Royal Bank of Canada Sells 68,953 Shares of Old Dominion Freight Line, Inc. $ODFL

Key Points

• Royal Bank of Canada has reduced its holdings in Old Dominion Freight Line, Inc. by 13.7% to approximately 435,090 shares, valued at approximately $71.986 million.
• The company's earnings report revealed an EPS of $1.27, missing estimates by 2 cents, with quarterly revenue down 6.1% year-over-year to $1.41 billion.
• Old Dominion Freight Line announced a quarterly dividend of $0.28, representing a current yield of 0.8% and a dividend payout ratio of 21.88%.

Royal Bank of Canada decreased its stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 13.7% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 435,090 shares of the transportation company's stock after selling 68,953 shares during the quarter. Royal Bank of Canada owned approximately 0.21% of Old Dominion Freight Line worth $71,986,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of ODFL. Benjamin Edwards Inc. lifted its holdings in shares of Old Dominion Freight Line by 3.0% during the fourth 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 period. Fifth Third Wealth Advisors LLC increased its position in shares of 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 worth $268,000 after purchasing an additional 71 shares in the last quarter. City Holding Co. lifted its holdings 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 valued at $1,175,000 after purchasing an additional 75 shares during the last quarter. Brighton Jones LLC boosted its position in Old Dominion Freight Line by 5.3% in the fourth quarter. Brighton Jones LLC now owns 1,559 shares of the transportation company's stock valued at $275,000 after buying an additional 79 shares in the last quarter. Finally, Fortitude Advisory Group L.L.C. grew its stake in Old Dominion Freight Line by 5.4% during the first quarter. Fortitude Advisory Group L.L.C. now owns 1,558 shares of the transportation company's stock worth $258,000 after buying an additional 80 shares during the last quarter. 77.82% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on ODFL. Citigroup cut their target price on shares of Old Dominion Freight Line from $174.00 to $173.00 and set a "buy" rating for the company in a research note on Wednesday. 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 report on Thursday, July 31st. Stephens reduced their price objective on Old Dominion Freight Line from $186.00 to $174.00 and set an "overweight" rating on the stock in a research note on Thursday, July 31st. Barclays set a $155.00 target price on Old Dominion Freight Line and gave the company an "equal weight" rating in a research note on Thursday, July 31st. Finally, Susquehanna cut their price target on Old Dominion Freight Line from $168.00 to $160.00 and set a "neutral" rating for the company in a report on Wednesday, June 18th. Eight equities research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Old Dominion Freight Line has an average rating of "Hold" and a consensus price target of $167.14.

Old Dominion Freight Line Trading Down 1.3%

Shares of ODFL stock traded down $1.91 on Wednesday, reaching $146.31. 1,199,169 shares of the stock were exchanged, compared to its average volume of 1,782,212. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.38 and a quick ratio of 1.38. Old Dominion Freight Line, Inc. has a one year low of $140.71 and a one year high of $233.26. The stock has a market cap of $30.75 billion, a PE ratio of 28.58, a P/E/G ratio of 3.44 and a beta of 1.23. The stock has a 50 day moving average price of $155.80 and a 200 day moving average price of $160.23.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The transportation company reported $1.27 earnings per share (EPS) for the quarter, missing the consensus estimate 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%. Old Dominion Freight Line's revenue was down 6.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.48 EPS. Equities research analysts forecast that Old Dominion Freight Line, Inc. will post 5.68 EPS for the current fiscal year.

Old Dominion Freight Line Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 17th. Stockholders 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 dividend yield of 0.8%. Old Dominion Freight Line's payout ratio is currently 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.