Wasatch Advisors LP Raises Stock Holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Wasatch Advisors LP lifted its holdings in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 12.0% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,885 shares of the transportation company’s stock after acquiring an additional 740 shares during the period. Wasatch Advisors LP’s holdings in Old Dominion Freight Line were worth $1,368,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of ODFL. Bank of New York Mellon Corp grew 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 during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Old Dominion Freight Line by 4.5% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,329,826 shares of the transportation company’s stock worth $264,157,000 after buying an additional 57,301 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in Old Dominion Freight Line by 7.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,203,666 shares of the transportation company’s stock valued at $239,096,000 after acquiring an additional 78,587 shares during the period. Dimensional Fund Advisors LP raised its stake in Old Dominion Freight Line by 9.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,033,160 shares of the transportation company’s stock valued at $182,444,000 after acquiring an additional 86,427 shares during the last quarter. Finally, Clearbridge Investments LLC lifted its position in Old Dominion Freight Line by 39.1% during the 2nd quarter. Clearbridge Investments LLC now owns 698,154 shares of the transportation company’s stock worth $123,294,000 after acquiring an additional 196,350 shares during the period. 77.82% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have weighed in on ODFL. Evercore ISI decreased their price objective on Old Dominion Freight Line from $199.00 to $188.00 and set an “in-line” rating for the company in a research report on Thursday, October 3rd. Stifel Nicolaus cut Old Dominion Freight Line from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $209.00 to $197.00 in a research report on Monday, October 21st. BMO Capital Markets decreased their price objective on Old Dominion Freight Line from $210.00 to $205.00 and set a “market perform” rating for the company in a research report on Thursday, October 24th. TD Cowen decreased their price objective on Old Dominion Freight Line from $203.00 to $196.00 and set a “hold” rating for the company in a research report on Thursday, October 24th. Finally, Bank of America decreased their price objective on 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. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Old Dominion Freight Line presently has an average rating of “Hold” and a consensus target price of $200.41.

Old Dominion Freight Line Stock Performance

NASDAQ ODFL opened at $225.14 on Monday. Old Dominion Freight Line, Inc. has a 1-year low of $165.49 and a 1-year high of $233.26. The company has a market capitalization of $48.07 billion, a P/E ratio of 39.36, a PEG ratio of 4.71 and a beta of 0.99. The business has a 50 day moving average price of $206.69 and a 200 day moving average price of $193.92. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.33 and a quick ratio of 1.33.

Old Dominion Freight Line (NASDAQ:ODFL) last released its quarterly earnings data 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. The firm had revenue of $1.47 billion during the quarter, compared to the consensus estimate of $1.49 billion. Old Dominion Freight Line had a return on equity of 29.40% and a net margin of 21.03%. Old Dominion Freight Line’s quarterly revenue was down 3.0% on a year-over-year basis. During the same period last year, the business posted $1.54 EPS. Sell-side analysts expect that Old Dominion Freight Line, Inc. will post 5.43 EPS for the current fiscal year.

Old Dominion Freight Line Announces Dividend

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

Insiders Place Their Bets

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

Old Dominion Freight Line Company Profile

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.