Old Dominion Freight Line, Inc. $ODFL Shares Sold by Bayforest Capital Ltd

Bayforest Capital Ltd lessened its stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 77.3% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 873 shares of the transportation company’s stock after selling 2,965 shares during the period. Bayforest Capital Ltd’s holdings in Old Dominion Freight Line were worth $123,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in ODFL. Assenagon Asset Management S.A. boosted its position in Old Dominion Freight Line by 31.2% during the third quarter. Assenagon Asset Management S.A. now owns 253,478 shares of the transportation company’s stock worth $35,685,000 after purchasing an additional 60,279 shares in the last quarter. Vest Financial LLC lifted its position in shares of Old Dominion Freight Line by 66.8% during the 2nd quarter. Vest Financial LLC now owns 170,838 shares of the transportation company’s stock valued at $27,727,000 after buying an additional 68,410 shares in the last quarter. Ascent Group LLC lifted its position in shares of Old Dominion Freight Line by 440.7% during the 3rd quarter. Ascent Group LLC now owns 8,564 shares of the transportation company’s stock valued at $1,206,000 after buying an additional 6,980 shares in the last quarter. Bridges Investment Management Inc. grew its stake in Old Dominion Freight Line by 0.7% in the 2nd quarter. Bridges Investment Management Inc. now owns 688,961 shares of the transportation company’s stock valued at $111,818,000 after acquiring an additional 4,849 shares during the period. Finally, Founders Financial Securities LLC purchased a new stake in Old Dominion Freight Line in the 3rd quarter worth $908,000. 77.82% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. TD Cowen increased their price objective on shares of Old Dominion Freight Line from $154.00 to $167.00 and gave the company a “hold” rating in a report on Friday, January 9th. Bank of America boosted their price objective on Old Dominion Freight Line from $147.00 to $149.00 and gave the stock a “neutral” rating in a research note on Wednesday, December 3rd. Rothschild Redb raised Old Dominion Freight Line to a “strong sell” rating in a report on Wednesday, November 26th. Wells Fargo & Company lowered their price target on Old Dominion Freight Line from $145.00 to $138.00 and set an “underweight” rating on the stock in a research note on Thursday, October 30th. Finally, Zacks Research cut Old Dominion Freight Line from a “hold” rating to a “strong sell” rating in a research report on Thursday, January 8th. Ten analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and five have issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $160.79.

Old Dominion Freight Line Stock Performance

NASDAQ:ODFL opened at $173.52 on Thursday. The company’s 50-day moving average is $150.60 and its two-hundred day moving average is $149.83. Old Dominion Freight Line, Inc. has a 1-year low of $126.01 and a 1-year high of $209.61. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.20 and a quick ratio of 1.20. The firm has a market capitalization of $36.28 billion, a price-to-earnings ratio of 34.91, a PEG ratio of 8.43 and a beta of 1.27.

Old Dominion Freight Line (NASDAQ:ODFL) last released its quarterly earnings data on Wednesday, October 29th. The transportation company reported $1.28 EPS for the quarter, beating analysts’ consensus estimates of $1.22 by $0.06. The firm had revenue of $1.41 billion for the quarter, compared to analysts’ expectations of $1.41 billion. Old Dominion Freight Line had a return on equity of 24.92% and a net margin of 18.97%.The firm’s quarterly revenue was down 4.3% on a year-over-year basis. During the same period in the prior year, the firm posted $1.43 earnings per share. Analysts forecast that Old Dominion Freight Line, Inc. will post 5.68 EPS for the current year.

Old Dominion Freight Line Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, December 17th. Stockholders of record on Wednesday, December 3rd were paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date of this dividend was Wednesday, December 3rd. Old Dominion Freight Line’s payout ratio is 22.54%.

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.