Federated Hermes Inc. Lowers Stock Position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Federated Hermes Inc. cut its holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 73.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 32,420 shares of the transportation company’s stock after selling 90,100 shares during the quarter. Federated Hermes Inc.’s holdings in Old Dominion Freight Line were worth $5,725,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Independent Advisor Alliance lifted its holdings in shares of Old Dominion Freight Line by 13.0% during the fourth quarter. Independent Advisor Alliance now owns 811 shares of the transportation company’s stock valued at $329,000 after purchasing an additional 93 shares during the last quarter. PNC Financial Services Group Inc. raised its stake in Old Dominion Freight Line by 1.1% during the fourth quarter. PNC Financial Services Group Inc. now owns 12,413 shares of the transportation company’s stock valued at $5,031,000 after buying an additional 138 shares during the last quarter. UBS Group AG boosted its holdings in Old Dominion Freight Line by 24.5% in the fourth quarter. UBS Group AG now owns 258,652 shares of the transportation company’s stock worth $104,839,000 after acquiring 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% in the fourth quarter. Wells Fargo & Company MN now owns 149,092 shares of the transportation company’s stock worth $60,431,000 after acquiring an additional 11,820 shares during the last quarter. Finally, Trexquant Investment LP bought a new position in shares of Old Dominion Freight Line during the fourth quarter valued at $3,472,000. 77.82% of the stock is currently owned by institutional investors.

Old Dominion Freight Line Price Performance

NASDAQ ODFL opened at $196.75 on Thursday. The company has a 50-day moving average price of $195.55 and a 200-day moving average price of $195.94. Old Dominion Freight Line, Inc. has a 52 week low of $165.49 and a 52 week high of $227.80. 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 firm has a market capitalization of $42.75 billion, a P/E ratio of 34.64, a PEG ratio of 3.92 and a beta of 0.99.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its 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 business had revenue of $1.50 billion during the quarter, compared to analysts’ expectations of $1.50 billion. During the same period in the prior year, the company earned $1.33 earnings per share. The firm’s revenue was up 6.1% on a year-over-year basis. Equities research analysts anticipate that Old Dominion Freight Line, Inc. will post 5.64 earnings per share for the current year.

Old Dominion Freight Line Announces Dividend

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

Insider Buying and Selling

In other Old Dominion Freight Line news, Chairman David S. Congdon sold 10,000 shares of the company’s stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $195.17, for a total value of $1,951,700.00. Following the completion of the sale, the chairman now owns 1,391,621 shares in the company, valued at $271,602,670.57. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other news, Chairman David S. Congdon sold 10,000 shares of Old Dominion Freight Line 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 transaction, the chairman now directly owns 1,391,621 shares of the company’s stock, valued at approximately $271,602,670.57. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Chairman David S. Congdon sold 29,975 shares of the stock in a transaction that occurred on 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 sale, 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. 9.90% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on ODFL shares. Stephens reiterated an “overweight” rating and issued a $214.00 price target on shares of Old Dominion Freight Line in a research note on Thursday, September 5th. Robert W. Baird lifted their target price on shares of Old Dominion Freight Line from $205.00 to $215.00 and gave the stock an “outperform” rating in a report on Thursday, July 25th. BMO Capital Markets increased their price target on shares of Old Dominion Freight Line from $210.00 to $215.00 and gave the company an “outperform” rating in a report on Thursday, July 25th. Benchmark restated a “hold” rating on shares of Old Dominion Freight Line in a report on Wednesday, September 11th. Finally, Morgan Stanley cut their target price on Old Dominion Freight Line from $174.00 to $168.00 and set an “equal weight” rating on the stock in a research note on Monday, July 8th. One analyst has rated the stock with a sell rating, thirteen have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $201.83.

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.