Bank of New York Mellon Corp Lowers Position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Bank of New York Mellon Corp decreased its holdings in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 3.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,873,169 shares of the transportation company’s stock after selling 230,403 shares during the quarter. Bank of New York Mellon Corp owned 2.75% of Old Dominion Freight Line worth $1,036,027,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of ODFL. Wellington Management Group LLP grew its stake in Old Dominion Freight Line by 109.5% in the 3rd quarter. Wellington Management Group LLP now owns 1,435,228 shares of the transportation company’s stock worth $285,094,000 after buying an additional 750,073 shares in the last quarter. AustralianSuper Pty Ltd bought a new stake in shares of Old Dominion Freight Line during the 4th quarter worth $128,221,000. Franklin Resources Inc. grew its position in Old Dominion Freight Line by 74.8% in the third quarter. Franklin Resources Inc. now owns 1,022,812 shares of the transportation company’s stock worth $207,068,000 after acquiring an additional 437,700 shares in the last quarter. State Street Corp increased its stake in Old Dominion Freight Line by 3.8% in the third quarter. State Street Corp now owns 7,633,531 shares of the transportation company’s stock valued at $1,516,324,000 after acquiring an additional 279,946 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in Old Dominion Freight Line by 6.0% during the third quarter. Geode Capital Management LLC now owns 4,830,973 shares of the transportation company’s stock valued at $959,005,000 after purchasing an additional 275,236 shares in the last quarter. 77.82% of the stock is currently owned by institutional investors.

Old Dominion Freight Line Price Performance

Shares of Old Dominion Freight Line stock opened at $181.97 on Tuesday. The business has a 50 day moving average of $188.62 and a 200 day moving average of $197.74. Old Dominion Freight Line, Inc. has a 52 week low of $165.49 and a 52 week high of $233.26. The company has a market cap of $38.85 billion, a PE ratio of 33.21, a P/E/G ratio of 2.89 and a beta of 1.05. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.01.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its quarterly earnings data on Wednesday, February 5th. The transportation company reported $1.23 EPS for the quarter, topping the consensus estimate of $1.17 by $0.06. Old Dominion Freight Line had a net margin of 20.40% and a return on equity of 28.02%. As a group, equities research analysts forecast that Old Dominion Freight Line, Inc. will post 5.68 earnings per share for the current year.

Old Dominion Freight Line Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 19th. Shareholders of record on Wednesday, March 5th will be issued a $0.28 dividend. The ex-dividend date is Wednesday, March 5th. This is a positive change from Old Dominion Freight Line’s previous quarterly dividend of $0.26. This represents a $1.12 annualized dividend and a yield of 0.62%. Old Dominion Freight Line’s dividend payout ratio (DPR) is 18.98%.

Analyst Ratings Changes

ODFL has been the subject of a number of research reports. Evercore ISI upped their price objective on Old Dominion Freight Line from $199.00 to $202.00 and gave the stock an “in-line” rating in a report on Thursday, February 6th. Citigroup upped their target price on Old Dominion Freight Line from $201.00 to $241.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 12th. StockNews.com upgraded shares of Old Dominion Freight Line from a “sell” rating to a “hold” rating in a research report on Saturday, February 15th. Bank of America lowered their price objective on shares of Old Dominion Freight Line from $237.00 to $204.00 and set a “neutral” rating for the company in a report on Thursday, January 16th. Finally, Barclays reduced their target price on shares of Old Dominion Freight Line from $220.00 to $210.00 and set an “equal weight” rating on the stock in a report on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Old Dominion Freight Line has a consensus rating of “Hold” and a consensus target price of $203.72.

About Old Dominion Freight Line

Old Dominion Freight Line, Inc operates as a less-than-truckload motor carrier in the United States and North America. The company offers regional, inter-regional, and national less-than-truckload services, as well as expedited transportation. It also provides various value-added services, including container drayage, truckload brokerage, and supply chain consulting.