Bayforest Capital Ltd Lowers Holdings in Old Dominion Freight Line, Inc. $ODFL

Bayforest Capital Ltd decreased its position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 77.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 873 shares of the transportation company’s stock after selling 2,965 shares during the quarter. Bayforest Capital Ltd’s holdings in Old Dominion Freight Line were worth $123,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Norges Bank purchased a new position in Old Dominion Freight Line during the second quarter valued at approximately $371,961,000. First Trust Advisors LP boosted its position in Old Dominion Freight Line by 63.8% during the 2nd quarter. First Trust Advisors LP now owns 1,521,054 shares of the transportation company’s stock valued at $246,867,000 after acquiring an additional 592,605 shares in the last quarter. JPMorgan Chase & Co. boosted its position in Old Dominion Freight Line by 20.3% during the 2nd quarter. JPMorgan Chase & Co. now owns 2,922,313 shares of the transportation company’s stock valued at $474,292,000 after acquiring an additional 492,563 shares in the last quarter. Citigroup Inc. increased its holdings in shares of Old Dominion Freight Line by 149.5% in the 2nd quarter. Citigroup Inc. now owns 710,786 shares of the transportation company’s stock valued at $115,360,000 after acquiring an additional 425,846 shares during the period. Finally, Bank of America Corp DE raised its position in shares of Old Dominion Freight Line by 36.5% in the 2nd quarter. Bank of America Corp DE now owns 1,037,180 shares of the transportation company’s stock worth $168,334,000 after acquiring an additional 277,269 shares in the last quarter. 77.82% of the stock is currently owned by institutional investors.

Old Dominion Freight Line Trading Up 1.1%

Shares of Old Dominion Freight Line stock opened at $173.52 on Thursday. The firm’s 50 day simple moving average is $150.60 and its two-hundred day simple moving average is $149.83. The firm has a market capitalization of $36.28 billion, a price-to-earnings ratio of 34.91, a PEG ratio of 8.43 and a beta of 1.27. Old Dominion Freight Line, Inc. has a 12-month low of $126.01 and a 12-month high of $209.61. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 0.02.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its earnings results on Wednesday, October 29th. The transportation company reported $1.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.22 by $0.06. The company had revenue of $1.41 billion during the quarter, compared to analyst estimates 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 quarterly revenue was down 4.3% on a year-over-year basis. During the same quarter last year, the business posted $1.43 EPS. Analysts predict that Old Dominion Freight Line, Inc. will post 5.68 EPS for the current year.

Old Dominion Freight Line Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, December 17th. Stockholders of record on Wednesday, December 3rd were issued a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 0.6%. The ex-dividend date of this dividend was Wednesday, December 3rd. Old Dominion Freight Line’s dividend payout ratio is 22.54%.

Analyst Ratings Changes

Several research firms have issued reports on ODFL. JPMorgan Chase & Co. lifted their target price on Old Dominion Freight Line from $142.00 to $150.00 and gave the company a “neutral” rating in a research note on Monday. Cowen restated a “hold” rating on shares of Old Dominion Freight Line in a report on Friday, January 9th. UBS Group lifted their price objective on shares of Old Dominion Freight Line from $155.00 to $164.00 and gave the stock a “neutral” rating in a research report on Friday, October 3rd. Susquehanna reissued a “neutral” rating and set a $170.00 target price on shares of Old Dominion Freight Line in a research report on Monday, January 5th. Finally, Evercore ISI set a $150.00 target price on shares of Old Dominion Freight Line and gave the company an “in-line” rating in a research note on Monday. Ten equities research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and five have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Old Dominion Freight Line presently has a consensus rating of “Hold” and a consensus target price of $160.79.

Old Dominion Freight Line Company 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.