Reaves W H & Co. Inc. Has $1.15 Million Stock Position in Old Dominion Freight Line, Inc. $ODFL

Reaves W H & Co. Inc. cut its position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 88.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 8,200 shares of the transportation company’s stock after selling 66,005 shares during the quarter. Reaves W H & Co. Inc.’s holdings in Old Dominion Freight Line were worth $1,154,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Stephens Inc. AR lifted its holdings in shares of Old Dominion Freight Line by 0.7% during the second quarter. Stephens Inc. AR now owns 10,261 shares of the transportation company’s stock worth $1,665,000 after buying an additional 67 shares during the last quarter. YANKCOM Partnership raised its stake in Old Dominion Freight Line by 9.1% during the 2nd quarter. YANKCOM Partnership now owns 818 shares of the transportation company’s stock valued at $133,000 after purchasing an additional 68 shares during the last quarter. Legacy Capital Wealth Partners LLC boosted its holdings in Old Dominion Freight Line by 4.4% in the 2nd quarter. Legacy Capital Wealth Partners LLC now owns 1,674 shares of the transportation company’s stock valued at $272,000 after purchasing an additional 71 shares during the period. iA Global Asset Management Inc. lifted its stake in shares of Old Dominion Freight Line by 0.3% in the second quarter. iA Global Asset Management Inc. now owns 23,468 shares of the transportation company’s stock valued at $3,809,000 after buying an additional 72 shares during the period. Finally, STF Management LP grew its holdings in shares of Old Dominion Freight Line by 2.4% during the 2nd quarter. STF Management LP now owns 3,277 shares of the transportation company’s stock worth $532,000 after purchasing an additional 77 shares in the last quarter. Institutional investors and hedge funds own 77.82% of the company’s stock.

Old Dominion Freight Line Stock Performance

Shares of ODFL opened at $196.11 on Tuesday. The business’s fifty day moving average price is $167.83 and its two-hundred day moving average price is $151.76. The firm has a market capitalization of $41.01 billion, a price-to-earnings ratio of 40.60, a PEG ratio of 10.17 and a beta of 1.28. Old Dominion Freight Line, Inc. has a 52 week low of $126.01 and a 52 week high of $209.61.

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

Old Dominion Freight Line Increases Dividend

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

Analyst Ratings Changes

A number of equities research analysts have weighed in on ODFL shares. Robert W. Baird downgraded shares of Old Dominion Freight Line from a “neutral” rating to an “underperform” rating and lifted their price target for the stock from $166.00 to $204.00 in a research note on Thursday, February 5th. JPMorgan Chase & Co. lifted their target price on shares of Old Dominion Freight Line from $150.00 to $168.00 and gave the company a “neutral” rating in a research report on Thursday, February 5th. Wells Fargo & Company raised their price target on shares of Old Dominion Freight Line from $138.00 to $165.00 and gave the stock an “underweight” rating in a research note on Thursday, February 5th. Truist Financial set a $225.00 target price on shares of Old Dominion Freight Line in a research note on Thursday. Finally, UBS Group reissued a “neutral” rating and set a $202.00 price target (up from $164.00) on shares of Old Dominion Freight Line in a report on Thursday. Eight research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and five have given a Sell rating to the stock. Based on data from MarketBeat, Old Dominion Freight Line currently has a consensus rating of “Hold” and an average price target 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.