Old Dominion Freight Line, Inc. $ODFL Shares Sold by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company reduced its stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 57.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 137,785 shares of the transportation company’s stock after selling 185,503 shares during the quarter. The Manufacturers Life Insurance Company owned 0.07% of Old Dominion Freight Line worth $26,920,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of ODFL. Brighton Jones LLC lifted its holdings in shares of Old Dominion Freight Line by 5.3% during the fourth quarter. Brighton Jones LLC now owns 1,559 shares of the transportation company’s stock worth $275,000 after purchasing an additional 79 shares during the period. Empowered Funds LLC increased its stake in Old Dominion Freight Line by 134.9% in the 1st quarter. Empowered Funds LLC now owns 10,213 shares of the transportation company’s stock valued at $1,690,000 after buying an additional 5,866 shares during the period. Marshall Wace LLP purchased a new position in Old Dominion Freight Line during the 2nd quarter worth $7,478,000. Jump Financial LLC purchased a new position in Old Dominion Freight Line during the 2nd quarter worth $2,891,000. Finally, AXA S.A. lifted its stake in shares of Old Dominion Freight Line by 1.2% in the 2nd quarter. AXA S.A. now owns 20,253 shares of the transportation company’s stock worth $3,287,000 after acquiring an additional 238 shares during the period. Institutional investors and hedge funds own 77.82% of the company’s stock.

Insiders Place Their Bets

In other Old Dominion Freight Line news, Director Greg C. Gantt sold 22,107 shares of the firm’s stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $191.52, for a total transaction of $4,233,932.64. Following the completion of the transaction, the director directly owned 88,551 shares in the company, valued at approximately $16,959,287.52. This trade represents a 19.98% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 10.00% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on ODFL shares. Evercore reaffirmed an “outperform” rating and issued a $243.00 target price on shares of Old Dominion Freight Line in a report on Thursday. Citigroup restated a “neutral” rating and issued a $231.00 price objective (up from $228.00) on shares of Old Dominion Freight Line in a research report on Thursday. The Goldman Sachs Group reissued a “buy” rating and set a $244.00 target price on shares of Old Dominion Freight Line in a research note on Wednesday. Raymond James Financial restated an “outperform” rating and issued a $241.00 price target (up from $224.00) on shares of Old Dominion Freight Line in a research note on Monday, July 13th. Finally, UBS Group reiterated a “neutral” rating and issued a $228.00 price objective (up from $224.00) on shares of Old Dominion Freight Line in a research report on Thursday. Nine analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $226.55.

Old Dominion Freight Line Stock Performance

Shares of ODFL stock opened at $212.14 on Friday. The stock has a fifty day moving average price of $226.77 and a 200 day moving average price of $206.57. The stock has a market cap of $44.12 billion, a PE ratio of 40.87, a P/E/G ratio of 3.70 and a beta of 1.18. Old Dominion Freight Line, Inc. has a 1 year low of $126.01 and a 1 year high of $252.03.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its earnings results on Wednesday, July 29th. The transportation company reported $1.68 EPS for the quarter, topping analysts’ consensus estimates of $1.54 by $0.14. The company had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.54 billion. Old Dominion Freight Line had a return on equity of 24.87% and a net margin of 19.44%.Old Dominion Freight Line’s quarterly revenue was up 10.4% compared to the same quarter last year. During the same period in the previous year, the business earned $1.27 earnings per share. As a group, equities research analysts predict that Old Dominion Freight Line, Inc. will post 5.76 earnings per share for the current year.

Old Dominion Freight Line Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 16th. Investors of record on Wednesday, September 2nd will be paid 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, September 2nd. Old Dominion Freight Line’s dividend payout ratio is presently 22.35%.

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.