PAX Financial Group LLC Decreases Stock Holdings in Old Dominion Freight Line, Inc. $ODFL

PAX Financial Group LLC lessened its stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 29.5% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 3,694 shares of the transportation company’s stock after selling 1,548 shares during the period. PAX Financial Group LLC’s holdings in Old Dominion Freight Line were worth $600,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in ODFL. T. Rowe Price Investment Management Inc. raised its position in shares of Old Dominion Freight Line by 79.5% in the first quarter. T. Rowe Price Investment Management Inc. now owns 2,599,005 shares of the transportation company’s stock worth $430,006,000 after acquiring an additional 1,151,221 shares during the period. Nuveen LLC purchased a new stake in shares of Old Dominion Freight Line during the first quarter worth $151,107,000. JPMorgan Chase & Co. lifted its stake in Old Dominion Freight Line by 45.1% in the 1st quarter. JPMorgan Chase & Co. now owns 2,429,750 shares of the transportation company’s stock worth $402,002,000 after purchasing an additional 754,796 shares in the last quarter. Vanguard Group Inc. lifted its position in Old Dominion Freight Line by 1.9% during the first quarter. Vanguard Group Inc. now owns 22,666,405 shares of the transportation company’s stock worth $3,750,157,000 after buying an additional 416,097 shares in the last quarter. Finally, Assenagon Asset Management S.A. raised its holdings in shares of Old Dominion Freight Line by 2,744.5% during the 2nd quarter. Assenagon Asset Management S.A. now owns 193,199 shares of the transportation company’s stock worth $31,356,000 after acquiring an additional 186,407 shares during the period. Institutional investors and hedge funds own 77.82% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. Zacks Research raised Old Dominion Freight Line from a “strong sell” rating to a “hold” rating in a research note on Thursday. Stifel Nicolaus reduced their price target on Old Dominion Freight Line from $168.00 to $162.00 and set a “buy” rating on the stock in a research report on Tuesday, October 28th. Wells Fargo & Company dropped their target price on Old Dominion Freight Line from $145.00 to $138.00 and set an “underweight” rating on the stock in a report on Thursday, October 30th. Barclays dropped their target price on shares of Old Dominion Freight Line from $155.00 to $150.00 and set an “equal weight” rating on the stock in a research report on Wednesday, October 1st. Finally, Wolfe Research increased their price target on shares of Old Dominion Freight Line from $129.00 to $140.00 in a research note on Tuesday, October 7th. Eight equities research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Old Dominion Freight Line presently has an average rating of “Hold” and an average target price of $159.33.

Old Dominion Freight Line Stock Performance

NASDAQ:ODFL opened at $132.29 on Monday. The company has a market cap of $27.66 billion, a P/E ratio of 26.62, a P/E/G ratio of 3.22 and a beta of 1.22. The company has a quick ratio of 1.38, a current ratio of 1.20 and a debt-to-equity ratio of 0.02. The firm’s 50 day moving average is $140.23 and its two-hundred day moving average is $152.55. Old Dominion Freight Line, Inc. has a fifty-two week low of $131.46 and a fifty-two week high of $228.72.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its quarterly earnings data on Wednesday, October 29th. The transportation company reported $1.28 EPS for the quarter, topping analysts’ consensus estimates of $1.22 by $0.06. Old Dominion Freight Line had a return on equity of 24.92% and a net margin of 18.97%.The company had revenue of $1.41 billion for the quarter, compared to analysts’ expectations of $1.41 billion. During the same quarter in the previous year, the firm posted $1.43 earnings per share. The firm’s quarterly revenue was down 4.3% on a year-over-year basis. Analysts expect that Old Dominion Freight Line, Inc. will post 5.68 EPS for the current year.

Old Dominion Freight Line Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 17th. Shareholders of record on Wednesday, December 3rd will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date is Wednesday, December 3rd. Old Dominion Freight Line’s dividend payout ratio (DPR) is presently 22.54%.

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.