Parnassus Investments LLC Has $78.30 Million Stock Position in Old Dominion Freight Line, Inc. $ODFL

Key Points

• Parnassus Investments LLC reduced its stake in Old Dominion Freight Line by 5.2%, selling 25,715 shares, and now owns approximately 0.22% of the company valued at $78.3 million.
• Analysts have mixed ratings on Old Dominion Freight Line, with price targets ranging from $145.00 to $183.00, while the stock holds an average rating of "Hold" with a price target of $167.62.
• Old Dominion Freight Line announced a quarterly dividend of $0.28, resulting in an annualized yield of 0.7%, with an ex-dividend date set for September 3rd.

Parnassus Investments LLC lowered its holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 5.2% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 473,262 shares of the transportation company's stock after selling 25,715 shares during the quarter. Parnassus Investments LLC owned 0.22% of Old Dominion Freight Line worth $78,301,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of ODFL. Larson Financial Group LLC grew its stake in shares of Old Dominion Freight Line by 234.8% in the first quarter. Larson Financial Group LLC now owns 154 shares of the transportation company's stock worth $25,000 after acquiring an additional 108 shares during the last quarter. American National Bank & Trust bought a new stake in Old Dominion Freight Line in the 1st quarter valued at $30,000. Itau Unibanco Holding S.A. grew its position in Old Dominion Freight Line by 518.9% in the 4th quarter. Itau Unibanco Holding S.A. now owns 229 shares of the transportation company's stock worth $40,000 after purchasing an additional 192 shares during the last quarter. Zions Bancorporation National Association UT bought a new position in shares of Old Dominion Freight Line during the 1st quarter worth about $39,000. Finally, Wayfinding Financial LLC acquired a new position in shares of Old Dominion Freight Line during the first quarter valued at about $39,000. 77.82% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

ODFL has been the subject of several research reports. Susquehanna reduced their target price on shares of Old Dominion Freight Line from $168.00 to $160.00 and set a "neutral" rating for the company in a research note on Wednesday, June 18th. UBS Group decreased their price objective on Old Dominion Freight Line from $158.00 to $155.00 and set a "neutral" rating on the stock in a report on Thursday, July 31st. Bank of America upped their target price on Old Dominion Freight Line from $167.00 to $183.00 and gave the company a "neutral" rating in a research note on Friday, May 16th. Vertical Research raised Old Dominion Freight Line from a "hold" rating to a "buy" rating and set a $170.00 target price for the company in a research report on Thursday, July 31st. Finally, Raymond James Financial lowered their price target on shares of Old Dominion Freight Line from $180.00 to $165.00 and set an "outperform" rating on the stock in a report on Thursday, July 31st. Eight investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Old Dominion Freight Line has a consensus rating of "Hold" and a consensus target price of $167.62.

Old Dominion Freight Line Price Performance

NASDAQ:ODFL traded down $0.96 on Tuesday, reaching $150.01. The stock had a trading volume of 1,531,033 shares, compared to its average volume of 1,846,990. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.04. The company has a market capitalization of $31.53 billion, a P/E ratio of 29.30, a price-to-earnings-growth ratio of 3.50 and a beta of 1.23. Old Dominion Freight Line, Inc. has a 1-year low of $140.91 and a 1-year high of $233.26. The stock has a fifty day moving average price of $157.89 and a 200-day moving average price of $162.16.

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

Old Dominion Freight Line Dividend Announcement

The business also recently declared 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. The ex-dividend date is Wednesday, September 3rd. This represents a $1.12 annualized dividend and a yield of 0.7%. Old Dominion Freight Line's dividend payout ratio is 21.88%.

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.