Fisher Funds Management LTD Lowers Stock Holdings in Old Dominion Freight Line, Inc. $ODFL

Fisher Funds Management LTD lessened its stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 49.0% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 274,549 shares of the transportation company’s stock after selling 264,250 shares during the period. Old Dominion Freight Line accounts for about 1.6% of Fisher Funds Management LTD’s holdings, making the stock its 20th biggest position. Fisher Funds Management LTD’s holdings in Old Dominion Freight Line were worth $53,647,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD lifted its position in Old Dominion Freight Line by 14.1% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 14,223,960 shares of the transportation company’s stock worth $2,230,318,000 after acquiring an additional 1,761,511 shares during the period. State Street Corp grew its stake in shares of Old Dominion Freight Line by 0.9% in the 4th quarter. State Street Corp now owns 7,746,286 shares of the transportation company’s stock valued at $1,214,618,000 after purchasing an additional 70,736 shares during the last quarter. CIBC Private Wealth Group LLC grew its stake in shares of Old Dominion Freight Line by 21.6% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 4,366,843 shares of the transportation company’s stock valued at $614,764,000 after purchasing an additional 776,004 shares during the last quarter. Boston Partners increased its holdings in shares of Old Dominion Freight Line by 98.4% in the fourth quarter. Boston Partners now owns 4,122,696 shares of the transportation company’s stock valued at $648,186,000 after purchasing an additional 2,044,434 shares during the period. Finally, T. Rowe Price Investment Management Inc. increased its holdings in shares of Old Dominion Freight Line by 11.0% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 3,680,719 shares of the transportation company’s stock valued at $577,137,000 after purchasing an additional 365,424 shares during the period. Institutional investors and hedge funds own 77.82% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on ODFL shares. TD Cowen restated a “hold” rating on shares of Old Dominion Freight Line in a research note on Wednesday, June 3rd. Stifel Nicolaus lifted their price objective on shares of Old Dominion Freight Line from $228.00 to $232.00 in a research report on Thursday, April 30th. Argus boosted their price objective on shares of Old Dominion Freight Line from $220.00 to $260.00 and gave the company a “buy” rating in a research note on Thursday. Benchmark restated a “hold” rating on shares of Old Dominion Freight Line in a research report on Thursday, June 4th. Finally, Stephens restated an “overweight” rating and set a $240.00 price objective (up from $232.00) on shares of Old Dominion Freight Line in a research report on Thursday, April 30th. Eight analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $217.30.

Insiders Place Their Bets

In other Old Dominion Freight Line news, Director Greg C. Gantt sold 22,107 shares of the stock in a transaction on 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 completion of the transaction, the director owned 88,551 shares in the company, valued at approximately $16,959,287.52. This represents a 19.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 10.00% of the stock is owned by corporate insiders.

Old Dominion Freight Line Stock Performance

NASDAQ ODFL opened at $221.04 on Monday. The business’s 50 day moving average is $217.66 and its two-hundred day moving average is $193.10. Old Dominion Freight Line, Inc. has a 12-month low of $126.01 and a 12-month high of $252.03. The stock has a market capitalization of $45.97 billion, a price-to-earnings ratio of 46.24, a PEG ratio of 4.44 and a beta of 1.17.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its earnings results on Wednesday, April 29th. The transportation company reported $1.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.05 by $0.09. The business had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.31 billion. Old Dominion Freight Line had a return on equity of 23.42% and a net margin of 18.46%.The company’s revenue for the quarter was down 2.9% on a year-over-year basis. During the same period in the prior year, the business posted $1.19 EPS. Equities analysts forecast that Old Dominion Freight Line, Inc. will post 5.43 earnings per share for the current fiscal year.

Old Dominion Freight Line Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 17th. Investors of record on Wednesday, June 3rd were issued a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date of this dividend was Wednesday, June 3rd. Old Dominion Freight Line’s dividend payout ratio is currently 24.27%.

Old Dominion Freight Line Company 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.