Old Dominion Freight Line, Inc. $ODFL Stake Lowered by London Co. of Virginia

London Co. of Virginia trimmed its stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 6.4% during the first quarter, Holdings Channel reports. The firm owned 964,653 shares of the transportation company’s stock after selling 65,921 shares during the period. London Co. of Virginia’s holdings in Old Dominion Freight Line were worth $188,494,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also made changes to their positions in ODFL. Price T Rowe Associates Inc. MD boosted its position in Old Dominion Freight Line by 14.1% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 14,223,960 shares of the transportation company’s stock valued at $2,230,318,000 after purchasing an additional 1,761,511 shares during the period. State Street Corp lifted its stake in Old Dominion Freight Line by 0.9% in the fourth quarter. State Street Corp now owns 7,746,286 shares of the transportation company’s stock valued at $1,214,618,000 after buying an additional 70,736 shares during the last quarter. Boston Partners boosted its holdings in shares of Old Dominion Freight Line by 98.4% during the fourth quarter. Boston Partners now owns 4,122,696 shares of the transportation company’s stock valued at $648,186,000 after acquiring an additional 2,044,434 shares during the period. T. Rowe Price Investment Management Inc. increased its holdings in shares of Old Dominion Freight Line by 11.0% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 3,680,719 shares of the transportation company’s stock worth $577,137,000 after acquiring an additional 365,424 shares during the period. Finally, Goldman Sachs Group Inc. grew its position in Old Dominion Freight Line by 23.9% in the 4th quarter. Goldman Sachs Group Inc. now owns 3,314,157 shares of the transportation company’s stock worth $519,660,000 after purchasing an additional 639,769 shares during the last quarter. Institutional investors own 77.82% of the company’s stock.

Old Dominion Freight Line Trading Up 1.0%

Shares of Old Dominion Freight Line stock opened at $232.99 on Friday. The company’s fifty day simple moving average is $225.49 and its 200-day simple moving average is $204.77. Old Dominion Freight Line, Inc. has a 1 year low of $126.01 and a 1 year high of $252.03. The company has a market cap of $48.45 billion, a price-to-earnings ratio of 48.74, a PEG ratio of 4.21 and a beta of 1.18.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its quarterly 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 the consensus estimate of $1.31 billion. During the same quarter in the previous year, the company earned $1.19 earnings per share. The business’s revenue was down 2.9% compared to the same quarter last year. As a group, research analysts forecast that Old Dominion Freight Line, Inc. will post 5.56 earnings per share for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 16th. Shareholders of record on Wednesday, September 2nd 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 is Wednesday, September 2nd. Old Dominion Freight Line’s dividend payout ratio is 24.27%.

Analyst Upgrades and Downgrades

ODFL has been the topic of several recent analyst reports. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Old Dominion Freight Line in a research note on Friday, July 10th. Wolfe Research boosted their price target on shares of Old Dominion Freight Line from $183.00 to $185.00 and gave the stock an “underperform” rating in a research report on Tuesday, April 7th. Argus increased their price objective on shares of Old Dominion Freight Line from $220.00 to $260.00 and gave the company a “buy” rating in a report on Thursday, June 18th. Barclays raised their price objective on shares of Old Dominion Freight Line from $210.00 to $220.00 and gave the company an “equal weight” rating in a research note on Thursday, June 25th. Finally, TD Cowen restated a “hold” rating on shares of Old Dominion Freight Line in a research report on Wednesday, June 3rd. Ten research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $223.04.

Insider Activity

In other news, Director Greg C. Gantt sold 22,107 shares of the business’s stock in a transaction that occurred 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 directly owned 88,551 shares of the company’s stock, valued at $16,959,287.52. The trade was a 19.98% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 10.00% of the stock is owned by company insiders.

About Old Dominion Freight Line

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.