Bank of New York Mellon Corp Sells 478,608 Shares of Old Dominion Freight Line, Inc. $ODFL

Bank of New York Mellon Corp decreased its stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 10.1% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 4,246,603 shares of the transportation company’s stock after selling 478,608 shares during the quarter. Bank of New York Mellon Corp owned 2.04% of Old Dominion Freight Line worth $829,786,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Norges Bank bought a new stake in shares of Old Dominion Freight Line in the fourth quarter valued at about $444,983,000. Boston Partners acquired a new stake in Old Dominion Freight Line during the third quarter worth about $292,599,000. Price T Rowe Associates Inc. MD increased its stake in Old Dominion Freight Line by 14.1% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 14,223,960 shares of the transportation company’s stock valued at $2,230,318,000 after acquiring an additional 1,761,511 shares during the period. Two Sigma Investments LP increased its stake in Old Dominion Freight Line by 637.5% during the third quarter. Two Sigma Investments LP now owns 1,576,470 shares of the transportation company’s stock valued at $221,935,000 after acquiring an additional 1,362,697 shares during the period. Finally, Life Cycle Investment Partners Ltd bought a new position in Old Dominion Freight Line during the fourth quarter valued at about $188,651,000. Institutional investors own 77.82% of the company’s stock.

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 transaction of $4,233,932.64. Following the completion of the transaction, the director directly owned 88,551 shares in the company, valued at $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 company insiders.

Old Dominion Freight Line Trading Up 5.3%

NASDAQ ODFL opened at $237.15 on Friday. Old Dominion Freight Line, Inc. has a 1-year low of $126.01 and a 1-year high of $252.03. The company has a market capitalization of $49.32 billion, a price-to-earnings ratio of 49.61, a PEG ratio of 4.07 and a beta of 1.18. The stock’s 50 day moving average is $221.07 and its two-hundred day moving average is $201.95.

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 analysts’ expectations of $1.31 billion. Old Dominion Freight Line had a return on equity of 23.42% and a net margin of 18.46%.Old Dominion Freight Line’s quarterly revenue was down 2.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.19 EPS. On average, analysts predict that Old Dominion Freight Line, Inc. will post 5.55 earnings per share for the current year.

Old Dominion Freight Line Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of brokerages have commented on ODFL. UBS Group raised their price objective on Old Dominion Freight Line from $216.00 to $224.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 7th. Barclays boosted their price objective on Old Dominion Freight Line from $210.00 to $220.00 and gave the company an “equal weight” rating in a research report on Thursday, June 25th. The Goldman Sachs Group restated a “buy” rating and issued a $235.00 target price (up from $209.00) on shares of Old Dominion Freight Line in a research note on Tuesday, June 23rd. Susquehanna raised their target price on Old Dominion Freight Line from $224.00 to $228.00 and gave the stock a “neutral” rating in a research report on Tuesday. Finally, Wells Fargo & Company upgraded shares of Old Dominion Freight Line from an “underweight” rating to an “overweight” rating and lifted their price target for the stock from $235.00 to $250.00 in a research note on Wednesday, July 8th. Ten research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $222.00.

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.