Prudential PLC Sells 23,625 Shares of Old Dominion Freight Line, Inc. $ODFL

Key Points

• Prudential PLC slashed its stake in Old Dominion Freight Line by 88.5% in the fourth quarter, selling 23,625 shares and leaving it with 3,065 shares worth about $481,000.
• Institutional interest remains strong overall, with investors like Norges Bank, Boston Partners, and Two Sigma making large moves in ODFL; institutions now own 77.82% of the company.
• Old Dominion reported better-than-expected quarterly earnings of $1.14 per share on revenue of $1.33 billion, while analysts currently rate the stock a “Hold” on consensus with an average target price of $209.88.

Prudential PLC lowered its stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 88.5% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 3,065 shares of the transportation company's stock after selling 23,625 shares during the period. Prudential PLC's holdings in Old Dominion Freight Line were worth $481,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of ODFL. Norges Bank bought a new position in Old Dominion Freight Line during the 4th quarter valued at about $444,983,000. Boston Partners bought a new position in Old Dominion Freight Line during the 3rd quarter valued at about $292,599,000. Two Sigma Investments LP lifted its stake in Old Dominion Freight Line by 637.5% during the 3rd quarter. Two Sigma Investments LP now owns 1,576,470 shares of the transportation company's stock valued at $221,935,000 after acquiring an additional 1,362,697 shares during the period. Life Cycle Investment Partners Ltd bought a new position in Old Dominion Freight Line during the 4th quarter valued at about $188,651,000. Finally, CIBC Private Wealth Group LLC lifted its stake in Old Dominion Freight Line by 21.6% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 4,366,843 shares of the transportation company's stock valued at $614,764,000 after acquiring an additional 776,004 shares during the period. Institutional investors own 77.82% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on ODFL shares. Benchmark restated a "hold" rating on shares of Old Dominion Freight Line in a research note on Thursday. Jefferies Financial Group increased their price objective on shares of Old Dominion Freight Line from $210.00 to $230.00 and gave the stock a "hold" rating in a research note on Wednesday, April 22nd. TD Cowen reiterated a "hold" rating on shares of Old Dominion Freight Line in a research note on Wednesday, June 3rd. Weiss Ratings reiterated a "hold (c)" rating on shares of Old Dominion Freight Line in a research note on Tuesday, April 14th. Finally, Rothschild & Co Redburn lowered their price objective on shares of Old Dominion Freight Line from $176.00 to $172.00 and set a "sell" rating on the stock in a research note on Tuesday, May 12th. Eight investment analysts have rated the stock with a Buy rating, sixteen have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $209.88.

Old Dominion Freight Line Trading Up 1.8%

Old Dominion Freight Line stock opened at $247.01 on Tuesday. The firm has a 50 day moving average of $211.06 and a 200 day moving average of $186.70. The firm has a market capitalization of $51.37 billion, a price-to-earnings ratio of 51.68, a P/E/G ratio of 4.92 and a beta of 1.17. Old Dominion Freight Line, Inc. has a 12-month low of $126.01 and a 12-month high of $250.69.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last released its earnings results on Wednesday, April 29th. The transportation company reported $1.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.05 by $0.09. The company had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.31 billion. Old Dominion Freight Line had a net margin of 18.46% and a return on equity of 23.42%. The firm's quarterly revenue was down 2.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.19 EPS. On average, analysts predict that Old Dominion Freight Line, Inc. will post 5.37 EPS for the current year.

Old Dominion Freight Line Announces Dividend

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

Insider Transactions at Old Dominion Freight Line

In related news, Director Greg C. Gantt sold 22,107 shares of the stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $191.52, for a total value of $4,233,932.64. Following the completion of the sale, the director directly owned 88,551 shares of the company's stock, valued at approximately $16,959,287.52. This represents a 19.98% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 10.00% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.