Wedgewood Partners Inc. Has $10.13 Million Stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Wedgewood Partners Inc. cut its holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 4.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 57,406 shares of the transportation company's stock after selling 2,922 shares during the quarter. Old Dominion Freight Line makes up about 2.0% of Wedgewood Partners Inc.'s investment portfolio, making the stock its 17th largest position. Wedgewood Partners Inc.'s holdings in Old Dominion Freight Line were worth $10,126,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in ODFL. Squarepoint Ops LLC raised its position in shares of Old Dominion Freight Line by 104.6% in the 4th quarter. Squarepoint Ops LLC now owns 37,162 shares of the transportation company's stock valued at $6,555,000 after purchasing an additional 19,001 shares during the last quarter. Twinbeech Capital LP acquired a new stake in shares of Old Dominion Freight Line during the 4th quarter worth approximately $16,328,000. Two Sigma Investments LP lifted its position in shares of Old Dominion Freight Line by 26.5% during the 4th quarter. Two Sigma Investments LP now owns 466,933 shares of the transportation company's stock valued at $82,367,000 after buying an additional 97,949 shares in the last quarter. Tidal Investments LLC lifted its position in shares of Old Dominion Freight Line by 10.3% during the 4th quarter. Tidal Investments LLC now owns 10,010 shares of the transportation company's stock valued at $1,766,000 after buying an additional 932 shares in the last quarter. Finally, Teza Capital Management LLC purchased a new position in shares of Old Dominion Freight Line during the 4th quarter valued at approximately $261,000. 77.82% of the stock is owned by hedge funds and other institutional investors.

Old Dominion Freight Line Price Performance

Shares of ODFL stock traded down $0.59 during trading hours on Thursday, hitting $163.60. The company had a trading volume of 1,264,360 shares, compared to its average volume of 1,670,612. The firm has a market capitalization of $34.57 billion, a price-to-earnings ratio of 29.85, a PEG ratio of 2.89 and a beta of 1.31. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.33 and a current ratio of 1.33. Old Dominion Freight Line, Inc. has a 12 month low of $144.90 and a 12 month high of $233.26. The firm's fifty day moving average is $159.82 and its 200 day moving average is $183.02.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last issued its quarterly earnings data on Wednesday, April 23rd. The transportation company reported $1.19 EPS for the quarter, topping the consensus estimate of $1.14 by $0.05. The business had revenue of $1.37 billion for the quarter, compared to the consensus estimate of $1.38 billion. Old Dominion Freight Line had a return on equity of 28.02% and a net margin of 20.40%. The firm's revenue was down 5.8% compared to the same quarter last year. During the same quarter last year, the business posted $1.34 EPS. On average, sell-side analysts predict that Old Dominion Freight Line, Inc. will post 5.68 EPS for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 18th. Investors of record on Wednesday, June 4th will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 0.68%. Old Dominion Freight Line's dividend payout ratio (DPR) is currently 21.01%.

Analyst Ratings Changes

A number of brokerages have issued reports on ODFL. UBS Group cut their target price on Old Dominion Freight Line from $196.00 to $158.00 and set a "neutral" rating for the company in a research note on Tuesday, April 8th. Morgan Stanley set a $185.00 target price on Old Dominion Freight Line in a research report on Wednesday, April 2nd. Citigroup upgraded Old Dominion Freight Line from a "neutral" rating to a "buy" rating and decreased their price objective for the company from $186.00 to $183.00 in a research note on Tuesday, April 8th. Bank of America boosted their target price on Old Dominion Freight Line from $167.00 to $183.00 and gave the stock a "neutral" rating in a research note on Friday, May 16th. Finally, Jefferies Financial Group decreased their target price on Old Dominion Freight Line from $195.00 to $165.00 and set a "hold" rating for the company in a research note on Wednesday, April 9th. Two investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and seven have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $182.26.

Old Dominion Freight Line Company 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.