ProShare Advisors LLC Sells 60,506 Shares of Old Dominion Freight Line, Inc. $ODFL

ProShare Advisors LLC reduced its stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 18.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 259,531 shares of the transportation company’s stock after selling 60,506 shares during the period. ProShare Advisors LLC owned 0.12% of Old Dominion Freight Line worth $36,537,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Norges Bank bought a new position in shares of Old Dominion Freight Line in the 2nd quarter valued at approximately $371,961,000. First Trust Advisors LP raised its position in shares of Old Dominion Freight Line by 63.8% in the second quarter. First Trust Advisors LP now owns 1,521,054 shares of the transportation company’s stock valued at $246,867,000 after purchasing an additional 592,605 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of Old Dominion Freight Line by 20.3% in the second quarter. JPMorgan Chase & Co. now owns 2,922,313 shares of the transportation company’s stock worth $474,292,000 after buying an additional 492,563 shares during the last quarter. Fisher Funds Management LTD acquired a new stake in shares of Old Dominion Freight Line in the third quarter worth $65,951,000. Finally, Citigroup Inc. boosted its holdings in shares of Old Dominion Freight Line by 149.5% during the 2nd quarter. Citigroup Inc. now owns 710,786 shares of the transportation company’s stock worth $115,360,000 after buying an additional 425,846 shares during the period. Institutional investors and hedge funds own 77.82% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Barclays set a $185.00 target price on shares of Old Dominion Freight Line in a research report on Thursday. Wolfe Research set a $138.00 price objective on Old Dominion Freight Line in a research report on Thursday, January 8th. Jefferies Financial Group raised their target price on Old Dominion Freight Line from $160.00 to $195.00 and gave the company a “hold” rating in a report on Thursday, February 5th. Stifel Nicolaus set a $217.00 price target on Old Dominion Freight Line in a research report on Thursday. Finally, Stephens reissued an “overweight” rating and issued a $232.00 price objective on shares of Old Dominion Freight Line in a research report on Thursday. Eight equities research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and five have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $185.46.

Old Dominion Freight Line Stock Down 3.1%

Old Dominion Freight Line stock opened at $196.11 on Tuesday. The business has a 50 day moving average price of $167.83 and a two-hundred day moving average price of $151.76. Old Dominion Freight Line, Inc. has a 12 month low of $126.01 and a 12 month high of $209.61. The stock has a market cap of $41.01 billion, a price-to-earnings ratio of 40.60, a price-to-earnings-growth ratio of 10.17 and a beta of 1.28.

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 (EPS) for the quarter, beating analysts’ consensus estimates of $1.06 by $0.03. The business had revenue of $1.31 billion for the quarter, compared to analysts’ expectations of $1.30 billion. Old Dominion Freight Line had a return on equity of 24.03% and a net margin of 18.62%.Old Dominion Freight Line’s quarterly revenue was down 5.7% on a year-over-year basis. During the same period in the previous year, the business posted $1.23 earnings per share. On average, analysts expect that Old Dominion Freight Line, Inc. will post 5.68 earnings per share for the current fiscal 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 paid a $0.29 dividend. The ex-dividend date is Wednesday, March 4th. This represents a $1.16 dividend on an annualized basis 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 currently 23.19%.

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.