Old Dominion Freight Line, Inc. $ODFL Position Lessened by HighTower Advisors LLC

HighTower Advisors LLC trimmed its position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 13.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,463 shares of the transportation company’s stock after selling 2,556 shares during the period. HighTower Advisors LLC’s holdings in Old Dominion Freight Line were worth $2,581,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. raised its holdings in shares of Old Dominion Freight Line by 2.2% during the third quarter. Vanguard Group Inc. now owns 23,252,921 shares of the transportation company’s stock worth $3,273,546,000 after acquiring an additional 494,674 shares in the last quarter. CIBC Private Wealth Group LLC raised its holdings in shares of Old Dominion Freight Line by 21.6% during the third quarter. CIBC Private Wealth Group LLC now owns 4,366,843 shares of the transportation company’s stock worth $614,764,000 after acquiring an additional 776,004 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Old Dominion Freight Line by 21.3% during the third quarter. JPMorgan Chase & Co. now owns 3,544,588 shares of the transportation company’s stock worth $499,007,000 after acquiring an additional 622,275 shares in the last quarter. Boston Partners purchased a new stake in shares of Old Dominion Freight Line during the third quarter worth $292,599,000. Finally, Lazard Asset Management LLC raised its holdings in shares of Old Dominion Freight Line by 6.2% during the third quarter. Lazard Asset Management LLC now owns 2,054,044 shares of the transportation company’s stock worth $289,168,000 after acquiring an additional 120,564 shares in the last quarter. 77.82% of the stock is currently owned by hedge funds and other institutional investors.

Old Dominion Freight Line Stock Performance

Old Dominion Freight Line stock opened at $225.15 on Monday. The business’s 50-day simple moving average is $204.81 and its 200-day simple moving average is $182.32. The firm has a market capitalization of $46.82 billion, a PE ratio of 47.10, a PEG ratio of 4.61 and a beta of 1.17. Old Dominion Freight Line, Inc. has a 52 week low of $126.01 and a 52 week high of $233.79.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its quarterly earnings data on Wednesday, April 29th. The transportation company reported $1.14 EPS for the quarter, topping analysts’ consensus estimates of $1.05 by $0.09. The business had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.31 billion. Old Dominion Freight Line had a return on equity of 23.42% and a net margin of 18.46%.The firm’s revenue for the quarter was down 2.9% on a year-over-year basis. During the same period in the previous year, the company posted $1.19 earnings per share. Research analysts forecast that Old Dominion Freight Line, Inc. will post 5.32 earnings per share for the current year.

Old Dominion Freight Line Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 17th. Stockholders of record on Wednesday, June 3rd will be paid a $0.29 dividend. The ex-dividend date is Wednesday, June 3rd. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.5%. Old Dominion Freight Line’s payout ratio is presently 24.27%.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Raymond James Financial restated an “outperform” rating and set a $224.00 target price on shares of Old Dominion Freight Line in a report on Thursday, April 30th. Stifel Nicolaus raised their target price on Old Dominion Freight Line from $228.00 to $232.00 in a report on Thursday, April 30th. The Goldman Sachs Group set a $216.00 target price on Old Dominion Freight Line and gave the company a “neutral” rating in a report on Thursday, April 30th. Truist Financial set a $225.00 target price on Old Dominion Freight Line in a report on Thursday, February 5th. Finally, Morgan Stanley set a $235.00 target price on Old Dominion Freight Line and gave the company an “overweight” rating in a report on Thursday, April 30th. Eight investment analysts have rated the stock with a Buy rating, sixteen have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $206.29.

Insider Activity at Old Dominion Freight Line

In other news, Director Greg C. Gantt sold 22,107 shares of Old Dominion Freight Line stock in a transaction dated 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 in the company, valued at approximately $16,959,287.52. The trade was a 19.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 10.00% of the company’s stock.

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.