Royal Bank of Canada Reduces Stock Holdings in Old Dominion Freight Line, Inc. $ODFL

Key Points

• Royal Bank of Canada cut its Old Dominion Freight Line stake by 34.3% in the first quarter, selling 183,635 shares and retaining 351,613 shares worth approximately $68.7 million. Institutional investors collectively own 77.82% of the company.
• Old Dominion reported quarterly revenue of $1.55 billion, up 10.4% year over year, and EPS of $1.68, beating analyst expectations of $1.54. The company also declared a quarterly dividend of $0.29 per share, representing a 0.5% yield.
• ODFL shares opened at $212.14, below the analyst consensus price target of $226.55. Analysts’ overall consensus rating remains “Hold,” with nine Buy, 14 Hold, and two Sell ratings.

Royal Bank of Canada lowered its holdings in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 34.3% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 351,613 shares of the transportation company's stock after selling 183,635 shares during the quarter. Royal Bank of Canada owned approximately 0.17% of Old Dominion Freight Line worth $68,705,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Empowered Funds LLC grew its position in Old Dominion Freight Line by 139.0% during the first quarter. Empowered Funds LLC now owns 52,784 shares of the transportation company's stock valued at $10,314,000 after buying an additional 30,697 shares during the period. Encompass Capital Advisors LLC purchased a new position in shares of Old Dominion Freight Line during the 1st quarter worth $60,586,000. Quantinno Capital Management LP boosted its stake in shares of Old Dominion Freight Line by 48.2% during the 1st quarter. Quantinno Capital Management LP now owns 199,211 shares of the transportation company's stock worth $38,926,000 after acquiring an additional 64,835 shares during the last quarter. OMERS ADMINISTRATION Corp grew its position in shares of Old Dominion Freight Line by 42.0% during the 1st quarter. OMERS ADMINISTRATION Corp now owns 9,956 shares of the transportation company's stock valued at $1,945,000 after acquiring an additional 2,946 shares during the period. Finally, Bradley Foster & Sargent Inc. CT increased its stake in shares of Old Dominion Freight Line by 2.6% in the 1st quarter. Bradley Foster & Sargent Inc. CT now owns 3,646 shares of the transportation company's stock worth $712,000 after purchasing an additional 91 shares in the last quarter. Hedge funds and other institutional investors own 77.82% of the company's stock.

Old Dominion Freight Line Trading Down 0.2%

NASDAQ ODFL opened at $212.14 on Friday. The stock's 50 day moving average is $226.77 and its 200 day moving average is $206.57. Old Dominion Freight Line, Inc. has a 12 month low of $126.01 and a 12 month high of $252.03. The stock has a market cap of $44.12 billion, a PE ratio of 40.87, a P/E/G ratio of 3.70 and a beta of 1.18.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last announced its quarterly earnings data on Wednesday, July 29th. The transportation company reported $1.68 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.54 by $0.14. Old Dominion Freight Line had a net margin of 19.44% and a return on equity of 24.87%. The business had revenue of $1.55 billion during the quarter, compared to analyst estimates of $1.54 billion. During the same period last year, the firm posted $1.27 EPS. The company's revenue was up 10.4% on a year-over-year basis. On average, analysts forecast that Old Dominion Freight Line, Inc. will post 5.78 EPS for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 16th. Shareholders of record on Wednesday, September 2nd will be paid a $0.29 dividend. The ex-dividend date is Wednesday, September 2nd. This represents a $1.16 annualized dividend and a yield of 0.5%. Old Dominion Freight Line's payout ratio is presently 22.35%.

Insider Buying and Selling

In other Old Dominion Freight Line news, Director Greg C. Gantt sold 22,107 shares of the stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $191.52, for a total transaction of $4,233,932.64. Following the completion of the transaction, the director owned 88,551 shares of the company's stock, valued at $16,959,287.52. This represents a 19.98% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 10.00% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on ODFL. JPMorgan Chase & Co. lifted their target price on Old Dominion Freight Line from $197.00 to $234.00 and gave the company a "neutral" rating in a research report on Monday, June 8th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Old Dominion Freight Line in a research note on Friday, July 10th. Stephens reiterated an "overweight" rating and set a $240.00 price objective (up from $232.00) on shares of Old Dominion Freight Line in a research note on Thursday, April 30th. Raymond James Financial restated an "outperform" rating and set a $241.00 target price (up from $224.00) on shares of Old Dominion Freight Line in a research note on Monday, July 13th. Finally, UBS Group reiterated a "neutral" rating and issued a $228.00 price target (up from $224.00) on shares of Old Dominion Freight Line in a research report on Thursday. Nine investment analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $226.55.

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.

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