Clearbridge Investments LLC Lowers Stock Holdings in Old Dominion Freight Line, Inc. $ODFL

Clearbridge Investments LLC trimmed its holdings in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 12.0% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 1,417,524 shares of the transportation company’s stock after selling 194,174 shares during the period. Clearbridge Investments LLC’s holdings in Old Dominion Freight Line were worth $222,268,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in ODFL. Norges Bank purchased a new position in shares of Old Dominion Freight Line during the fourth quarter valued at approximately $444,983,000. Boston Partners purchased a new position in shares of Old Dominion Freight Line during the third quarter valued at approximately $292,599,000. Two Sigma Investments LP raised its holdings in Old Dominion Freight Line by 637.5% in the 3rd quarter. Two Sigma Investments LP now owns 1,576,470 shares of the transportation company’s stock worth $221,935,000 after acquiring an additional 1,362,697 shares during the last quarter. Life Cycle Investment Partners Ltd purchased a new position in Old Dominion Freight Line in the 4th quarter worth approximately $188,651,000. Finally, CIBC Private Wealth Group LLC raised its holdings in Old Dominion Freight Line by 21.6% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 4,366,843 shares of the transportation company’s stock worth $614,764,000 after acquiring an additional 776,004 shares during the last quarter. 77.82% of the stock is currently owned by hedge funds and other institutional investors.

Old Dominion Freight Line Stock Performance

NASDAQ:ODFL opened at $242.57 on Monday. Old Dominion Freight Line, Inc. has a 12 month low of $126.01 and a 12 month high of $249.14. The company has a market cap of $50.45 billion, a PE ratio of 50.75, a price-to-earnings-growth ratio of 4.92 and a beta of 1.17. The company has a 50 day simple moving average of $209.88 and a two-hundred day simple moving average of $185.89.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its 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 net margin of 18.46% and a return on equity of 23.42%. The business had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.31 billion. During the same quarter in the previous year, the firm posted $1.19 EPS. The firm’s revenue was down 2.9% on a year-over-year basis. Research analysts forecast that Old Dominion Freight Line, Inc. will post 5.37 earnings per share for the current year.

Old Dominion Freight Line Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 17th. Shareholders of record on Wednesday, June 3rd will be given a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date of this dividend is Wednesday, June 3rd. Old Dominion Freight Line’s payout ratio is 24.27%.

Insider Buying and Selling

In other Old Dominion Freight Line news, Director Greg C. Gantt sold 22,107 shares of Old Dominion Freight Line stock in a transaction that occurred on 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 completion of the sale, the director 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 transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 10.00% of the company’s stock.

Wall Street Analyst Weigh In

ODFL has been the subject of a number of recent analyst reports. Weiss Ratings restated a “hold (c)” rating on shares of Old Dominion Freight Line in a report on Tuesday, April 14th. Evercore set a $219.00 price objective on shares of Old Dominion Freight Line in a report on Thursday, April 30th. Wolfe Research boosted their price objective on shares of Old Dominion Freight Line from $183.00 to $185.00 and gave the stock an “underperform” rating in a report on Tuesday, April 7th. Stephens restated an “overweight” rating and issued a $240.00 price objective (up from $232.00) on shares of Old Dominion Freight Line in a report on Thursday, April 30th. Finally, Benchmark restated a “hold” rating on shares of Old Dominion Freight Line in a report on Thursday. Eight research analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $208.33.

Old Dominion Freight Line Profile

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.