Old Dominion Freight Line, Inc. $ODFL Stake Lessened by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. lessened its stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 11.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 438,635 shares of the transportation company’s stock after selling 55,406 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 0.21% of Old Dominion Freight Line worth $85,709,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Bogart Wealth LLC boosted its stake in Old Dominion Freight Line by 9.9% during the 1st quarter. Bogart Wealth LLC now owns 511 shares of the transportation company’s stock valued at $100,000 after purchasing an additional 46 shares in the last quarter. Private Advisor Group LLC increased its position in shares of Old Dominion Freight Line by 1.3% during the 1st quarter. Private Advisor Group LLC now owns 4,164 shares of the transportation company’s stock valued at $814,000 after purchasing an additional 55 shares during the period. Keybank National Association OH raised its stake in shares of Old Dominion Freight Line by 2.3% in the 1st quarter. Keybank National Association OH now owns 2,450 shares of the transportation company’s stock worth $479,000 after buying an additional 56 shares in the last quarter. Deseret Mutual Benefit Administrators raised its stake in shares of Old Dominion Freight Line by 9.7% in the 4th quarter. Deseret Mutual Benefit Administrators now owns 645 shares of the transportation company’s stock worth $101,000 after buying an additional 57 shares in the last quarter. Finally, Verdence Capital Advisors LLC lifted its holdings in shares of Old Dominion Freight Line by 1.2% in the fourth quarter. Verdence Capital Advisors LLC now owns 5,181 shares of the transportation company’s stock valued at $812,000 after buying an additional 60 shares during the period. Institutional investors own 77.82% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. Argus raised their target price on Old Dominion Freight Line from $220.00 to $260.00 and gave the company a “buy” rating in a research note on Thursday, June 18th. Rothschild & Co Redburn dropped their price target on shares of Old Dominion Freight Line from $176.00 to $172.00 and set a “sell” rating on the stock in a research report on Tuesday, May 12th. BMO Capital Markets reissued an “outperform” rating and issued a $230.00 price target on shares of Old Dominion Freight Line in a report on Thursday, June 4th. Barclays raised their price objective on shares of Old Dominion Freight Line from $210.00 to $220.00 and gave the company an “equal weight” rating in a research report on Thursday, June 25th. Finally, Robert W. Baird set a $229.00 price objective on shares of Old Dominion Freight Line and gave the stock a “neutral” rating in a research note on Tuesday, April 28th. Ten investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $220.00.

Insider Activity at Old Dominion Freight Line

In related news, Director Greg C. Gantt sold 22,107 shares of the firm’s stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $191.52, for a total value of $4,233,932.64. Following the completion of the transaction, the director owned 88,551 shares of the company’s stock, valued at approximately $16,959,287.52. This trade represents a 19.98% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 10.00% of the company’s stock.

Old Dominion Freight Line Stock Up 0.8%

Shares of NASDAQ ODFL traded up $1.78 during mid-day trading on Friday, hitting $227.63. 2,215,670 shares of the company traded hands, compared to its average volume of 1,661,880. Old Dominion Freight Line, Inc. has a 1 year low of $126.01 and a 1 year high of $252.03. The stock has a market capitalization of $47.34 billion, a price-to-earnings ratio of 47.62, a PEG ratio of 4.12 and a beta of 1.18. The business has a 50 day moving average of $218.73 and a two-hundred day moving average of $199.62.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its quarterly earnings data on Wednesday, April 29th. The transportation company reported $1.14 EPS for the quarter, beating analysts’ consensus estimates of $1.05 by $0.09. Old Dominion Freight Line had a net margin of 18.46% and a return on equity of 23.42%. The company had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.31 billion. During the same period in the prior year, the firm earned $1.19 earnings per share. The business’s quarterly revenue was down 2.9% on a year-over-year basis. As a group, research analysts anticipate that Old Dominion Freight Line, Inc. will post 5.5 EPS for the current year.

Old Dominion Freight Line Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Investors of record on Wednesday, June 3rd were given a $0.29 dividend. This represents a $1.16 annualized dividend and a dividend yield of 0.5%. The ex-dividend date was Wednesday, June 3rd. Old Dominion Freight Line’s dividend payout ratio is 24.27%.

Old Dominion Freight Line 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.