Quantbot Technologies LP Decreases Holdings in Old Dominion Freight Line, Inc. $ODFL

Quantbot Technologies LP trimmed its position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 23.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 43,787 shares of the transportation company’s stock after selling 13,394 shares during the period. Quantbot Technologies LP’s holdings in Old Dominion Freight Line were worth $6,164,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of Old Dominion Freight Line by 5.5% during the 3rd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 396,862 shares of the transportation company’s stock valued at $55,870,000 after purchasing an additional 20,585 shares during the last quarter. K.J. Harrison & Partners Inc purchased a new position in Old Dominion Freight Line during the 3rd quarter worth $1,010,000. TD Asset Management Inc increased its position in Old Dominion Freight Line by 14.7% during the 3rd quarter. TD Asset Management Inc now owns 819,704 shares of the transportation company’s stock valued at $115,398,000 after buying an additional 105,135 shares in the last quarter. Mufg Securities Americas Inc. raised its stake in Old Dominion Freight Line by 21.0% in the third quarter. Mufg Securities Americas Inc. now owns 4,988 shares of the transportation company’s stock valued at $702,000 after buying an additional 867 shares during the last quarter. Finally, AXQ Capital LP purchased a new stake in Old Dominion Freight Line in the third quarter valued at about $880,000. 77.82% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Old Dominion Freight Line news, insider Earl E. Congdon sold 25,000 shares of the company’s stock in a transaction that occurred on Thursday, February 26th. The stock was sold at an average price of $196.13, for a total value of $4,903,250.00. Following the sale, the insider owned 2,162,113 shares in the company, valued at approximately $424,055,222.69. This represents a 1.14% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Bradley R. Gabosch sold 3,134 shares of the firm’s stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $194.27, for a total transaction of $608,842.18. Following the sale, the director directly owned 11,278 shares in the company, valued at $2,190,977.06. The trade was a 21.75% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 80,134 shares of company stock valued at $15,640,132 over the last ninety days. Company insiders own 10.00% of the company’s stock.

Old Dominion Freight Line Price Performance

Shares of Old Dominion Freight Line stock opened at $203.05 on Friday. The stock has a market cap of $42.32 billion, a PE ratio of 42.04, a price-to-earnings-growth ratio of 10.13 and a beta of 1.28. The firm has a fifty day moving average price of $179.12 and a 200 day moving average price of $156.11. Old Dominion Freight Line, Inc. has a 1 year low of $126.01 and a 1 year high of $208.74.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its quarterly earnings results on Wednesday, February 4th. The transportation company reported $1.09 EPS for the quarter, beating the consensus estimate of $1.06 by $0.03. The company had revenue of $1.31 billion for the quarter, compared to analyst estimates of $1.30 billion. Old Dominion Freight Line had a net margin of 18.62% and a return on equity of 24.03%. The firm’s revenue was down 5.7% on a year-over-year basis. During the same period in the prior year, the company earned $1.23 earnings per share. As a group, equities analysts expect that Old Dominion Freight Line, Inc. will post 5.68 EPS for the current year.

Old Dominion Freight Line Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, March 18th. Investors of record on Wednesday, March 4th will be issued a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a yield of 0.6%. This is a positive change from Old Dominion Freight Line’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend is Wednesday, March 4th. Old Dominion Freight Line’s dividend payout ratio is 23.19%.

Analysts Set New Price Targets

Several equities research analysts have weighed in on ODFL shares. Wells Fargo & Company raised their price target on Old Dominion Freight Line from $138.00 to $165.00 and gave the stock an “underweight” rating in a report on Thursday, February 5th. Benchmark reiterated a “hold” rating on shares of Old Dominion Freight Line in a research note on Wednesday, December 3rd. Argus raised shares of Old Dominion Freight Line from a “hold” rating to a “buy” rating and set a $220.00 target price on the stock in a research report on Thursday, February 12th. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $195.00 price target on shares of Old Dominion Freight Line in a report on Wednesday, February 4th. Finally, Citigroup reiterated a “neutral” rating and set a $216.00 price objective (up from $196.00) on shares of Old Dominion Freight Line in a research note on Friday, February 6th. Nine equities research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and four have given a Sell rating to the company’s stock. According to data from MarketBeat.com, Old Dominion Freight Line presently has an average rating of “Hold” and a consensus price target of $189.88.

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.