Spire Wealth Management Trims Stock Position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Spire Wealth Management reduced its position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 98.2% in the first quarter, according to its most recent filing with the SEC. The fund owned 515 shares of the transportation company's stock after selling 28,083 shares during the quarter. Spire Wealth Management's holdings in Old Dominion Freight Line were worth $85,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of ODFL. Lecap Asset Management Ltd. bought a new stake in shares of Old Dominion Freight Line in the 1st quarter worth about $2,593,000. Balboa Wealth Partners grew its stake in Old Dominion Freight Line by 17.1% in the 1st quarter. Balboa Wealth Partners now owns 2,528 shares of the transportation company's stock worth $418,000 after acquiring an additional 370 shares in the last quarter. Davidson Kahn Capital Management LLC increased its position in shares of Old Dominion Freight Line by 47.4% during the first quarter. Davidson Kahn Capital Management LLC now owns 7,053 shares of the transportation company's stock worth $1,167,000 after acquiring an additional 2,267 shares during the period. Asset Management One Co. Ltd. raised its stake in shares of Old Dominion Freight Line by 4.4% during the first quarter. Asset Management One Co. Ltd. now owns 79,664 shares of the transportation company's stock valued at $13,180,000 after acquiring an additional 3,355 shares in the last quarter. Finally, Oppenheimer & Co. Inc. raised its stake in shares of Old Dominion Freight Line by 11.4% during the first quarter. Oppenheimer & Co. Inc. now owns 2,205 shares of the transportation company's stock valued at $365,000 after acquiring an additional 225 shares in the last quarter. 77.82% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ODFL has been the topic of several research reports. Raymond James Financial set a $185.00 price objective on Old Dominion Freight Line and gave the stock an "outperform" rating in a report on Thursday, April 24th. Morgan Stanley set a $185.00 price target on Old Dominion Freight Line in a research note on Wednesday, April 2nd. Jefferies Financial Group decreased their price objective on Old Dominion Freight Line from $195.00 to $165.00 and set a "hold" rating for the company in a report on Wednesday, April 9th. The Goldman Sachs Group upgraded shares of Old Dominion Freight Line from a "neutral" rating to a "buy" rating and increased their target price for the stock from $190.00 to $200.00 in a report on Monday, June 2nd. Finally, Deutsche Bank Aktiengesellschaft began coverage on shares of Old Dominion Freight Line in a research report on Friday, March 7th. They issued a "buy" rating and a $236.00 price target for the company. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and seven have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $174.55.

Old Dominion Freight Line Stock Performance

ODFL stock traded up $1.40 during trading on Wednesday, reaching $169.85. The company had a trading volume of 1,465,227 shares, compared to its average volume of 1,654,211. The company has a market cap of $35.89 billion, a price-to-earnings ratio of 31.87, a price-to-earnings-growth ratio of 3.35 and a beta of 1.25. Old Dominion Freight Line, Inc. has a twelve month low of $144.90 and a twelve month high of $233.26. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.32 and a current ratio of 1.32. The firm has a 50-day simple moving average of $160.94 and a 200-day simple moving average of $171.68.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last released its earnings results on Wednesday, April 23rd. The transportation company reported $1.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.14 by $0.05. Old Dominion Freight Line had a return on equity of 27.40% and a net margin of 20.04%. The firm had revenue of $1.37 billion for the quarter, compared to the consensus estimate of $1.38 billion. During the same period in the prior year, the firm earned $1.34 EPS. The firm's revenue was down 5.8% on a year-over-year basis. As a group, sell-side analysts expect that Old Dominion Freight Line, Inc. will post 5.68 earnings per share for the current year.

Old Dominion Freight Line Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 18th. Investors of record on Wednesday, June 4th were given a $0.28 dividend. The ex-dividend date of this dividend was Wednesday, June 4th. This represents a $1.12 dividend on an annualized basis and a yield of 0.66%. Old Dominion Freight Line's dividend payout ratio is currently 21.01%.

Old Dominion Freight Line Profile

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.