Ascent Group LLC Decreases Stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Ascent Group LLC cut its stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 5.3% during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 2,159 shares of the transportation company’s stock after selling 121 shares during the period. Ascent Group LLC’s holdings in Old Dominion Freight Line were worth $381,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of ODFL. Benjamin Edwards Inc. bought a new position in Old Dominion Freight Line during the 2nd quarter worth $25,000. Trust Co. of Vermont acquired a new stake in shares of Old Dominion Freight Line in the fourth quarter valued at $27,000. Farmers & Merchants Investments Inc. lifted its holdings in shares of Old Dominion Freight Line by 100.0% during the first quarter. Farmers & Merchants Investments Inc. now owns 124 shares of the transportation company’s stock valued at $27,000 after purchasing an additional 62 shares during the last quarter. Atwood & Palmer Inc. lifted its holdings in shares of Old Dominion Freight Line by 3,700.0% during the second quarter. Atwood & Palmer Inc. now owns 152 shares of the transportation company’s stock valued at $27,000 after purchasing an additional 148 shares during the last quarter. Finally, Raleigh Capital Management Inc. purchased a new stake in shares of Old Dominion Freight Line during the fourth quarter valued at $29,000. 77.82% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Old Dominion Freight Line

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

Old Dominion Freight Line Price Performance

Shares of NASDAQ ODFL opened at $194.75 on Wednesday. The company has a quick ratio of 1.46, a current ratio of 1.46 and a debt-to-equity ratio of 0.01. The company has a market capitalization of $42.32 billion, a PE ratio of 34.29, a PEG ratio of 4.08 and a beta of 0.99. The stock’s 50 day moving average price is $196.31 and its 200-day moving average price is $194.57. Old Dominion Freight Line, Inc. has a twelve month low of $165.49 and a twelve month high of $227.80.

Old Dominion Freight Line (NASDAQ:ODFL) last released its quarterly earnings results on Wednesday, July 24th. The transportation company reported $1.48 earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts’ expectations of $1.50 billion. During the same quarter in the prior year, the firm posted $1.33 earnings per share. The business’s quarterly revenue was up 6.1% on a year-over-year basis. On average, equities analysts anticipate that Old Dominion Freight Line, Inc. will post 5.62 EPS for the current year.

Old Dominion Freight Line Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 18th. Shareholders of record on Wednesday, September 4th were given a dividend of $0.26 per share. The ex-dividend date of this dividend was Wednesday, September 4th. This represents a $1.04 annualized dividend and a yield of 0.53%. Old Dominion Freight Line’s payout ratio is 18.31%.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on ODFL shares. Stephens reissued an “overweight” rating and issued a $214.00 price objective on shares of Old Dominion Freight Line in a research note on Thursday, September 5th. Barclays decreased their target price 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. Morgan Stanley reduced their price objective on Old Dominion Freight Line from $174.00 to $168.00 and set an “equal weight” rating for the company in a research report on Monday, July 8th. BMO Capital Markets raised their target price on Old Dominion Freight Line from $210.00 to $215.00 and gave the stock an “outperform” rating in a research report on Thursday, July 25th. Finally, Evercore ISI restated an “in-line” rating and set a $196.00 target price (down previously from $225.00) on shares of Old Dominion Freight Line in a research report on Tuesday, June 25th. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Old Dominion Freight Line presently has a consensus rating of “Hold” and a consensus price target of $201.83.

About Old Dominion Freight Line

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.