Shell Asset Management Co. Grows Stock Position in Old Dominion Freight Line, Inc. $ODFL

Key Points

• Shell Asset Management Co. increased its holdings in Old Dominion Freight Line by 36.4%, now owning 10,405 shares valued at approximately $1.69 million.
• Old Dominion Freight Line reported earnings of $1.27 per share for the quarter, missing estimates and reflecting a 6.1% year-over-year revenue decline.
• The company declared a quarterly dividend of $0.28 per share, representing an annualized yield of 0.8%.

Shell Asset Management Co. increased its position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 36.4% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 10,405 shares of the transportation company's stock after buying an additional 2,775 shares during the quarter. Shell Asset Management Co.'s holdings in Old Dominion Freight Line were worth $1,689,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Larson Financial Group LLC raised its position in shares of Old Dominion Freight Line by 234.8% during the 1st quarter. Larson Financial Group LLC now owns 154 shares of the transportation company's stock valued at $25,000 after buying an additional 108 shares during the period. Wayfinding Financial LLC purchased a new stake in Old Dominion Freight Line in the first quarter valued at approximately $39,000. Zions Bancorporation National Association UT purchased a new stake in Old Dominion Freight Line in the first quarter valued at approximately $39,000. Olde Wealth Management LLC purchased a new stake in Old Dominion Freight Line in the first quarter valued at approximately $43,000. Finally, WPG Advisers LLC purchased a new stake in Old Dominion Freight Line in the first quarter valued at approximately $51,000. Hedge funds and other institutional investors own 77.82% of the company's stock.

Old Dominion Freight Line Stock Up 2.4%

Shares of NASDAQ ODFL opened at $144.78 on Thursday. Old Dominion Freight Line, Inc. has a 1 year low of $133.69 and a 1 year high of $233.26. The firm's 50 day moving average price is $146.70 and its 200 day moving average price is $156.23. The firm has a market cap of $30.43 billion, a P/E ratio of 28.28, a price-to-earnings-growth ratio of 3.31 and a beta of 1.19. 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 announced its earnings results on Wednesday, July 30th. The transportation company reported $1.27 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.29 by ($0.02). Old Dominion Freight Line had a return on equity of 25.94% and a net margin of 19.42%.The firm had revenue of $1.41 billion for the quarter, compared to analyst estimates of $1.43 billion. During the same quarter last year, the business posted $1.48 EPS. The firm's revenue was down 6.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that Old Dominion Freight Line, Inc. will post 5.68 earnings per share for the current year.

Old Dominion Freight Line Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 17th. Shareholders of record on Wednesday, September 3rd were paid a dividend of $0.28 per share. The ex-dividend date of this dividend was Wednesday, September 3rd. This represents a $1.12 dividend on an annualized basis and a yield of 0.8%. Old Dominion Freight Line's dividend payout ratio (DPR) is currently 21.88%.

Analyst Ratings Changes

A number of analysts have issued reports on the company. Stephens cut their target price on Old Dominion Freight Line from $186.00 to $174.00 and set an "overweight" rating on the stock in a research report on Thursday, July 31st. Vertical Research upgraded shares of Old Dominion Freight Line from a "hold" rating to a "buy" rating and set a $170.00 price objective for the company in a research note on Thursday, July 31st. Morgan Stanley decreased their price objective on shares of Old Dominion Freight Line from $170.00 to $165.00 and set an "equal weight" rating for the company in a research note on Thursday, July 31st. Stifel Nicolaus reduced their target price on shares of Old Dominion Freight Line from $183.00 to $168.00 and set a "buy" rating for the company in a report on Thursday, July 31st. Finally, Baird R W raised shares of Old Dominion Freight Line to a "hold" rating in a report on Tuesday, July 1st. Eight equities research analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Old Dominion Freight Line presently has a consensus rating of "Hold" and an average target price of $164.55.

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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