Old Dominion Freight Line, Inc. (NASDAQ:ODFL) Shares Sold by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company cut its position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 70.2% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 145,254 shares of the transportation company’s stock after selling 341,742 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Old Dominion Freight Line were worth $28,852,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Bank of New York Mellon Corp increased its position in Old Dominion Freight Line by 4.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 6,210,923 shares of the transportation company’s stock worth $1,096,849,000 after purchasing an additional 270,538 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in Old Dominion Freight Line by 7.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,203,666 shares of the transportation company’s stock worth $239,096,000 after buying an additional 78,587 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Old Dominion Freight Line by 9.1% in the second quarter. Dimensional Fund Advisors LP now owns 1,033,160 shares of the transportation company’s stock worth $182,444,000 after acquiring an additional 86,427 shares in the last quarter. Clearbridge Investments LLC raised its stake in shares of Old Dominion Freight Line by 39.1% in the 2nd quarter. Clearbridge Investments LLC now owns 698,154 shares of the transportation company’s stock valued at $123,294,000 after acquiring an additional 196,350 shares during the period. Finally, Bridges Investment Management Inc. lifted its holdings in shares of Old Dominion Freight Line by 12.9% during the 3rd quarter. Bridges Investment Management Inc. now owns 694,620 shares of the transportation company’s stock valued at $137,979,000 after acquiring an additional 79,348 shares in the last quarter. 77.82% of the stock is currently owned by hedge funds and other institutional investors.

Old Dominion Freight Line Price Performance

Shares of NASDAQ ODFL opened at $225.14 on Friday. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.01. The company has a market capitalization of $48.07 billion, a price-to-earnings ratio of 39.36, a price-to-earnings-growth ratio of 4.69 and a beta of 0.99. Old Dominion Freight Line, Inc. has a twelve month low of $165.49 and a twelve month high of $233.26. The business has a 50 day simple moving average of $206.07 and a 200-day simple moving average of $193.53.

Old Dominion Freight Line (NASDAQ:ODFL) last released its earnings results on Wednesday, October 23rd. The transportation company reported $1.43 earnings per share for the quarter, beating the consensus estimate of $1.42 by $0.01. Old Dominion Freight Line had a net margin of 21.03% and a return on equity of 29.40%. The firm had revenue of $1.47 billion during the quarter, compared to analyst estimates of $1.49 billion. During the same quarter in the previous year, the firm earned $1.54 earnings per share. The firm’s revenue for the quarter was down 3.0% compared to the same quarter last year. As a group, equities research analysts expect that Old Dominion Freight Line, Inc. will post 5.43 earnings per share for the current year.

Old Dominion Freight Line Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Wednesday, December 4th will be issued a $0.26 dividend. The ex-dividend date of this dividend is Wednesday, December 4th. This represents a $1.04 dividend on an annualized basis and a yield of 0.46%. Old Dominion Freight Line’s dividend payout ratio is currently 18.18%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on ODFL. Evercore ISI lowered their price target on Old Dominion Freight Line from $199.00 to $188.00 and set an “in-line” rating for the company in a report on Thursday, October 3rd. Argus lowered Old Dominion Freight Line from a “buy” rating to a “hold” rating in a research note on Tuesday, November 12th. BMO Capital Markets reduced their price target on Old Dominion Freight Line from $210.00 to $205.00 and set a “market perform” rating on the stock in a research report on Thursday, October 24th. Bank of America lowered their price objective on shares of Old Dominion Freight Line from $210.00 to $206.00 and set a “neutral” rating for the company in a research report on Friday, September 6th. Finally, Robert W. Baird reduced their target price on shares of Old Dominion Freight Line from $204.00 to $200.00 and set an “outperform” rating on the stock in a research report on Thursday, October 24th. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Old Dominion Freight Line presently has a consensus rating of “Hold” and an average target price of $200.41.

Insider Buying and Selling at Old Dominion Freight Line

In other Old Dominion Freight Line news, Director Leo H. Suggs sold 3,000 shares of the firm’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $225.44, for a total value of $676,320.00. Following the sale, the director now directly owns 7,383 shares in the company, valued at approximately $1,664,423.52. This trade represents a 28.89 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Greg C. Gantt sold 7,000 shares of the business’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $200.07, for a total transaction of $1,400,490.00. Following the transaction, the director now directly owns 97,890 shares of the company’s stock, valued at approximately $19,584,852.30. This trade represents a 6.67 % decrease in their position. The disclosure for this sale can be found here. 9.90% of the stock is currently owned by insiders.

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.