Old Dominion Freight Line, Inc. $ODFL Shares Sold by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company decreased its stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 57.4% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 137,785 shares of the transportation company’s stock after selling 185,503 shares during the period. The Manufacturers Life Insurance Company’s holdings in Old Dominion Freight Line were worth $26,920,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Bogart Wealth LLC lifted its position in shares of Old Dominion Freight Line by 9.9% in the first quarter. Bogart Wealth LLC now owns 511 shares of the transportation company’s stock valued at $100,000 after acquiring an additional 46 shares in the last quarter. Private Advisor Group LLC raised its stake in Old Dominion Freight Line by 1.3% in 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 last quarter. Keybank National Association OH lifted its holdings in 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 valued at $479,000 after purchasing an additional 56 shares in the last quarter. Deseret Mutual Benefit Administrators lifted its holdings in 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 valued at $101,000 after purchasing an additional 57 shares in the last quarter. Finally, Verdence Capital Advisors LLC boosted its stake in shares of Old Dominion Freight Line by 1.2% during the 4th quarter. Verdence Capital Advisors LLC now owns 5,181 shares of the transportation company’s stock worth $812,000 after purchasing an additional 60 shares during the last quarter. 77.82% of the stock is owned by institutional investors and hedge funds.

Old Dominion Freight Line Price Performance

NASDAQ ODFL opened at $212.14 on Friday. The company has a market cap of $44.12 billion, a P/E ratio of 40.87, a P/E/G ratio of 3.70 and a beta of 1.18. Old Dominion Freight Line, Inc. has a 12 month low of $126.01 and a 12 month high of $252.03. The company has a 50-day moving average of $226.77 and a 200-day moving average of $206.57.

Old Dominion Freight Line (NASDAQ:ODFL) last released its earnings results on Wednesday, July 29th. The transportation company reported $1.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.54 by $0.14. Old Dominion Freight Line had a net margin of 19.44% and a return on equity of 24.87%. The business had revenue of $1.55 billion for the quarter, compared to analysts’ expectations of $1.54 billion. During the same period last year, the company earned $1.27 earnings per share. The company’s quarterly revenue was up 10.4% on a year-over-year basis. As a group, equities research analysts anticipate that Old Dominion Freight Line, Inc. will post 5.76 EPS for the current year.

Old Dominion Freight Line Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 16th. Shareholders of record on Wednesday, September 2nd will be paid a dividend of $0.29 per share. The ex-dividend date of this dividend is Wednesday, September 2nd. This represents a $1.16 dividend on an annualized basis and a yield of 0.5%. Old Dominion Freight Line’s dividend payout ratio (DPR) is currently 22.35%.

Analyst Upgrades and Downgrades

ODFL has been the subject of a number of recent research reports. Jefferies Financial Group reiterated a “hold” rating and set a $227.00 price target on shares of Old Dominion Freight Line in a report on Thursday. Citigroup reaffirmed a “neutral” rating and issued a $231.00 target price (up from $228.00) on shares of Old Dominion Freight Line in a research note on Thursday. Robert W. Baird set a $229.00 price target on Old Dominion Freight Line and gave the company a “neutral” rating in a report on Tuesday, April 28th. Barclays increased their price target on Old Dominion Freight Line from $210.00 to $220.00 and gave the stock an “equal weight” rating in a research note on Thursday, June 25th. Finally, Rothschild & Co Redburn decreased their price objective on Old Dominion Freight Line from $176.00 to $172.00 and set a “sell” rating on the stock in a report on Tuesday, May 12th. Nine analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, Old Dominion Freight Line has an average rating of “Hold” and an average target price of $226.55.

Insider Buying and Selling at Old Dominion Freight Line

In other Old Dominion Freight Line news, Director Greg C. Gantt sold 22,107 shares of Old Dominion Freight Line stock in a transaction 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 transaction, the director owned 88,551 shares in the company, valued at $16,959,287.52. This trade represents a 19.98% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 10.00% of the stock is currently owned by company insiders.

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.