Zacks Investment Management Cuts Stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Zacks Investment Management lessened its stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 58.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,724 shares of the transportation company’s stock after selling 5,182 shares during the quarter. Zacks Investment Management’s holdings in Old Dominion Freight Line were worth $657,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the company. Wilmington Savings Fund Society FSB bought a new stake in Old Dominion Freight Line during the 3rd quarter valued at about $1,718,000. Synovus Financial Corp grew its holdings in shares of Old Dominion Freight Line by 2.4% during the third quarter. Synovus Financial Corp now owns 4,358 shares of the transportation company’s stock valued at $866,000 after buying an additional 101 shares during the last quarter. Franklin Resources Inc. increased its position in shares of Old Dominion Freight Line by 74.8% during the third quarter. Franklin Resources Inc. now owns 1,022,812 shares of the transportation company’s stock valued at $207,068,000 after acquiring an additional 437,700 shares in the last quarter. Oddo BHF Asset Management Sas purchased a new position in Old Dominion Freight Line in the 3rd quarter worth approximately $16,691,000. Finally, Retirement Systems of Alabama raised its holdings in Old Dominion Freight Line by 5.2% in the 3rd quarter. Retirement Systems of Alabama now owns 41,348 shares of the transportation company’s stock worth $8,213,000 after acquiring an additional 2,044 shares during the last quarter. Institutional investors own 77.82% of the company’s stock.

Old Dominion Freight Line Stock Up 4.0 %

ODFL stock opened at $153.75 on Friday. The business’s 50-day moving average price is $170.78 and its 200-day moving average price is $188.98. The stock has a market cap of $32.68 billion, a P/E ratio of 28.06, a PEG ratio of 2.89 and a beta of 1.25. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.01. Old Dominion Freight Line, Inc. has a twelve month low of $145.79 and a twelve month high of $233.26.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its quarterly earnings results on Wednesday, February 5th. The transportation company reported $1.23 earnings per share for the quarter, beating the consensus estimate of $1.17 by $0.06. Old Dominion Freight Line had a net margin of 20.40% and a return on equity of 28.02%. On average, equities research analysts forecast that Old Dominion Freight Line, Inc. will post 5.68 EPS for the current year.

Old Dominion Freight Line Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th were issued a $0.28 dividend. The ex-dividend date of this dividend was Wednesday, March 5th. This represents a $1.12 annualized dividend and a yield of 0.73%. This is an increase from Old Dominion Freight Line’s previous quarterly dividend of $0.26. Old Dominion Freight Line’s dividend payout ratio is currently 20.44%.

Wall Street Analysts Forecast Growth

A number of research firms have commented on ODFL. StockNews.com lowered Old Dominion Freight Line from a “hold” rating to a “sell” rating in a report on Saturday, March 29th. Stifel Nicolaus reduced their price objective on Old Dominion Freight Line from $200.00 to $188.00 and set a “buy” rating for the company in a report on Monday, April 14th. Jefferies Financial Group decreased their target price on Old Dominion Freight Line from $195.00 to $165.00 and set a “hold” rating for the company in a research report on Wednesday, April 9th. Deutsche Bank Aktiengesellschaft started coverage on shares of Old Dominion Freight Line in a report on Friday, March 7th. They set a “buy” rating and a $236.00 price target on the stock. Finally, UBS Group decreased their price objective on shares of Old Dominion Freight Line from $196.00 to $158.00 and set a “neutral” rating for the company in a report on Tuesday, April 8th. Two investment analysts have rated the stock with a sell rating, fourteen have given a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $195.15.

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.