Old Dominion Freight Line, Inc. $ODFL Shares Sold by TD Waterhouse Canada Inc.

Key Points

• TD Waterhouse Canada cut its Old Dominion Freight Line stake by 33.6% in the second quarter, selling 8,687 shares and retaining 17,134 shares valued at approximately $3.7 million. Institutional investors and hedge funds collectively own 77.82% of the company.
• Old Dominion reported quarterly EPS of $1.68, surpassing the $1.54 analyst 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, representing a 0.6% yield.
• Analyst sentiment remains mixed, with the stock carrying a consensus “Hold” rating and an average price target of $226.55. Shares recently opened at $185.87, below their 50-day and 200-day moving averages.

TD Waterhouse Canada Inc. lessened its position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 33.6% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 17,134 shares of the transportation company's stock after selling 8,687 shares during the period. TD Waterhouse Canada Inc.'s holdings in Old Dominion Freight Line were worth $3,736,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. AustralianSuper Pty Ltd lifted its holdings in Old Dominion Freight Line by 955.4% during the 4th quarter. AustralianSuper Pty Ltd now owns 75,005 shares of the transportation company's stock worth $11,761,000 after buying an additional 67,898 shares during the last quarter. Summitry LLC increased its holdings in shares of Old Dominion Freight Line by 5.4% in the 4th quarter. Summitry LLC now owns 218,175 shares of the transportation company's stock valued at $34,210,000 after acquiring an additional 11,223 shares during the last quarter. Partners Group Holding AG increased its holdings in shares of Old Dominion Freight Line by 37.0% in the 4th quarter. Partners Group Holding AG now owns 194,631 shares of the transportation company's stock valued at $30,518,000 after acquiring an additional 52,514 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its position in shares of Old Dominion Freight Line by 15,188.0% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 407,885 shares of the transportation company's stock worth $63,956,000 after acquiring an additional 405,217 shares in the last quarter. Finally, Park National Corp OH acquired a new stake in shares of Old Dominion Freight Line during the 1st quarter worth about $1,056,000. 77.82% of the stock is currently owned by institutional investors and hedge funds.

Old Dominion Freight Line Stock Performance

Shares of NASDAQ ODFL opened at $185.87 on Tuesday. The stock has a market cap of $38.54 billion, a P/E ratio of 35.81, a P/E/G ratio of 3.12 and a beta of 1.16. Old Dominion Freight Line, Inc. has a twelve month low of $126.01 and a twelve month high of $252.03. The stock has a 50 day moving average of $213.92 and a two-hundred day moving average of $210.46.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last announced its earnings results on Wednesday, July 29th. The transportation company reported $1.68 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.54 by $0.14. The business had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.54 billion. Old Dominion Freight Line had a net margin of 19.44% and a return on equity of 24.87%. The company's revenue for the quarter was up 10.4% compared to the same quarter last year. During the same period last year, the firm posted $1.27 earnings per share. As a group, research analysts predict that Old Dominion Freight Line, Inc. will post 5.78 earnings per share for the current year.

Old Dominion Freight Line Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 16th. Shareholders of record on Wednesday, September 2nd will be given a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend is Wednesday, September 2nd. Old Dominion Freight Line's dividend payout ratio (DPR) is presently 22.35%.

Insider Transactions at Old Dominion Freight Line

In other Old Dominion Freight Line news, SVP Cecil Overbey, Jr. sold 19,952 shares of Old Dominion Freight Line stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $198.39, for a total value of $3,958,277.28. Following the transaction, the senior vice president directly owned 22,746 shares in the company, valued at approximately $4,512,578.94. The trade was a 46.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 8.20% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on ODFL shares. UBS Group reaffirmed a "neutral" rating and issued a $228.00 price target (up from $224.00) on shares of Old Dominion Freight Line in a report on Thursday, July 30th. Wells Fargo & Company raised shares of Old Dominion Freight Line from an "underweight" rating to an "overweight" rating and raised their price objective for the stock from $235.00 to $250.00 in a report on Wednesday, July 8th. Raymond James Financial restated an "outperform" rating and issued a $241.00 target price (up from $224.00) on shares of Old Dominion Freight Line in a report on Monday, July 13th. Citigroup reaffirmed a "neutral" rating and issued a $231.00 target price (up from $228.00) on shares of Old Dominion Freight Line in a research report on Thursday, July 30th. Finally, Stifel Nicolaus set a $263.00 price target on shares of Old Dominion Freight Line and gave the stock a "buy" rating in a research note on Thursday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, thirteen have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, Old Dominion Freight Line has an average rating of "Hold" and a consensus price target of $226.55.

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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