Corebridge Financial Inc. Reduces Stock Holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Corebridge Financial Inc. reduced its position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 3.3% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 70,013 shares of the transportation company’s stock after selling 2,356 shares during the period. Corebridge Financial Inc.’s holdings in Old Dominion Freight Line were worth $12,350,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in ODFL. Avanza Fonder AB purchased a new stake in Old Dominion Freight Line in the 4th quarter worth about $3,741,000. AustralianSuper Pty Ltd purchased a new position in shares of Old Dominion Freight Line in the fourth quarter worth about $128,221,000. Toronto Dominion Bank raised its position in shares of Old Dominion Freight Line by 77.7% in the third quarter. Toronto Dominion Bank now owns 98,061 shares of the transportation company’s stock valued at $19,479,000 after purchasing an additional 42,880 shares during the period. Blueshift Asset Management LLC purchased a new stake in shares of Old Dominion Freight Line during the 4th quarter valued at approximately $630,000. Finally, Board of the Pension Protection Fund bought a new position in Old Dominion Freight Line in the 4th quarter worth approximately $600,000. 77.82% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

ODFL has been the topic of several recent research reports. Truist Financial began coverage on Old Dominion Freight Line in a research report on Thursday, March 13th. They set a “buy” rating and a $220.00 target price on the stock. Evercore ISI raised their target price on Old Dominion Freight Line from $199.00 to $202.00 and gave the stock an “in-line” rating in a research note on Thursday, February 6th. Barclays decreased their price target on Old Dominion Freight Line from $210.00 to $195.00 and set an “equal weight” rating on the stock in a research report on Monday, March 10th. Stifel Nicolaus upgraded shares of Old Dominion Freight Line from a “hold” rating to a “buy” rating and raised their price objective for the company from $193.00 to $200.00 in a research report on Monday, February 24th. Finally, Morgan Stanley upped their target price on shares of Old Dominion Freight Line from $165.00 to $170.00 and gave the stock an “equal weight” rating in a report on Thursday, February 6th. One equities research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $202.65.

Old Dominion Freight Line Trading Down 1.4 %

NASDAQ ODFL opened at $167.60 on Wednesday. The firm has a market cap of $35.62 billion, a PE ratio of 30.58, a price-to-earnings-growth ratio of 2.89 and a beta of 1.10. Old Dominion Freight Line, Inc. has a 1-year low of $157.67 and a 1-year high of $233.26. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.01. The stock has a 50-day moving average of $183.88 and a 200-day moving average of $194.05.

Old Dominion Freight Line (NASDAQ:ODFL) last released its quarterly earnings results on Wednesday, February 5th. The transportation company reported $1.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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, sell-side analysts forecast that Old Dominion Freight Line, Inc. will post 5.68 EPS for the current year.

Old Dominion Freight Line Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th were given a dividend of $0.28 per share. The ex-dividend date was 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 dividend yield of 0.67%. Old Dominion Freight Line’s payout ratio is currently 18.98%.

Old Dominion Freight Line Profile

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.