GHP Investment Advisors Inc. Cuts Stake in Old Dominion Freight Line, Inc. $ODFL

GHP Investment Advisors Inc. cut its holdings in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 15.8% during the 1st quarter, HoldingsChannel reports. The fund owned 12,880 shares of the transportation company’s stock after selling 2,411 shares during the quarter. GHP Investment Advisors Inc.’s holdings in Old Dominion Freight Line were worth $2,517,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Reflection Asset Management purchased a new position in Old Dominion Freight Line in the 4th quarter worth $28,000. DT Investment Partners LLC grew its holdings in shares of Old Dominion Freight Line by 600.0% in the fourth quarter. DT Investment Partners LLC now owns 210 shares of the transportation company’s stock worth $33,000 after purchasing an additional 180 shares during the last quarter. DV Equities LLC purchased a new position in shares of Old Dominion Freight Line in the fourth quarter valued at about $40,000. Torren Management LLC purchased a new position in shares of Old Dominion Freight Line in the fourth quarter valued at about $41,000. Finally, Kohmann Bosshard Financial Services LLC bought a new position in shares of Old Dominion Freight Line during the fourth quarter valued at about $50,000. Hedge funds and other institutional investors own 77.82% of the company’s stock.

Insiders Place Their Bets

In related news, Director Greg C. Gantt sold 22,107 shares of Old Dominion Freight Line stock in a transaction on Monday, May 4th. The stock was sold at an average price of $191.52, for a total value of $4,233,932.64. Following the transaction, the director owned 88,551 shares in the company, valued at approximately $16,959,287.52. This trade represents a 19.98% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 10.00% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Robert W. Baird set a $229.00 price target on Old Dominion Freight Line and gave the stock a “neutral” rating in a research note on Tuesday, April 28th. Susquehanna upped their price objective on Old Dominion Freight Line from $205.00 to $224.00 and gave the company a “neutral” rating in a research report on Tuesday, June 2nd. JPMorgan Chase & Co. upped their price objective on Old Dominion Freight Line from $197.00 to $234.00 and gave the stock a “neutral” rating in a research note on Monday, June 8th. Morgan Stanley set a $235.00 price objective on shares of Old Dominion Freight Line and gave the stock an “overweight” rating in a research note on Thursday, April 30th. Finally, UBS Group increased their target price on shares of Old Dominion Freight Line from $202.00 to $216.00 and gave the stock a “neutral” rating in a report on Thursday, April 30th. Nine analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $218.57.

Old Dominion Freight Line Stock Performance

ODFL opened at $218.79 on Friday. Old Dominion Freight Line, Inc. has a one year low of $126.01 and a one year high of $252.03. The business’s 50 day moving average price is $218.74 and its 200 day moving average price is $195.20. The stock has a market capitalization of $45.50 billion, a PE ratio of 45.77, a P/E/G ratio of 4.42 and a beta of 1.17.

Old Dominion Freight Line (NASDAQ:ODFL) last released its earnings results on Wednesday, April 29th. The transportation company reported $1.14 earnings per share 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 firm had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.31 billion. During the same period in the prior year, the firm earned $1.19 earnings per share. The business’s quarterly revenue was down 2.9% compared to the same quarter last year. As a group, equities research analysts forecast that Old Dominion Freight Line, Inc. will post 5.43 earnings per share for the current fiscal year.

Old Dominion Freight Line Announces Dividend

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

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.