Old Dominion Freight Line, Inc. $ODFL Shares Sold by Van ECK Associates Corp

Van ECK Associates Corp lowered its position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 14.1% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 35,617 shares of the transportation company’s stock after selling 5,864 shares during the quarter. Van ECK Associates Corp’s holdings in Old Dominion Freight Line were worth $7,715,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. AustralianSuper Pty Ltd boosted its stake in Old Dominion Freight Line by 955.4% in the 4th quarter. AustralianSuper Pty Ltd now owns 75,005 shares of the transportation company’s stock worth $11,761,000 after buying an additional 67,898 shares during the last quarter. Summitry LLC boosted its position in shares of Old Dominion Freight Line by 5.4% in the fourth quarter. Summitry LLC now owns 218,175 shares of the transportation company’s stock worth $34,210,000 after acquiring an additional 11,223 shares during the last quarter. M&T Bank Corp grew its holdings in Old Dominion Freight Line by 76.3% in the fourth quarter. M&T Bank Corp now owns 15,204 shares of the transportation company’s stock valued at $2,384,000 after purchasing an additional 6,582 shares during the period. Partners Group Holding AG increased its position in Old Dominion Freight Line by 37.0% during the fourth quarter. Partners Group Holding AG now owns 194,631 shares of the transportation company’s stock worth $30,518,000 after purchasing an additional 52,514 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in Old Dominion Freight Line by 4.5% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 414,867 shares of the transportation company’s stock worth $66,043,000 after purchasing an additional 18,005 shares during the period. 77.82% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Old Dominion Freight Line

In other Old Dominion Freight Line news, SVP Cecil E. Jr. Overbey sold 19,952 shares of the company’s stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $198.39, for a total transaction of $3,958,277.28. Following the sale, the senior vice president owned 22,746 shares in the company, valued at $4,512,578.94. This represents a 46.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 8.20% of the stock is owned by insiders.

Old Dominion Freight Line Stock Down 6.5%

Shares of ODFL opened at $187.01 on Wednesday. The firm has a market cap of $38.78 billion, a price-to-earnings ratio of 36.03, a PEG ratio of 3.47 and a beta of 1.16. The business’s 50 day moving average is $216.57 and its two-hundred day moving average is $210.60. 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 results on Wednesday, July 29th. The transportation company reported $1.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.54 by $0.14. The business had revenue of $1.55 billion during the quarter, compared to analyst estimates of $1.54 billion. Old Dominion Freight Line had a net margin of 19.44% and a return on equity of 24.87%. The business’s revenue was up 10.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.27 earnings per share. On average, equities analysts expect that Old Dominion Freight Line, Inc. will post 5.78 earnings per share for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 16th. Investors of record on Wednesday, September 2nd will be issued a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend is Wednesday, September 2nd. Old Dominion Freight Line’s payout ratio is currently 22.35%.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on ODFL. Morgan Stanley reiterated an “equal weight” rating and issued a $245.00 target price (up from $235.00) on shares of Old Dominion Freight Line in a report on Monday, July 6th. Truist Financial boosted their target price on Old Dominion Freight Line from $225.00 to $250.00 and gave the stock a “buy” rating in a report on Wednesday, July 15th. TD Cowen restated a “hold” rating on shares of Old Dominion Freight Line in a report on Wednesday, June 3rd. UBS Group reiterated a “neutral” rating and set a $228.00 price objective (up from $224.00) on shares of Old Dominion Freight Line in a research note on Thursday, July 30th. Finally, Wells Fargo & Company raised shares of Old Dominion Freight Line from an “underweight” rating to an “overweight” rating and raised their target price for the company from $235.00 to $250.00 in a research note on Wednesday, July 8th. 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 issued a Sell rating to the stock. According to MarketBeat, Old Dominion Freight Line presently has a consensus rating of “Hold” and a consensus price target of $226.55.

Old Dominion Freight Line Company 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.