Voya Investment Management LLC Cuts Position in Old Dominion Freight Line, Inc. $ODFL

Key Points

• Voya Investment Management LLC has reduced its stake in Old Dominion Freight Line by 2.7%, owning 120,655 shares after selling 3,338 shares in the 1st quarter.
• Old Dominion Freight Line reported $1.27 EPS in its latest earnings, missing expectations of $1.29 EPS, and showed a decline in quarterly revenue by 6.1% compared to last year.
• The company has announced a quarterly dividend of $0.28, with a dividend yield of 0.8%, to be paid on September 17th.

Voya Investment Management LLC reduced its position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 2.7% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 120,655 shares of the transportation company's stock after selling 3,338 shares during the quarter. Voya Investment Management LLC owned about 0.06% of Old Dominion Freight Line worth $19,962,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of ODFL. Fifth Third Wealth Advisors LLC boosted its position in 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 valued at $268,000 after acquiring an additional 71 shares in the last quarter. Benjamin Edwards Inc. boosted its position in Old Dominion Freight Line by 3.1% during the 1st quarter. Benjamin Edwards Inc. now owns 2,368 shares of the transportation company's stock valued at $392,000 after acquiring an additional 71 shares in the last quarter. City Holding Co. boosted its position 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 acquiring an additional 75 shares in the last quarter. Brighton Jones LLC boosted its position in Old Dominion Freight Line by 5.3% during the 4th quarter. Brighton Jones LLC now owns 1,559 shares of the transportation company's stock valued at $275,000 after acquiring an additional 79 shares in the last quarter. Finally, Fortitude Advisory Group L.L.C. boosted its position in Old Dominion Freight Line by 5.4% during the 1st quarter. Fortitude Advisory Group L.L.C. now owns 1,558 shares of the transportation company's stock valued at $258,000 after acquiring an additional 80 shares in the last quarter. 77.82% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Wells Fargo & Company dropped their target price on Old Dominion Freight Line from $160.00 to $145.00 and set an "underweight" rating on the stock in a research report on Thursday, July 31st. Stephens lowered their price objective on Old Dominion Freight Line from $186.00 to $174.00 and set an "overweight" rating for the company in a research report on Thursday, July 31st. Benchmark reissued a "hold" rating and issued a $102.00 price objective on shares of Old Dominion Freight Line in a research report on Thursday, June 12th. Raymond James Financial lowered their price objective on Old Dominion Freight Line from $180.00 to $165.00 and set an "outperform" rating for the company in a research report on Thursday, July 31st. Finally, JPMorgan Chase & Co. lowered their price objective on Old Dominion Freight Line from $158.00 to $146.00 and set a "neutral" rating for the company in a research report on Tuesday, July 8th. Eight analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Old Dominion Freight Line presently has a consensus rating of "Hold" and a consensus target price of $166.95.

Old Dominion Freight Line Stock Performance

ODFL traded down $1.55 on Friday, reaching $140.84. 4,264,082 shares of the stock were exchanged, compared to its average volume of 1,753,899. The company's 50-day moving average price is $152.42 and its 200 day moving average price is $158.68. Old Dominion Freight Line, Inc. has a fifty-two week low of $140.09 and a fifty-two week high of $233.26. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.38 and a quick ratio of 1.38. The firm has a market capitalization of $29.60 billion, a PE ratio of 27.51, a PEG ratio of 3.31 and a beta of 1.23.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The transportation company reported $1.27 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 period in the prior year, the firm posted $1.48 EPS. The business's revenue was down 6.1% compared to the same quarter last year. As a group, sell-side analysts forecast that Old Dominion Freight Line, Inc. will post 5.68 EPS for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

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