Old Dominion Freight Line, Inc. $ODFL Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp decreased its holdings in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 5.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,725,211 shares of the transportation company’s stock after selling 258,324 shares during the quarter. Bank of New York Mellon Corp’s holdings in Old Dominion Freight Line were worth $740,913,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Westside Investment Management Inc. increased its stake in Old Dominion Freight Line by 100.0% during the third quarter. Westside Investment Management Inc. now owns 196 shares of the transportation company’s stock worth $27,000 after acquiring an additional 98 shares during the last quarter. DT Investment Partners LLC increased its stake in Old Dominion Freight Line by 600.0% during the fourth quarter. DT Investment Partners LLC now owns 210 shares of the transportation company’s stock worth $33,000 after acquiring an additional 180 shares during the last quarter. Torren Management LLC acquired a new stake in shares of Old Dominion Freight Line in the fourth quarter valued at $41,000. Raiffeisen Bank International AG acquired a new stake in shares of Old Dominion Freight Line in the third quarter valued at $37,000. Finally, Kohmann Bosshard Financial Services LLC acquired a new stake in shares of Old Dominion Freight Line in the fourth quarter valued at $50,000. Institutional investors and hedge funds own 77.82% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. BMO Capital Markets lifted their price objective on Old Dominion Freight Line from $215.00 to $230.00 and gave the company an “outperform” rating in a research note on Monday, May 4th. Barclays set a $210.00 price objective on Old Dominion Freight Line and gave the company an “equal weight” rating in a research note on Thursday, April 30th. Raymond James Financial reaffirmed an “outperform” rating and issued a $224.00 price objective on shares of Old Dominion Freight Line in a research note on Thursday, April 30th. Benchmark reaffirmed a “hold” rating on shares of Old Dominion Freight Line in a research note on Wednesday, March 4th. Finally, UBS Group lifted their price objective on Old Dominion Freight Line from $202.00 to $216.00 and gave the company a “neutral” rating in a research note on Thursday, April 30th. Eight investment analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $207.08.

Old Dominion Freight Line Price Performance

Shares of NASDAQ ODFL opened at $236.06 on Thursday. The company has a market capitalization of $49.09 billion, a price-to-earnings ratio of 49.39, a price-to-earnings-growth ratio of 4.69 and a beta of 1.17. The business has a 50-day moving average of $207.60 and a two-hundred day moving average of $184.29. Old Dominion Freight Line, Inc. has a 1 year low of $126.01 and a 1 year high of $236.84.

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

Old Dominion Freight Line Dividend Announcement

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

Insider Transactions at Old Dominion Freight Line

In related news, Director Greg C. Gantt sold 22,107 shares of the business’s 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 owned 88,551 shares in the company, valued at $16,959,287.52. The trade was a 19.98% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 10.00% of the stock is owned by company insiders.

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.