Edgestream Partners L.P. Decreases Position in Old Dominion Freight Line, Inc. $ODFL

Edgestream Partners L.P. cut its holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 95.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,082 shares of the transportation company’s stock after selling 86,894 shares during the period. Edgestream Partners L.P.’s holdings in Old Dominion Freight Line were worth $798,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in ODFL. Annis Gardner Whiting Capital Advisors LLC increased its holdings in shares of Old Dominion Freight Line by 80.5% in the first quarter. Annis Gardner Whiting Capital Advisors LLC now owns 139 shares of the transportation company’s stock worth $27,000 after buying an additional 62 shares during the period. Reflection Asset Management bought a new stake in shares of Old Dominion Freight Line in the 4th quarter valued at about $28,000. Evolution Wealth Management Inc. purchased a new stake in Old Dominion Freight Line during the 1st quarter valued at about $29,000. DT Investment Partners LLC grew its position in Old Dominion Freight Line by 600.0% during the 4th quarter. DT Investment Partners LLC now owns 210 shares of the transportation company’s stock worth $33,000 after acquiring an additional 180 shares during the last quarter. Finally, Cassaday & Co Wealth Management LLC bought a new position in Old Dominion Freight Line during the 1st quarter worth approximately $39,000. 77.82% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on ODFL shares. Robert W. Baird set a $229.00 price target on Old Dominion Freight Line and gave the stock a “neutral” rating in a research note on Tuesday, April 28th. Weiss Ratings restated a “hold (c)” rating on shares of Old Dominion Freight Line in a report on Friday, July 10th. Citigroup reaffirmed a “neutral” rating and issued a $231.00 target price (up from $228.00) on shares of Old Dominion Freight Line in a research note on Thursday, July 30th. Argus upped their price target on shares of Old Dominion Freight Line from $220.00 to $260.00 and gave the company a “buy” rating in a report on Thursday, June 18th. Finally, Benchmark reissued a “hold” rating on shares of Old Dominion Freight Line in a research report on Thursday, June 4th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, thirteen have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Old Dominion Freight Line currently has a consensus rating of “Hold” and an average target price of $226.55.

Old Dominion Freight Line Stock Up 3.7%

Shares of ODFL stock opened at $219.32 on Wednesday. The firm has a market capitalization of $45.61 billion, a price-to-earnings ratio of 42.26, a PEG ratio of 3.67 and a beta of 1.18. The stock has a fifty day moving average of $226.85 and a 200 day moving average of $207.41. Old Dominion Freight Line, Inc. has a 52 week low of $126.01 and a 52 week high of $252.03.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its quarterly earnings data on Wednesday, July 29th. The transportation company reported $1.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.54 by $0.14. Old Dominion Freight Line had a net margin of 19.44% and a return on equity of 24.87%. The business had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.54 billion. During the same period in the previous year, the firm earned $1.27 EPS. The company’s quarterly revenue was up 10.4% compared to the same quarter last year. Equities research analysts anticipate that Old Dominion Freight Line, Inc. will post 5.78 earnings per share for the current year.

Old Dominion Freight Line Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 16th. Stockholders of record on Wednesday, September 2nd will be paid a dividend of $0.29 per share. The ex-dividend date of this dividend is Wednesday, September 2nd. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.5%. Old Dominion Freight Line’s payout ratio is presently 22.35%.

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.