Huntington National Bank Increases Stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Huntington National Bank increased its holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 20.5% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 911 shares of the transportation company’s stock after acquiring an additional 155 shares during the quarter. Huntington National Bank’s holdings in Old Dominion Freight Line were worth $181,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Benjamin Edwards Inc. bought a new stake in shares of Old Dominion Freight Line in the 2nd quarter valued at about $25,000. Atwood & Palmer Inc. lifted its holdings in 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 worth $27,000 after buying an additional 148 shares during the period. Versant Capital Management Inc boosted its position in Old Dominion Freight Line by 1,630.0% during the 2nd quarter. Versant Capital Management Inc now owns 173 shares of the transportation company’s stock valued at $31,000 after acquiring an additional 163 shares in the last quarter. LRI Investments LLC increased its holdings in shares of Old Dominion Freight Line by 73.1% in the 2nd quarter. LRI Investments LLC now owns 187 shares of the transportation company’s stock valued at $33,000 after acquiring an additional 79 shares during the period. Finally, Crewe Advisors LLC bought a new position in shares of Old Dominion Freight Line in the 1st quarter worth $38,000. 77.82% of the stock is owned by hedge funds and other institutional investors.

Old Dominion Freight Line Stock Down 3.5 %

ODFL stock opened at $215.57 on Monday. The company has a market capitalization of $46.02 billion, a P/E ratio of 37.69, a price-to-earnings-growth ratio of 4.51 and a beta of 0.99. Old Dominion Freight Line, Inc. has a 12 month low of $165.49 and a 12 month high of $233.26. The firm’s fifty day simple moving average is $201.32 and its 200-day simple moving average is $191.36. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.33 and a quick ratio of 1.33.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its quarterly earnings results on Wednesday, October 23rd. The transportation company reported $1.43 EPS for the quarter, beating the consensus estimate of $1.42 by $0.01. The company had revenue of $1.47 billion for the quarter, compared to analyst estimates of $1.49 billion. Old Dominion Freight Line had a net margin of 21.03% and a return on equity of 29.40%. The firm’s revenue was down 3.0% on a year-over-year basis. During the same period in the prior year, the company earned $1.54 earnings per share. As a group, equities research analysts forecast that Old Dominion Freight Line, Inc. will post 5.43 earnings per share for the current year.

Old Dominion Freight Line Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Wednesday, December 4th will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 0.48%. The ex-dividend date of this dividend is Wednesday, December 4th. Old Dominion Freight Line’s payout ratio is presently 18.18%.

Wall Street Analysts Forecast Growth

ODFL has been the topic of several analyst reports. Raymond James lifted their target price on Old Dominion Freight Line from $190.00 to $209.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. Wells Fargo & Company cut their price objective on shares of Old Dominion Freight Line from $170.00 to $160.00 and set an “underweight” rating on the stock in a research report on Thursday, October 24th. Citigroup increased their target price on shares of Old Dominion Freight Line from $201.00 to $241.00 and gave the company a “neutral” rating in a research report on Tuesday, November 12th. Argus lowered shares of Old Dominion Freight Line from a “buy” rating to a “hold” rating in a report on Tuesday, November 12th. Finally, JPMorgan Chase & Co. lowered their price objective on Old Dominion Freight Line from $193.00 to $189.00 and set a “neutral” rating for the company in a research report on Friday, September 6th. One analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Old Dominion Freight Line presently has an average rating of “Hold” and an average target price of $200.00.

Insiders Place Their Bets

In other news, Director Greg C. Gantt sold 7,000 shares of the firm’s stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $200.07, for a total transaction of $1,400,490.00. Following the sale, the director now directly owns 97,890 shares in the company, valued at $19,584,852.30. This trade represents a 6.67 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman David S. Congdon sold 29,975 shares of the company’s stock in a transaction dated 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 transaction, the chairman now directly owns 1,401,621 shares of the company’s stock, valued at $282,146,307.30. The trade was a 2.09 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 49,975 shares of company stock worth $10,062,478. Corporate insiders own 9.90% of the company’s stock.

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.