Wellington Management Group LLP Lowers Position in Old Dominion Freight Line, Inc. $ODFL

Wellington Management Group LLP reduced its position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 12.8% during the second quarter, Holdings Channel reports. The firm owned 494,689 shares of the transportation company’s stock after selling 72,352 shares during the period. Wellington Management Group LLP’s holdings in Old Dominion Freight Line were worth $107,150,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of ODFL. Beacon Pointe Advisors LLC bought a new position in Old Dominion Freight Line during the second quarter valued at about $3,660,000. Livforsakringsbolaget Skandia Omsesidigt purchased a new position in Old Dominion Freight Line in the 2nd quarter valued at approximately $173,000. Rakuten Investment Management Inc. bought a new stake in shares of Old Dominion Freight Line during the 2nd quarter valued at $10,169,000. Empowered Funds LLC bought a new stake in shares of Old Dominion Freight Line during the second quarter valued at about $10,348,000. Finally, United Capital Financial Advisors LLC purchased a new stake in Old Dominion Freight Line in the 2nd quarter worth approximately $6,126,000. Hedge funds and other institutional investors own 77.82% of the company’s stock.

Old Dominion Freight Line Stock Down 6.5%

Shares of ODFL stock opened at $187.01 on Wednesday. The business has a 50-day moving average price of $216.57 and a two-hundred day moving average price of $210.60. Old Dominion Freight Line, Inc. has a 12-month low of $126.01 and a 12-month high of $252.03. The firm has a market cap of $38.78 billion, a P/E ratio of 36.03, a price-to-earnings-growth ratio of 3.47 and a beta of 1.16.

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

Old Dominion Freight Line Announces Dividend

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

Insider Activity

In other news, SVP Cecil E. Jr. Overbey sold 19,952 shares of the company’s stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $198.39, for a total value of $3,958,277.28. Following the completion of the sale, the senior vice president owned 22,746 shares of the company’s stock, valued at approximately $4,512,578.94. This represents a 46.73% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 8.20% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on ODFL. JPMorgan Chase & Co. upped their target price on Old Dominion Freight Line from $197.00 to $234.00 and gave the stock a “neutral” rating in a research note on Monday, June 8th. Raymond James Financial reissued an “outperform” rating and set a $241.00 price objective (up from $224.00) on shares of Old Dominion Freight Line in a report on Monday, July 13th. Susquehanna upped their price objective on shares of Old Dominion Freight Line from $224.00 to $228.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 14th. Benchmark reaffirmed a “hold” rating on shares of Old Dominion Freight Line in a research note on Thursday, June 4th. Finally, Barclays lifted their target price 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. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, thirteen have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $226.55.

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.