Sterling Capital Management LLC Has $1.27 Million Stake in Old Dominion Freight Line, Inc. $ODFL

Key Points

• Sterling Capital Management LLC cut its stake in Old Dominion Freight Line by 46.9% in the first quarter, leaving it with 6,486 shares worth about $1.27 million.
• Old Dominion Freight Line reported better-than-expected quarterly earnings, with EPS of $1.14 versus estimates of $1.05 and revenue of $1.33 billion slightly ahead of forecasts.
• The company paid a quarterly dividend of $0.29 per share and has drawn mixed analyst sentiment, with a consensus rating of Hold and an average price target of $218.57.

Sterling Capital Management LLC reduced its position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 46.9% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,486 shares of the transportation company's stock after selling 5,726 shares during the period. Sterling Capital Management LLC's holdings in Old Dominion Freight Line were worth $1,267,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the business. Reflection Asset Management acquired a new position in Old Dominion Freight Line during the fourth quarter worth $28,000. DT Investment Partners LLC grew its holdings in shares of Old Dominion Freight Line by 600.0% during the fourth quarter. DT Investment Partners LLC now owns 210 shares of the transportation company's stock valued at $33,000 after buying an additional 180 shares during the last quarter. DV Equities LLC bought a new stake in shares of Old Dominion Freight Line during the fourth quarter worth about $40,000. Torren Management LLC bought a new stake in shares of Old Dominion Freight Line during the fourth quarter worth about $41,000. Finally, Kohmann Bosshard Financial Services LLC acquired a new stake in shares of Old Dominion Freight Line in the 4th quarter worth about $50,000. Institutional investors and hedge funds own 77.82% of the company's stock.

Old Dominion Freight Line Stock Up 0.4%

ODFL stock opened at $219.69 on Tuesday. The firm has a market cap of $45.69 billion, a PE ratio of 45.96, a P/E/G ratio of 4.39 and a beta of 1.17. The business has a 50 day moving average of $218.86 and a 200-day moving average of $196.01. Old Dominion Freight Line, Inc. has a 12-month low of $126.01 and a 12-month high of $252.03.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last issued its quarterly earnings results on Wednesday, April 29th. The transportation company reported $1.14 EPS for the quarter, topping analysts' consensus estimates of $1.05 by $0.09. Old Dominion Freight Line had a return on equity of 23.42% and a net margin of 18.46%.The business had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.31 billion. During the same period last year, the company posted $1.19 earnings per share. Old Dominion Freight Line's quarterly revenue was down 2.9% compared to the same quarter last year. On average, research analysts expect that Old Dominion Freight Line, Inc. will post 5.43 earnings per share for the current year.

Old Dominion Freight Line Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 17th. Stockholders of record on Wednesday, June 3rd were paid a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date was Wednesday, June 3rd. Old Dominion Freight Line's payout ratio is presently 24.27%.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Stifel Nicolaus lifted their price target on Old Dominion Freight Line from $228.00 to $232.00 in a research note on Thursday, April 30th. Wells Fargo & Company set a $235.00 target price on Old Dominion Freight Line and gave the company an "equal weight" rating in a report on Friday, June 5th. BMO Capital Markets reiterated an "outperform" rating and set a $230.00 price target on shares of Old Dominion Freight Line in a report on Thursday, June 4th. Barclays increased their price target on Old Dominion Freight Line from $210.00 to $220.00 and gave the company an "equal weight" rating in a research report on Thursday, June 25th. Finally, Susquehanna raised their price objective on Old Dominion Freight Line from $205.00 to $224.00 and gave the company a "neutral" rating in a research note on Tuesday, June 2nd. Nine equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and three have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Old Dominion Freight Line has a consensus rating of "Hold" and a consensus price target of $218.57.

Insider Activity at Old Dominion Freight Line

In related news, Director Greg C. Gantt sold 22,107 shares of the business's stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $191.52, for a total value of $4,233,932.64. Following the transaction, the director directly owned 88,551 shares of the company's stock, valued at approximately $16,959,287.52. The trade was a 19.98% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 10.00% of the stock is owned by insiders.

About Old Dominion Freight Line

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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