Raymond James Financial Inc. Trims Position in Old Dominion Freight Line, Inc. $ODFL

Key Points

• Raymond James Financial Inc. reduced its stake in Old Dominion Freight Line by 5.4%, selling 35,243 shares and owning about 0.29% of the company, valued at approximately $101.5 million.
• Old Dominion Freight Line reported a 6.1% decline in quarterly revenue year-over-year, with earnings per share of $1.27, missing analysts' expectations of $1.29.
• The company announced a quarterly dividend of $0.28 per share, reflecting a 0.7% dividend yield and a payout ratio of 21.88%.

Raymond James Financial Inc. cut its stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 5.4% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 613,561 shares of the transportation company's stock after selling 35,243 shares during the period. Raymond James Financial Inc. owned approximately 0.29% of Old Dominion Freight Line worth $101,513,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Lido Advisors LLC raised its stake in Old Dominion Freight Line by 3.2% during the 4th quarter. Lido Advisors LLC now owns 1,929 shares of the transportation company's stock valued at $340,000 after acquiring an additional 59 shares during the last quarter. Integrated Wealth Concepts LLC raised its stake in Old Dominion Freight Line by 1.4% during the 4th quarter. Integrated Wealth Concepts LLC now owns 4,531 shares of the transportation company's stock valued at $799,000 after acquiring an additional 63 shares during the last quarter. Benjamin Edwards Inc. raised its stake in Old Dominion Freight Line by 3.0% during the 4th quarter. Benjamin Edwards Inc. now owns 2,297 shares of the transportation company's stock valued at $405,000 after acquiring an additional 67 shares during the last quarter. Fifth Third Wealth Advisors LLC raised its stake in Old Dominion Freight Line by 4.6% during the 1st quarter. Fifth Third Wealth Advisors LLC now owns 1,617 shares of the transportation company's stock valued at $268,000 after acquiring an additional 71 shares during the last quarter. Finally, City Holding Co. increased its position in Old Dominion Freight Line by 1.1% during the 1st quarter. City Holding Co. now owns 7,104 shares of the transportation company's stock worth $1,175,000 after purchasing an additional 75 shares during the period. 77.82% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have issued reports on ODFL shares. UBS Group dropped their target price on Old Dominion Freight Line from $158.00 to $155.00 and set a "neutral" rating on the stock in a research report on Thursday, July 31st. Wall Street Zen upgraded Old Dominion Freight Line from a "sell" rating to a "hold" rating in a research report on Friday, May 30th. Bank of America boosted their target price on Old Dominion Freight Line from $167.00 to $183.00 and gave the stock a "neutral" rating in a research report on Friday, May 16th. Barclays set a $155.00 target price on Old Dominion Freight Line and gave the stock an "equal weight" rating in a research report on Thursday, July 31st. Finally, Baird R W upgraded Old Dominion Freight Line to a "hold" rating in a research report on Tuesday, July 1st. Eight research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Old Dominion Freight Line has a consensus rating of "Hold" and a consensus target price of $167.62.

Old Dominion Freight Line Price Performance

Shares of ODFL traded up $9.38 on Friday, reaching $159.13. The stock had a trading volume of 1,962,314 shares, compared to its average volume of 2,233,569. The firm has a 50-day moving average of $158.50 and a 200 day moving average of $164.71. The firm has a market capitalization of $33.44 billion, a PE ratio of 31.08, a PEG ratio of 3.47 and a beta of 1.24. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.04. Old Dominion Freight Line, Inc. has a twelve month low of $140.91 and a twelve month high of $233.26.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last announced its earnings results on Wednesday, July 30th. The transportation company reported $1.27 EPS for the quarter, missing analysts' consensus estimates of $1.29 by ($0.02). The company had revenue of $1.41 billion for the quarter, compared to analyst estimates of $1.43 billion. Old Dominion Freight Line had a net margin of 19.42% and a return on equity of 25.94%. Old Dominion Freight Line's quarterly revenue was down 6.1% compared to the same quarter last year. During the same quarter last year, the company posted $1.48 EPS. Sell-side analysts expect 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 announced a quarterly dividend, which will be paid on Wednesday, September 17th. Shareholders of record on Wednesday, September 3rd will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date is Wednesday, September 3rd. Old Dominion Freight Line's dividend payout ratio is 21.88%.

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.