Clearbridge Investments LLC Lowers Position in Old Dominion Freight Line, Inc. $ODFL

Clearbridge Investments LLC lessened its holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 12.0% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,417,524 shares of the transportation company’s stock after selling 194,174 shares during the period. Clearbridge Investments LLC owned 0.68% of Old Dominion Freight Line worth $222,268,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in ODFL. Norges Bank purchased a new stake in shares of Old Dominion Freight Line in the fourth quarter worth $444,983,000. Boston Partners purchased a new stake in shares of Old Dominion Freight Line in the third quarter worth $292,599,000. Two Sigma Investments LP raised its position in shares of Old Dominion Freight Line by 637.5% in the third quarter. Two Sigma Investments LP now owns 1,576,470 shares of the transportation company’s stock worth $221,935,000 after buying an additional 1,362,697 shares in the last quarter. Life Cycle Investment Partners Ltd purchased a new stake in shares of Old Dominion Freight Line in the fourth quarter worth $188,651,000. Finally, CIBC Private Wealth Group LLC increased its stake in Old Dominion Freight Line by 21.6% in the third quarter. CIBC Private Wealth Group LLC now owns 4,366,843 shares of the transportation company’s stock valued at $614,764,000 after acquiring an additional 776,004 shares during the last quarter. Hedge funds and other institutional investors own 77.82% of the company’s stock.

Insider Buying and Selling

In other Old Dominion Freight Line news, Director Greg C. Gantt sold 22,107 shares of the firm’s stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $191.52, for a total value of $4,233,932.64. Following the completion of the sale, the director directly owned 88,551 shares in the company, valued at $16,959,287.52. This trade represents a 19.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 10.00% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on ODFL. UBS Group increased their target price 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. Wells Fargo & Company set a $235.00 target price on Old Dominion Freight Line and gave the company an “equal weight” rating in a research note on Friday. The Goldman Sachs Group set a $216.00 target price on Old Dominion Freight Line and gave the company a “neutral” rating in a research note on Thursday, April 30th. Zacks Research raised Old Dominion Freight Line from a “strong sell” rating to a “hold” rating in a research note on Tuesday, February 10th. Finally, Stephens reissued an “overweight” rating and issued a $240.00 target price (up from $232.00) on shares of Old Dominion Freight Line in a research note on Thursday, April 30th. Eight analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, Old Dominion Freight Line presently has an average rating of “Hold” and an average target price of $208.33.

Old Dominion Freight Line Price Performance

Shares of ODFL opened at $242.57 on Monday. Old Dominion Freight Line, Inc. has a one year low of $126.01 and a one year high of $249.14. The company has a 50-day simple moving average of $209.88 and a two-hundred day simple moving average of $185.89. The firm has a market capitalization of $50.45 billion, a PE ratio of 50.75, a price-to-earnings-growth ratio of 4.92 and a beta of 1.17.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its quarterly earnings data on Wednesday, April 29th. The transportation company reported $1.14 EPS for the quarter, topping the consensus estimate of $1.05 by $0.09. Old Dominion Freight Line had a net margin of 18.46% and a return on equity of 23.42%. The business had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.31 billion. During the same period last year, the business posted $1.19 earnings per share. Old Dominion Freight Line’s quarterly revenue was down 2.9% compared to the same quarter last year. Analysts expect that Old Dominion Freight Line, Inc. will post 5.37 EPS for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

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

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.