JPMorgan Chase & Co. Reduces Stock Holdings in Old Dominion Freight Line, Inc. $ODFL

JPMorgan Chase & Co. decreased its position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 23.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,708,426 shares of the transportation company’s stock after selling 836,162 shares during the period. JPMorgan Chase & Co. owned about 1.30% of Old Dominion Freight Line worth $424,682,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of the company. CNB Bank lifted its stake in Old Dominion Freight Line by 2.3% in the fourth quarter. CNB Bank now owns 3,127 shares of the transportation company’s stock valued at $490,000 after purchasing an additional 71 shares during the last quarter. Syon Capital LLC lifted its stake in Old Dominion Freight Line by 58.9% in the fourth quarter. Syon Capital LLC now owns 2,394 shares of the transportation company’s stock valued at $375,000 after purchasing an additional 887 shares during the last quarter. Los Angeles Capital Management LLC purchased a new position in Old Dominion Freight Line in the fourth quarter valued at approximately $127,000. Dearborn Partners LLC lifted its position in shares of Old Dominion Freight Line by 3.9% during the fourth quarter. Dearborn Partners LLC now owns 2,234 shares of the transportation company’s stock worth $350,000 after acquiring an additional 84 shares in the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S lifted its position in shares of Old Dominion Freight Line by 9.5% during the fourth quarter. BI Asset Management Fondsmaeglerselskab A S now owns 7,506 shares of the transportation company’s stock worth $1,177,000 after acquiring an additional 649 shares in the last quarter. Hedge funds and other institutional investors own 77.82% of the company’s stock.

Old Dominion Freight Line Stock Performance

Shares of ODFL stock opened at $235.95 on Thursday. Old Dominion Freight Line, Inc. has a 52-week low of $126.01 and a 52-week high of $252.03. The company has a market capitalization of $49.07 billion, a PE ratio of 49.36, a price-to-earnings-growth ratio of 5.04 and a beta of 1.17. The business’s fifty day moving average is $213.19 and its 200 day moving average is $188.33.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its quarterly earnings data on Wednesday, April 29th. The transportation company reported $1.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.05 by $0.09. Old Dominion Freight Line had a return on equity of 23.42% and a net margin of 18.46%.The company had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.31 billion. During the same quarter last year, the business posted $1.19 earnings per share. The firm’s revenue was down 2.9% compared to the same quarter last year. On average, sell-side analysts forecast that Old Dominion Freight Line, Inc. will post 5.38 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, June 17th. Investors of record on Wednesday, June 3rd will be given a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date is Wednesday, June 3rd. Old Dominion Freight Line’s dividend payout ratio (DPR) is 24.27%.

Insider Activity

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

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on ODFL shares. Evercore set a $219.00 target price on Old Dominion Freight Line in a research report on Thursday, April 30th. Wells Fargo & Company set a $235.00 target price on Old Dominion Freight Line and gave the stock an “equal weight” rating in a research report on Friday, June 5th. Citigroup restated a “neutral” rating and set a $225.00 target price (up from $218.00) on shares of Old Dominion Freight Line in a research report on Thursday, April 30th. Stephens restated an “overweight” rating and set a $240.00 target price (up from $232.00) on shares of Old Dominion Freight Line in a research report on Thursday, April 30th. Finally, Barclays set a $210.00 target price on Old Dominion Freight Line and gave the stock an “equal weight” rating in a research report on Thursday, April 30th. Eight research analysts have rated the stock with a Buy rating, sixteen have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $210.71.

Key Stories Impacting Old Dominion Freight Line

Here are the key news stories impacting Old Dominion Freight Line this week:

• Positive Sentiment: Jefferies raised its price target on Old Dominion Freight Line to $250 from $230, signaling continued confidence in the stock’s long-term value even while keeping a hold rating. Jefferies adjusts PT on Old Dominion Freight Line
• Positive Sentiment: Old Dominion was highlighted on CNBC’s “Final Trades,” which can support investor attention and trading interest in the shares. CNBC Final Trades mention
• Neutral Sentiment: Analysts and commentary suggest the stock has been outperforming parts of the industrials group, but recent coverage also points to a premium valuation after a strong run. Outperforming the industrials sector
• Negative Sentiment: News that Amazon is expanding its less-than-truckload shipping business is pressuring Old Dominion and other freight carriers, raising competition concerns in the LTL market. Amazon expands LTL shipping business
• Negative Sentiment: Another article focused on a fund exit and valuation/risk concerns, reinforcing worries that the stock may be expensive relative to near-term fundamentals. Fund exit puts valuation and risks in focus

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.