points

• Quantum Capital Management LLC NJ cut its Old Dominion Freight Line stake by 38.4% in Q1, selling 233,965 shares and leaving it with 375,972 shares worth about $73.5 million. ODFL remains the fund’s largest holding, accounting for 9.4% of its portfolio.
• Insider activity included Director Greg C. Gantt selling 22,107 shares for about $4.23 million, reducing his ownership by nearly 20%. Corporate insiders still own about 10% of the company.
• Analyst views are mixed: Wells Fargo recently upgraded the stock to overweight and lifted its target to $250, while the overall consensus remains Hold with an average price target of $223.04. Old Dominion also posted quarterly EPS of $1.14, beating estimates, and continues to pay a quarterly dividend of $0.29 per share.

Quantum Capital Management LLC NJ trimmed its holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 38.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 375,972 shares of the transportation company's stock after selling 233,965 shares during the quarter. Old Dominion Freight Line comprises 9.4% of Quantum Capital Management LLC NJ's portfolio, making the stock its largest holding. Quantum Capital Management LLC NJ owned about 0.18% of Old Dominion Freight Line worth $73,465,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the business. Norges Bank acquired a new position in Old Dominion Freight Line during the 4th quarter worth $444,983,000. Boston Partners acquired a new position in shares of Old Dominion Freight Line during the third quarter valued at $292,599,000. Price T Rowe Associates Inc. MD increased its holdings in shares of Old Dominion Freight Line by 14.1% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 14,223,960 shares of the transportation company's stock valued at $2,230,318,000 after purchasing an additional 1,761,511 shares during the period. Two Sigma Investments LP raised its stake in shares of Old Dominion Freight Line by 637.5% during the third quarter. Two Sigma Investments LP now owns 1,576,470 shares of the transportation company's stock valued at $221,935,000 after purchasing an additional 1,362,697 shares in the last quarter. Finally, Life Cycle Investment Partners Ltd bought a new stake in shares of Old Dominion Freight Line during the fourth quarter valued at about $188,651,000. 77.82% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Greg C. Gantt sold 22,107 shares of the firm's stock in a transaction that occurred 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 sale, the director directly owned 88,551 shares in the company, valued at approximately $16,959,287.52. This trade represents a 19.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 10.00% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Rothschild & Co Redburn reduced their price objective on shares of Old Dominion Freight Line from $176.00 to $172.00 and set a "sell" rating for the company in a report on Tuesday, May 12th. Raymond James Financial restated an "outperform" rating and set a $241.00 price target (up from $224.00) on shares of Old Dominion Freight Line in a research report on Monday, July 13th. Wells Fargo & Company raised shares of Old Dominion Freight Line from an "underweight" rating to an "overweight" rating and upped their price target for the stock from $235.00 to $250.00 in a research note on Wednesday, July 8th. BMO Capital Markets reiterated an "outperform" rating and issued a $230.00 price objective on shares of Old Dominion Freight Line in a report on Thursday, June 4th. Finally, TD Cowen reiterated a "hold" rating on shares of Old Dominion Freight Line in a report on Wednesday, June 3rd. Ten equities research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $223.04.

Old Dominion Freight Line Trading Down 0.8%

Shares of Old Dominion Freight Line stock opened at $232.80 on Thursday. The company's 50-day moving average price is $224.26 and its two-hundred day moving average price is $204.07. Old Dominion Freight Line, Inc. has a 52 week low of $126.01 and a 52 week high of $252.03. The stock has a market cap of $48.42 billion, a PE ratio of 48.70, a price-to-earnings-growth ratio of 4.24 and a beta of 1.18.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last issued its quarterly earnings results on Wednesday, April 29th. The transportation company reported $1.14 earnings per share for the quarter, beating analysts' consensus estimates 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 company had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.31 billion. During the same period in the prior year, the company earned $1.19 EPS. Old Dominion Freight Line's revenue was down 2.9% on a year-over-year basis. On average, equities analysts predict that Old Dominion Freight Line, Inc. will post 5.56 EPS for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 17th. Investors of record on Wednesday, June 3rd were paid a dividend of $0.29 per share. The ex-dividend date of this dividend was Wednesday, June 3rd. This represents a $1.16 annualized dividend and a yield of 0.5%. Old Dominion Freight Line's dividend payout ratio is currently 24.27%.

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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