Ballentine Partners LLC Reduces Position in Old Dominion Freight Line, Inc. $ODFL

Ballentine Partners LLC lowered its position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 10.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,776 shares of the transportation company’s stock after selling 207 shares during the quarter. Ballentine Partners LLC’s holdings in Old Dominion Freight Line were worth $288,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of ODFL. Larson Financial Group LLC boosted its stake in Old Dominion Freight Line by 234.8% during the 1st quarter. Larson Financial Group LLC now owns 154 shares of the transportation company’s stock worth $25,000 after purchasing an additional 108 shares during the period. American National Bank & Trust purchased a new stake in shares of Old Dominion Freight Line in the first quarter valued at about $30,000. Wayfinding Financial LLC acquired a new stake in shares of Old Dominion Freight Line during the first quarter worth about $39,000. Zions Bancorporation National Association UT purchased a new position in shares of Old Dominion Freight Line during the first quarter worth about $39,000. Finally, Olde Wealth Management LLC acquired a new position in Old Dominion Freight Line in the 1st quarter valued at about $43,000. 77.82% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have weighed in on the company. Baird R W raised Old Dominion Freight Line to a “hold” rating in a research report on Tuesday, July 1st. Vertical Research upgraded Old Dominion Freight Line from a “hold” rating to a “buy” rating and set a $170.00 price target for the company in a research note on Thursday, July 31st. Robert W. Baird set a $148.00 price objective on shares of Old Dominion Freight Line and gave the company a “neutral” rating in a research report on Monday, August 4th. Benchmark reissued a “hold” rating and issued a $102.00 price objective on shares of Old Dominion Freight Line in a research note on Thursday, June 12th. Finally, TD Cowen cut their price objective on shares of Old Dominion Freight Line from $166.00 to $159.00 and set a “hold” rating for the company in a research report on Thursday, July 31st. Eight analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Old Dominion Freight Line presently has an average rating of “Hold” and a consensus target price of $166.95.

Old Dominion Freight Line Price Performance

Shares of NASDAQ ODFL opened at $138.59 on Monday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.38 and a current ratio of 1.38. Old Dominion Freight Line, Inc. has a one year low of $133.69 and a one year high of $233.26. The firm has a market capitalization of $29.13 billion, a P/E ratio of 27.07, a PEG ratio of 3.22 and a beta of 1.23. The company’s fifty day moving average is $150.14 and its two-hundred day moving average is $157.35.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its quarterly earnings results on Wednesday, July 30th. The transportation company reported $1.27 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.29 by ($0.02). The company had revenue of $1.41 billion during the quarter, compared to analysts’ expectations of $1.43 billion. Old Dominion Freight Line had a net margin of 19.42% and a return on equity of 25.94%. The business’s revenue for the quarter was down 6.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.48 EPS. Analysts forecast that Old Dominion Freight Line, Inc. will post 5.68 EPS for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 17th. Stockholders of record on Wednesday, September 3rd were paid a dividend of $0.28 per share. The ex-dividend date of this dividend was Wednesday, September 3rd. This represents a $1.12 annualized dividend and a dividend yield of 0.8%. Old Dominion Freight Line’s payout ratio is 21.88%.

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.