Van ECK Associates Corp cut its stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 14.1% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 35,617 shares of the transportation company's stock after selling 5,864 shares during the period. Van ECK Associates Corp's holdings in Old Dominion Freight Line were worth $7,715,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Bell Investment Advisors Inc acquired a new position in shares of Old Dominion Freight Line in the second quarter valued at approximately $25,000. Solstein Capital LLC acquired a new stake in shares of Old Dominion Freight Line during the second quarter worth $26,000. Annis Gardner Whiting Capital Advisors LLC grew its position in Old Dominion Freight Line by 80.5% in the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 139 shares of the transportation company's stock valued at $27,000 after buying an additional 62 shares during the last quarter. Reflection Asset Management purchased a new position in Old Dominion Freight Line in the 4th quarter valued at $28,000. Finally, Evolution Wealth Management Inc. acquired a new position in Old Dominion Freight Line in the 1st quarter valued at $29,000. 77.82% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
A number of brokerages have commented on ODFL. Wall Street Zen downgraded shares of Old Dominion Freight Line from a "buy" rating to a "hold" rating in a research report on Saturday. JPMorgan Chase & Co. boosted their price target on shares of Old Dominion Freight Line from $197.00 to $234.00 and gave the stock a "neutral" rating in a research note on Monday, June 8th. Zacks Research raised shares of Old Dominion Freight Line from a "hold" rating to a "strong-buy" rating in a report on Friday, July 31st. Argus raised their price objective on shares of Old Dominion Freight Line from $220.00 to $260.00 and gave the company a "buy" rating in a research report on Thursday, June 18th. Finally, TD Cowen reaffirmed a "hold" rating on shares of Old Dominion Freight Line in a report on Wednesday, June 3rd. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, thirteen have issued a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $226.55.
Check Out Our Latest Stock Analysis on Old Dominion Freight Line
Old Dominion Freight Line Trading Down 6.5%
NASDAQ:ODFL opened at $187.01 on Wednesday. The firm has a 50-day moving average price of $216.57 and a two-hundred day moving average price of $210.60. Old Dominion Freight Line, Inc. has a twelve month low of $126.01 and a twelve month high of $252.03. The company has a market capitalization of $38.78 billion, a P/E ratio of 36.03, a price-to-earnings-growth ratio of 3.47 and a beta of 1.16.
Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The transportation company reported $1.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.54 by $0.14. The company had revenue of $1.55 billion for the quarter, compared to the consensus estimate 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 quarter in the prior year, the firm earned $1.27 earnings per share. On average, equities 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 business also recently announced a quarterly dividend, which will be paid on Wednesday, September 16th. Investors of record on Wednesday, September 2nd will be paid a $0.29 dividend. The ex-dividend date of this dividend is Wednesday, September 2nd. This represents a $1.16 dividend on an annualized basis and a yield of 0.6%. Old Dominion Freight Line's dividend payout ratio is presently 22.35%.
Insider Buying and Selling
In other Old Dominion Freight Line news, SVP Cecil E. Jr. Overbey sold 19,952 shares of the stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $198.39, for a total transaction of $3,958,277.28. Following the sale, the senior vice president owned 22,746 shares in the company, valued at approximately $4,512,578.94. This represents a 46.73% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 8.20% of the company's stock.
Old Dominion Freight Line Profile
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Free Report)
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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