Envestnet Asset Management Inc. Sells 5,163 Shares of Old Dominion Freight Line, Inc. $ODFL

Envestnet Asset Management Inc. lowered its stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 1.2% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 417,274 shares of the transportation company’s stock after selling 5,163 shares during the quarter. Envestnet Asset Management Inc. owned 0.20% of Old Dominion Freight Line worth $58,744,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Truist Financial Corp grew its position in Old Dominion Freight Line by 12.9% during the 3rd quarter. Truist Financial Corp now owns 88,119 shares of the transportation company’s stock worth $12,405,000 after acquiring an additional 10,046 shares during the last quarter. Atlantic Union Bankshares Corp purchased a new stake in shares of Old Dominion Freight Line during the third quarter valued at approximately $1,999,000. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Old Dominion Freight Line by 10.5% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 81,271 shares of the transportation company’s stock worth $11,441,000 after purchasing an additional 7,709 shares during the last quarter. Ascent Group LLC grew its holdings in shares of Old Dominion Freight Line by 440.7% in the third quarter. Ascent Group LLC now owns 8,564 shares of the transportation company’s stock worth $1,206,000 after purchasing an additional 6,980 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd increased its stake in shares of Old Dominion Freight Line by 186.8% in the third quarter. Y Intercept Hong Kong Ltd now owns 57,018 shares of the transportation company’s stock worth $8,027,000 after buying an additional 37,134 shares during the period. 77.82% of the stock is currently owned by hedge funds and other institutional investors.

Old Dominion Freight Line Stock Down 3.1%

NASDAQ ODFL opened at $196.11 on Tuesday. The firm has a market capitalization of $41.01 billion, a PE ratio of 40.60, a P/E/G ratio of 10.17 and a beta of 1.28. The stock’s 50 day moving average is $167.83 and its 200 day moving average is $151.76. Old Dominion Freight Line, Inc. has a twelve month low of $126.01 and a twelve month high of $209.61.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its quarterly earnings data on Wednesday, February 4th. The transportation company reported $1.09 EPS for the quarter, beating the consensus estimate of $1.06 by $0.03. Old Dominion Freight Line had a return on equity of 24.03% and a net margin of 18.62%.The business had revenue of $1.31 billion during the quarter, compared to analyst estimates of $1.30 billion. During the same quarter last year, the firm posted $1.23 earnings per share. The company’s revenue for the quarter was down 5.7% on a year-over-year basis. On average, research analysts anticipate that Old Dominion Freight Line, Inc. will post 5.68 earnings per share for the current year.

Old Dominion Freight Line Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 18th. Investors of record on Wednesday, March 4th will be paid a dividend of $0.29 per share. The ex-dividend date of this dividend is Wednesday, March 4th. This is an increase from Old Dominion Freight Line’s previous quarterly dividend of $0.28. This represents a $1.16 annualized dividend and a yield of 0.6%. Old Dominion Freight Line’s payout ratio is presently 23.19%.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the stock. Truist Financial set a $225.00 price target on shares of Old Dominion Freight Line in a research report on Thursday. BMO Capital Markets upgraded shares of Old Dominion Freight Line from a “market perform” rating to an “outperform” rating and dropped their target price for the stock from $172.00 to $170.00 in a report on Monday, December 1st. Cantor Fitzgerald set a $165.00 price target on Old Dominion Freight Line in a report on Thursday, December 18th. Citigroup reaffirmed a “neutral” rating and set a $216.00 price target (up previously from $196.00) on shares of Old Dominion Freight Line in a research report on Friday. Finally, Barclays set a $185.00 price objective on Old Dominion Freight Line in a report on Thursday. Eight equities research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and five have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $185.46.

About Old Dominion Freight Line

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.