Pinnacle Associates Ltd. Has $316,000 Stock Position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Pinnacle Associates Ltd. reduced its stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 49.8% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,592 shares of the transportation company’s stock after selling 1,580 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Old Dominion Freight Line were worth $316,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Private Advisor Group LLC increased its holdings in Old Dominion Freight Line by 117.5% in the first quarter. Private Advisor Group LLC now owns 8,716 shares of the transportation company’s stock worth $1,912,000 after purchasing an additional 4,709 shares in the last quarter. Sequoia Financial Advisors LLC increased its holdings in Old Dominion Freight Line by 53.9% in the first quarter. Sequoia Financial Advisors LLC now owns 4,567 shares of the transportation company’s stock worth $1,002,000 after purchasing an additional 1,600 shares in the last quarter. Janney Montgomery Scott LLC increased its holdings in Old Dominion Freight Line by 98.6% in the first quarter. Janney Montgomery Scott LLC now owns 13,343 shares of the transportation company’s stock worth $2,926,000 after purchasing an additional 6,623 shares in the last quarter. Tokio Marine Asset Management Co. Ltd. increased its holdings in Old Dominion Freight Line by 99.5% in the first quarter. Tokio Marine Asset Management Co. Ltd. now owns 4,926 shares of the transportation company’s stock worth $1,080,000 after purchasing an additional 2,457 shares in the last quarter. Finally, Choreo LLC increased its holdings in Old Dominion Freight Line by 100.0% in the first quarter. Choreo LLC now owns 1,118 shares of the transportation company’s stock worth $246,000 after purchasing an additional 559 shares in the last quarter. 77.82% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director Greg C. Gantt sold 7,000 shares of the company’s stock in a transaction on 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 transaction, the director now owns 97,890 shares of the company’s stock, valued at $19,584,852.30. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, Chairman David S. Congdon sold 10,000 shares of the company’s stock in a transaction on 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 owns 1,391,621 shares of the company’s stock, valued at $271,602,670.57. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Greg C. Gantt sold 7,000 shares of the company’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $200.07, for a total value of $1,400,490.00. Following the transaction, the director now directly owns 97,890 shares in the company, valued at $19,584,852.30. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 46,975 shares of company stock valued at $9,386,158. Insiders own 9.90% of the company’s stock.

Old Dominion Freight Line Stock Down 0.2 %

ODFL stock opened at $200.98 on Monday. The stock’s fifty day simple moving average is $195.57 and its two-hundred day simple moving average is $189.82. The company has a current ratio of 1.33, a quick ratio of 1.46 and a debt-to-equity ratio of 0.01. Old Dominion Freight Line, Inc. has a 1-year low of $165.49 and a 1-year high of $227.80. The stock has a market cap of $43.67 billion, a P/E ratio of 35.14, a P/E/G ratio of 4.30 and a beta of 0.99.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its quarterly earnings data on Wednesday, October 23rd. The transportation company reported $1.43 earnings per share for the quarter, topping the consensus estimate of $1.42 by $0.01. Old Dominion Freight Line had a return on equity of 29.40% and a net margin of 21.03%. The business had revenue of $1.47 billion for the quarter, compared to analysts’ expectations of $1.49 billion. During the same quarter in the previous year, the firm earned $1.54 earnings per share. The business’s revenue was down 3.0% on a year-over-year basis. Analysts expect that Old Dominion Freight Line, Inc. will post 5.48 EPS for the current year.

Old Dominion Freight Line Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Wednesday, December 4th will be given a $0.26 dividend. The ex-dividend date is Wednesday, December 4th. This represents a $1.04 annualized dividend and a yield of 0.52%. Old Dominion Freight Line’s dividend payout ratio is currently 18.18%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. BMO Capital Markets lowered their target price on Old Dominion Freight Line from $210.00 to $205.00 and set a “market perform” rating for the company in a report on Thursday, October 24th. Benchmark restated a “hold” rating on shares of Old Dominion Freight Line in a report on Wednesday, September 11th. The Goldman Sachs Group decreased their price objective on Old Dominion Freight Line from $228.00 to $216.00 and set a “neutral” rating for the company in a report on Wednesday, October 9th. Robert W. Baird decreased their price objective on Old Dominion Freight Line from $204.00 to $200.00 and set an “outperform” rating for the company in a report on Thursday, October 24th. Finally, Citigroup assumed coverage on Old Dominion Freight Line in a report on Wednesday, October 9th. They set a “neutral” rating and a $206.00 price objective for the company. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Old Dominion Freight Line presently has a consensus rating of “Hold” and a consensus price target of $196.39.

Old Dominion Freight Line 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.