Shell Asset Management Co. Decreases Stock Holdings in Old Dominion Freight Line, Inc. $ODFL

Shell Asset Management Co. cut its position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 62.7% during the third quarter, Holdings Channel.com reports. The firm owned 3,878 shares of the transportation company’s stock after selling 6,527 shares during the quarter. Shell Asset Management Co.’s holdings in Old Dominion Freight Line were worth $546,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the business. Truist Financial Corp increased its holdings in Old Dominion Freight Line by 12.9% during the 3rd quarter. Truist Financial Corp now owns 88,119 shares of the transportation company’s stock worth $12,405,000 after purchasing an additional 10,046 shares during the period. Wilson Asset Management International PTY Ltd. acquired a new position in shares of Old Dominion Freight Line during the third quarter worth $4,307,000. Atlantic Union Bankshares Corp purchased a new stake in Old Dominion Freight Line during the third quarter worth approximately $1,999,000. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Old Dominion Freight Line by 10.5% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 81,271 shares of the transportation company’s stock worth $11,441,000 after buying an additional 7,709 shares during the period. Finally, Ascent Group LLC increased its position in Old Dominion Freight Line by 440.7% in the 3rd quarter. Ascent Group LLC now owns 8,564 shares of the transportation company’s stock valued at $1,206,000 after acquiring an additional 6,980 shares during the period. 77.82% of the stock is currently owned by hedge funds and other institutional investors.

Old Dominion Freight Line Price Performance

Shares of NASDAQ:ODFL opened at $193.32 on Wednesday. The business has a 50-day moving average of $172.88 and a two-hundred day moving average of $153.34. The firm has a market capitalization of $40.42 billion, a PE ratio of 40.02, a P/E/G ratio of 9.65 and a beta of 1.28. Old Dominion Freight Line, Inc. has a 12 month low of $126.01 and a 12 month high of $209.61.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its quarterly earnings results on Wednesday, February 4th. The transportation company reported $1.09 earnings per share for the quarter, beating analysts’ consensus estimates of $1.06 by $0.03. Old Dominion Freight Line had a net margin of 18.62% and a return on equity of 24.03%. The firm had revenue of $1.31 billion for the quarter, compared to analysts’ expectations of $1.30 billion. During the same period in the previous year, the company posted $1.23 earnings per share. Old Dominion Freight Line’s revenue was down 5.7% compared to the same quarter last year. As a group, research analysts anticipate that Old Dominion Freight Line, Inc. will post 5.68 earnings per share for the current year.

Old Dominion Freight Line Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, March 18th. Stockholders of record on Wednesday, March 4th will be given a $0.29 dividend. The ex-dividend date of this dividend is Wednesday, March 4th. This is a positive change from Old Dominion Freight Line’s previous quarterly dividend of $0.28. This represents a $1.16 annualized dividend and a dividend yield of 0.6%. Old Dominion Freight Line’s dividend payout ratio (DPR) is currently 23.19%.

Analysts Set New Price Targets

ODFL has been the subject of a number of analyst reports. Truist Financial set a $225.00 price objective on shares of Old Dominion Freight Line in a research report on Thursday, February 5th. Robert W. Baird cut Old Dominion Freight Line from a “neutral” rating to an “underperform” rating and increased their target price for the company from $166.00 to $204.00 in a report on Thursday, February 5th. Barclays set a $185.00 price objective on Old Dominion Freight Line in a research note on Thursday, February 5th. Zacks Research raised shares of Old Dominion Freight Line from a “strong sell” rating to a “hold” rating in a research note on Tuesday, February 10th. Finally, Benchmark reiterated a “hold” rating on shares of Old Dominion Freight Line in a report on Wednesday, December 3rd. Nine investment analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and four have assigned a Sell rating to the company’s stock. According to MarketBeat.com, Old Dominion Freight Line currently has a consensus rating of “Hold” and an average price target of $189.88.

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.