Wellington Management Group LLP Reduces Stock Position in Old Dominion Freight Line, Inc. $ODFL

Key Points

• Wellington Management Group LLP has reduced its holding in Old Dominion Freight Line, Inc. by 5.6%, now owning 1,311,022 shares valued at approximately $216.9 million.
• The company reported a quarterly earnings miss with $1.27 EPS, falling short of analyst expectations of $1.29, alongside a 6.1% decline in revenue year-over-year.
• Old Dominion has declared a quarterly dividend of $0.28 per share, representing an annualized yield of 0.7%, with the ex-dividend date set for September 3rd.

Wellington Management Group LLP decreased its position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 5.6% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,311,022 shares of the transportation company's stock after selling 78,230 shares during the quarter. Wellington Management Group LLP owned approximately 0.62% of Old Dominion Freight Line worth $216,909,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in Old Dominion Freight Line by 1.9% in the first quarter. Vanguard Group Inc. now owns 22,666,405 shares of the transportation company's stock valued at $3,750,157,000 after acquiring an additional 416,097 shares during the period. Invesco Ltd. raised its stake in shares of Old Dominion Freight Line by 1.3% in the first quarter. Invesco Ltd. now owns 4,272,231 shares of the transportation company's stock worth $706,841,000 after buying an additional 53,079 shares during the period. JPMorgan Chase & Co. raised its stake in shares of Old Dominion Freight Line by 45.1% in the first quarter. JPMorgan Chase & Co. now owns 2,429,750 shares of the transportation company's stock worth $402,002,000 after buying an additional 754,796 shares during the period. Northern Trust Corp raised its stake in shares of Old Dominion Freight Line by 15.2% in the fourth quarter. Northern Trust Corp now owns 1,983,857 shares of the transportation company's stock worth $349,952,000 after buying an additional 261,305 shares during the period. Finally, T. Rowe Price Investment Management Inc. raised its stake in shares of Old Dominion Freight Line by 1,575.9% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,447,784 shares of the transportation company's stock worth $255,390,000 after buying an additional 1,361,397 shares during the period. Institutional investors own 77.82% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Vertical Research raised Old Dominion Freight Line from a "hold" rating to a "buy" rating and set a $170.00 price objective on the stock in a research note on Thursday, July 31st. UBS Group decreased their price objective on Old Dominion Freight Line from $158.00 to $155.00 and set a "neutral" rating on the stock in a research note on Thursday, July 31st. Wall Street Zen raised Old Dominion Freight Line from a "sell" rating to a "hold" rating in a research note on Friday, May 30th. Stifel Nicolaus cut their target price on Old Dominion Freight Line from $183.00 to $168.00 and set a "buy" rating for the company in a research report on Thursday, July 31st. Finally, TD Cowen cut their target price on Old Dominion Freight Line from $166.00 to $159.00 and set a "hold" rating for the company in a research report on Thursday, July 31st. Eight research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, Old Dominion Freight Line presently has an average rating of "Hold" and a consensus target price of $167.62.

Old Dominion Freight Line Price Performance

NASDAQ ODFL traded up $9.38 during trading on Friday, hitting $159.13. 1,962,314 shares of the stock traded hands, compared to its average volume of 2,233,569. The company has a market capitalization of $33.44 billion, a P/E ratio of 31.08, a price-to-earnings-growth ratio of 3.47 and a beta of 1.24. The firm has a 50-day simple moving average of $158.50 and a 200-day simple moving average of $164.71. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.04. Old Dominion Freight Line, Inc. has a 12-month low of $140.91 and a 12-month high of $233.26.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The transportation company reported $1.27 earnings per share for the quarter, missing the consensus estimate of $1.29 by ($0.02). The firm had revenue of $1.41 billion for the quarter, compared to analysts' expectations of $1.43 billion. Old Dominion Freight Line had a net margin of 19.42% and a return on equity of 25.94%. The business's quarterly revenue was down 6.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.48 EPS. As a group, analysts predict that Old Dominion Freight Line, Inc. will post 5.68 EPS for the current year.

Old Dominion Freight Line Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 17th. Stockholders of record on Wednesday, September 3rd will be issued a $0.28 dividend. The ex-dividend date is Wednesday, September 3rd. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.7%. Old Dominion Freight Line's payout ratio 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.