DAVENPORT & Co LLC Has $39.72 Million Holdings in Old Dominion Freight Line, Inc. $ODFL

DAVENPORT & Co LLC cut its holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 20.5% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 281,886 shares of the transportation company’s stock after selling 72,840 shares during the period. DAVENPORT & Co LLC owned approximately 0.13% of Old Dominion Freight Line worth $39,722,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Financial Gravity Companies Inc. acquired a new stake in shares of Old Dominion Freight Line in the second quarter worth about $26,000. Rossby Financial LCC bought a new position in shares of Old Dominion Freight Line in the 2nd quarter valued at approximately $28,000. Chilton Capital Management LLC acquired a new stake in Old Dominion Freight Line in the 2nd quarter worth approximately $47,000. WPG Advisers LLC bought a new stake in Old Dominion Freight Line during the first quarter worth approximately $51,000. Finally, Flaharty Asset Management LLC acquired a new position in Old Dominion Freight Line during the first quarter valued at approximately $59,000. 77.82% of the stock is currently owned by institutional investors.

Old Dominion Freight Line Stock Down 0.4%

Shares of ODFL opened at $158.62 on Wednesday. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.20 and a current ratio of 1.20. The company has a 50-day simple moving average of $142.37 and a 200-day simple moving average of $149.34. Old Dominion Freight Line, Inc. has a 52 week low of $126.01 and a 52 week high of $209.61. The firm has a market capitalization of $33.17 billion, a P/E ratio of 31.92, a P/E/G ratio of 8.44 and a beta of 1.27.

Old Dominion Freight Line (NASDAQ:ODFL) last released its earnings results on Wednesday, October 29th. The transportation company reported $1.28 earnings per share for the quarter, topping analysts’ consensus estimates of $1.22 by $0.06. The business had revenue of $1.41 billion for the quarter, compared to the consensus estimate of $1.41 billion. Old Dominion Freight Line had a return on equity of 24.92% and a net margin of 18.97%.The firm’s revenue for the quarter was down 4.3% compared to the same quarter last year. During the same period last year, the business earned $1.43 earnings per share. On average, equities research analysts expect that Old Dominion Freight Line, Inc. will post 5.68 earnings per share for the current year.

Old Dominion Freight Line Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 17th. Stockholders of record on Wednesday, December 3rd were given a dividend of $0.28 per share. The ex-dividend date was Wednesday, December 3rd. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.7%. Old Dominion Freight Line’s payout ratio is currently 22.54%.

Analyst Ratings Changes

A number of brokerages have recently weighed in on ODFL. Bank of America boosted their price objective on shares of Old Dominion Freight Line from $147.00 to $149.00 and gave the stock a “neutral” rating in a research note on Wednesday, December 3rd. Evercore ISI cut their target price on shares of Old Dominion Freight Line from $143.00 to $139.00 and set an “in-line” rating for the company in a research report on Thursday, October 30th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Old Dominion Freight Line in a research report on Wednesday, October 8th. Wells Fargo & Company dropped their price objective on Old Dominion Freight Line from $145.00 to $138.00 and set an “underweight” rating on the stock in a research note on Thursday, October 30th. Finally, BMO Capital Markets raised Old Dominion Freight Line from a “market perform” rating to an “outperform” rating and cut their price objective for the stock from $172.00 to $170.00 in a research report on Monday, December 1st. Ten equities research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and four have given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $155.58.

Old Dominion Freight Line Profile

Old Dominion Freight Line is a U.S.-based less-than-truckload (LTL) transportation company that provides regional, inter-regional and national freight services. Founded in 1934 and headquartered in Thomasville, North Carolina, the company has grown from a regional carrier into a national freight network, operating a broad system of service centers and terminals to move shipments for shippers of varying sizes and industries.

The company’s core business is LTL trucking, offering scheduled pickup and delivery for palletized freight that does not require a full truckload.