Primecap Management Co. CA Sells 3,000 Shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Primecap Management Co. CA lessened its holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 5.7% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 49,300 shares of the transportation company’s stock after selling 3,000 shares during the period. Primecap Management Co. CA’s holdings in Old Dominion Freight Line were worth $8,706,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Independent Advisor Alliance boosted its stake in shares of Old Dominion Freight Line by 13.0% during the 4th quarter. Independent Advisor Alliance now owns 811 shares of the transportation company’s stock worth $329,000 after acquiring an additional 93 shares during the last quarter. PNC Financial Services Group Inc. raised its stake in shares of Old Dominion Freight Line by 1.1% in the fourth quarter. PNC Financial Services Group Inc. now owns 12,413 shares of the transportation company’s stock worth $5,031,000 after buying an additional 138 shares during the period. UBS Group AG lifted its position in shares of Old Dominion Freight Line by 24.5% during the 4th quarter. UBS Group AG now owns 258,652 shares of the transportation company’s stock valued at $104,839,000 after buying an additional 50,946 shares in the last quarter. Wells Fargo & Company MN grew its stake in shares of Old Dominion Freight Line by 8.6% during the 4th quarter. Wells Fargo & Company MN now owns 149,092 shares of the transportation company’s stock valued at $60,431,000 after acquiring an additional 11,820 shares during the period. Finally, Trexquant Investment LP purchased a new stake in Old Dominion Freight Line in the 4th quarter worth approximately $3,472,000. Hedge funds and other institutional investors own 77.82% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on ODFL shares. Robert W. Baird lifted their price target on shares of Old Dominion Freight Line from $205.00 to $215.00 and gave the company an “outperform” rating in a report on Thursday, July 25th. Wells Fargo & Company lowered their target price on shares of Old Dominion Freight Line from $175.00 to $170.00 and set an “underweight” rating on the stock in a research note on Thursday, September 5th. Barclays cut their price target on Old Dominion Freight Line from $205.00 to $195.00 and set an “equal weight” rating for the company in a research note on Wednesday, June 12th. Raymond James boosted their price objective on Old Dominion Freight Line from $190.00 to $209.00 and gave the company an “outperform” rating in a research report on Thursday, July 25th. Finally, Benchmark reaffirmed a “hold” rating on shares of Old Dominion Freight Line in a research note on Wednesday, September 11th. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $201.83.

Insider Activity

In related news, Chairman David S. Congdon sold 29,975 shares of the firm’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $201.30, for a total value of $6,033,967.50. Following the completion of the sale, the chairman now directly owns 1,401,621 shares in the company, valued at $282,146,307.30. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other Old Dominion Freight Line news, Chairman David S. Congdon sold 29,975 shares of the business’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $201.30, for a total transaction of $6,033,967.50. Following the transaction, the chairman now owns 1,401,621 shares in the company, valued at $282,146,307.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman David S. Congdon sold 10,000 shares of the firm’s stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $195.17, for a total transaction of $1,951,700.00. Following the completion of the sale, the chairman now owns 1,391,621 shares of the company’s stock, valued at approximately $271,602,670.57. The disclosure for this sale can be found here. Corporate insiders own 9.90% of the company’s stock.

Old Dominion Freight Line Price Performance

ODFL stock opened at $196.75 on Thursday. Old Dominion Freight Line, Inc. has a 52 week low of $165.49 and a 52 week high of $227.80. The firm has a market capitalization of $42.75 billion, a P/E ratio of 34.64, a price-to-earnings-growth ratio of 3.92 and a beta of 0.99. The company has a fifty day simple moving average of $195.55 and a two-hundred day simple moving average of $195.94. The company has a quick ratio of 1.46, a current ratio of 1.46 and a debt-to-equity ratio of 0.01.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its quarterly earnings results on Wednesday, July 24th. The transportation company reported $1.48 EPS for the quarter, beating analysts’ consensus estimates of $1.45 by $0.03. Old Dominion Freight Line had a net margin of 21.38% and a return on equity of 30.33%. The firm had revenue of $1.50 billion during the quarter, compared to the consensus estimate of $1.50 billion. During the same quarter last year, the firm earned $1.33 EPS. The firm’s revenue for the quarter was up 6.1% compared to the same quarter last year. Analysts anticipate that Old Dominion Freight Line, Inc. will post 5.64 earnings per share for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 18th. Stockholders of record on Wednesday, September 4th were issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.53%. The ex-dividend date of this dividend was Wednesday, September 4th. Old Dominion Freight Line’s dividend payout ratio (DPR) is 18.31%.

Old Dominion Freight Line Company Profile

Old Dominion Freight Line, Inc operates as a less-than-truckload motor carrier in the United States and North America. The company offers regional, inter-regional, and national less-than-truckload services, as well as expedited transportation. It also provides various value-added services, including container drayage, truckload brokerage, and supply chain consulting.