Pinnacle Associates Ltd. Cuts Holdings in Old Dominion Freight Line (NASDAQ:ODFL)

Pinnacle Associates Ltd. reduced its position in shares of Old Dominion Freight Line (NASDAQ:ODFL) by 15.8% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,495 shares of the transportation company’s stock after selling 280 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Old Dominion Freight Line were worth $216,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc lifted its holdings in Old Dominion Freight Line by 2.4% during the third quarter. Vanguard Group Inc now owns 6,456,920 shares of the transportation company’s stock valued at $1,041,243,000 after purchasing an additional 153,943 shares in the last quarter. BlackRock Inc. boosted its stake in Old Dominion Freight Line by 0.9% during the first quarter. BlackRock Inc. now owns 6,276,214 shares of the transportation company’s stock worth $906,224,000 after buying an additional 53,003 shares during the period. Oregon Public Employees Retirement Fund boosted its stake in Old Dominion Freight Line by 9,888.8% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 4,182,730 shares of the transportation company’s stock worth $34,000 after buying an additional 4,140,856 shares during the period. JPMorgan Chase & Co. boosted its stake in Old Dominion Freight Line by 1.8% during the first quarter. JPMorgan Chase & Co. now owns 1,218,189 shares of the transportation company’s stock worth $175,896,000 after buying an additional 21,830 shares during the period. Finally, London Co. of Virginia boosted its stake in Old Dominion Freight Line by 7.5% during the fourth quarter. London Co. of Virginia now owns 769,561 shares of the transportation company’s stock worth $95,033,000 after buying an additional 53,679 shares during the period. Institutional investors and hedge funds own 71.24% of the company’s stock.

A number of analysts have recently issued reports on ODFL shares. ValuEngine raised shares of Old Dominion Freight Line from a “hold” rating to a “buy” rating in a research note on Wednesday, May 1st. Citigroup boosted their target price on shares of Old Dominion Freight Line from $145.00 to $155.00 and gave the company a “neutral” rating in a research note on Thursday, April 11th. Zacks Investment Research raised shares of Old Dominion Freight Line from a “hold” rating to a “buy” rating and set a $158.00 target price for the company in a research note on Monday, March 11th. Bank of America reduced their target price on shares of Old Dominion Freight Line from $157.00 to $144.00 and set a “neutral” rating for the company in a report on Thursday, June 6th. Finally, Seaport Global Securities reaffirmed a “buy” rating on shares of Old Dominion Freight Line in a research note on Friday, April 5th. Nine investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $148.40.

ODFL traded up $2.00 during trading hours on Friday, hitting $149.26. The company’s stock had a trading volume of 509,969 shares, compared to its average volume of 499,557. The business’s 50-day moving average is $141.19. The stock has a market capitalization of $12.08 billion, a price-to-earnings ratio of 20.22, a PEG ratio of 2.25 and a beta of 1.45. Old Dominion Freight Line has a fifty-two week low of $115.00 and a fifty-two week high of $170.22. The company has a quick ratio of 2.19, a current ratio of 2.19 and a debt-to-equity ratio of 0.02.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its earnings results on Thursday, April 25th. The transportation company reported $1.64 earnings per share for the quarter, beating analysts’ consensus estimates of $1.58 by $0.06. The firm had revenue of $990.78 million for the quarter, compared to analyst estimates of $1 billion. Old Dominion Freight Line had a net margin of 15.32% and a return on equity of 23.87%. The company’s quarterly revenue was up 7.1% on a year-over-year basis. During the same quarter last year, the business posted $1.33 earnings per share. Equities analysts expect that Old Dominion Freight Line will post 7.95 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 19th. Stockholders of record on Wednesday, June 5th were issued a dividend of $0.17 per share. The ex-dividend date of this dividend was Tuesday, June 4th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 0.46%. Old Dominion Freight Line’s dividend payout ratio (DPR) is presently 9.21%.

Old Dominion Freight Line declared that its Board of Directors has approved a share repurchase program on Thursday, May 16th that allows the company to buyback $350.00 million in outstanding shares. This buyback authorization allows the transportation company to reacquire up to 2.9% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Old Dominion Freight Line Profile

Old Dominion Freight Line, Inc operates as a less-than-truckload (LTL) motor carrier in the United States and North America. It provides regional, inter-regional, and national LTL services, including expedited transportation. The company also offers various value-added services, such as container drayage, truckload brokerage, and supply chain consulting.

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Institutional Ownership by Quarter for Old Dominion Freight Line (NASDAQ:ODFL)

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