Shell Asset Management Co. Reduces Position in Old Dominion Freight Line, Inc. $ODFL

Shell Asset Management Co. decreased its holdings in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 62.7% during the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 3,878 shares of the transportation company’s stock after selling 6,527 shares during the quarter. Shell Asset Management Co.’s holdings in Old Dominion Freight Line were worth $546,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Financial Gravity Companies Inc. purchased a new stake in shares of Old Dominion Freight Line during the second quarter valued at $26,000. Rossby Financial LCC bought a new stake in Old Dominion Freight Line during the 2nd quarter valued at about $28,000. E Fund Management Hong Kong Co. Ltd. lifted its holdings in Old Dominion Freight Line by 175.7% during the 3rd quarter. E Fund Management Hong Kong Co. Ltd. now owns 193 shares of the transportation company’s stock valued at $27,000 after buying an additional 123 shares in the last quarter. Westside Investment Management Inc. boosted its position in Old Dominion Freight Line by 100.0% in the 3rd quarter. Westside Investment Management Inc. now owns 196 shares of the transportation company’s stock valued at $27,000 after buying an additional 98 shares during the period. Finally, Chilton Capital Management LLC bought a new position in Old Dominion Freight Line in the 2nd quarter worth about $47,000. 77.82% of the stock is currently owned by hedge funds and other institutional investors.

Old Dominion Freight Line Trading Up 0.1%

Shares of NASDAQ ODFL opened at $193.32 on Wednesday. The company has a 50 day simple moving average of $172.88 and a two-hundred day simple moving average of $153.34. The stock has a market cap of $40.42 billion, a price-to-earnings ratio of 40.02, a PEG ratio of 9.65 and a beta of 1.28. Old Dominion Freight Line, Inc. has a 12 month low of $126.01 and a 12 month high of $209.61.

Old Dominion Freight Line (NASDAQ:ODFL) last released its quarterly earnings data on Wednesday, February 4th. The transportation company reported $1.09 earnings per share for the quarter, topping analysts’ consensus estimates of $1.06 by $0.03. Old Dominion Freight Line had a net margin of 18.62% and a return on equity of 24.03%. The firm had revenue of $1.31 billion for the quarter, compared to analyst estimates of $1.30 billion. During the same quarter in the prior year, the business earned $1.23 earnings per share. The business’s quarterly revenue was down 5.7% compared to the same quarter last year. 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 disclosed a quarterly dividend, which will be paid on Wednesday, March 18th. Stockholders of record on Wednesday, March 4th will be given a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.6%. This is a boost from Old Dominion Freight Line’s previous quarterly dividend of $0.28. The ex-dividend date is Wednesday, March 4th. Old Dominion Freight Line’s dividend payout ratio (DPR) is presently 23.19%.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. TD Cowen lifted their price target on shares of Old Dominion Freight Line from $167.00 to $180.00 and gave the company a “hold” rating in a research note on Thursday, February 5th. Benchmark restated a “hold” rating on shares of Old Dominion Freight Line in a report on Wednesday, December 3rd. Stephens reaffirmed an “overweight” rating and set a $232.00 target price on shares of Old Dominion Freight Line in a research report on Thursday, February 5th. Rothschild & Co Redburn increased their price target on Old Dominion Freight Line from $114.00 to $176.00 and gave the stock a “sell” rating in a research report on Friday, February 6th. Finally, Bank of America set a $165.00 price target on Old Dominion Freight Line in a research note on Thursday, December 18th. Nine investment analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and four have assigned a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $189.88.

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.