Price T Rowe Associates Inc. MD Lowers Position in Old Dominion Freight Line, Inc. $ODFL

Key Points

• Price T Rowe Associates Inc. MD decreased its stake in Old Dominion Freight Line by 12.5%, now owning approximately 6.54% of the company, valued at $2.29 billion after selling almost 2 million shares in the first quarter.
• Old Dominion Freight Line reported a quarterly EPS of $1.27, missing estimates by $0.02, with revenue of $1.41 billion, down 6.1% year-over-year compared to analysts' expectations.
• The company recently announced a quarterly dividend of $0.28, representing an annualized yield of 0.7%, with the payout ratio currently at 21.88%.

Price T Rowe Associates Inc. MD trimmed its position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 12.5% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,814,408 shares of the transportation company's stock after selling 1,966,527 shares during the quarter. Price T Rowe Associates Inc. MD owned approximately 6.54% of Old Dominion Freight Line worth $2,285,594,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Larson Financial Group LLC boosted its position in Old Dominion Freight Line by 234.8% during the first quarter. Larson Financial Group LLC now owns 154 shares of the transportation company's stock worth $25,000 after purchasing an additional 108 shares in the last quarter. American National Bank & Trust purchased a new stake in shares of Old Dominion Freight Line in the first quarter valued at approximately $30,000. Itau Unibanco Holding S.A. increased its position in shares of Old Dominion Freight Line by 518.9% in the fourth quarter. Itau Unibanco Holding S.A. now owns 229 shares of the transportation company's stock valued at $40,000 after buying an additional 192 shares in the last quarter. Zions Bancorporation National Association UT acquired a new position in shares of Old Dominion Freight Line during the 1st quarter worth approximately $39,000. Finally, Wayfinding Financial LLC purchased a new position in shares of Old Dominion Freight Line during the 1st quarter valued at approximately $39,000. 77.82% of the stock is currently owned by institutional investors and hedge funds.

Old Dominion Freight Line Stock Performance

Shares of Old Dominion Freight Line stock opened at $150.24 on Thursday. Old Dominion Freight Line, Inc. has a one year low of $140.91 and a one year high of $233.26. The company 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. The business's 50 day moving average price is $158.78 and its 200 day moving average price is $165.11. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.38 and a current ratio of 1.38.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The transportation company reported $1.27 EPS for the quarter, missing the consensus estimate of $1.29 by ($0.02). Old Dominion Freight Line had a net margin of 19.42% and a return on equity of 25.94%. The firm had revenue of $1.41 billion for the quarter, compared to analysts' expectations of $1.43 billion. During the same period in the previous year, the firm posted $1.48 EPS. The firm's quarterly revenue was down 6.1% compared to the same quarter last year. On average, research analysts predict that Old Dominion Freight Line, Inc. will post 5.68 EPS for the current year.

Old Dominion Freight Line Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 17th. Stockholders of record on Wednesday, September 3rd will be paid a $0.28 dividend. The ex-dividend date of this dividend is Wednesday, September 3rd. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.7%. Old Dominion Freight Line's payout ratio is presently 21.88%.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. JPMorgan Chase & Co. dropped their price target on shares of Old Dominion Freight Line from $158.00 to $146.00 and set a "neutral" rating on the stock in a research note on Tuesday, July 8th. Truist Financial lifted 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 report on Monday, June 30th. Susquehanna cut 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. Morgan Stanley decreased their price target on shares of Old Dominion Freight Line from $170.00 to $165.00 and set an "equal weight" rating on the stock in a research note on Thursday, July 31st. Finally, UBS Group cut their price objective on Old Dominion Freight Line from $158.00 to $155.00 and set a "neutral" rating for the company in a research note 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. Based on data from MarketBeat, Old Dominion Freight Line currently has a consensus rating of "Hold" and an average price target of $167.62.

About Old Dominion Freight Line

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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