Old Dominion Freight Line, Inc. (NASDAQ:ODFL) Shares Sold by Intech Investment Management LLC

Intech Investment Management LLC trimmed its holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 22.7% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 110,008 shares of the transportation company’s stock after selling 32,390 shares during the period. Intech Investment Management LLC owned 0.05% of Old Dominion Freight Line worth $19,427,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also modified their holdings of the company. Sequoia Financial Advisors LLC raised its position in shares of Old Dominion Freight Line by 8.6% in the second quarter. Sequoia Financial Advisors LLC now owns 4,962 shares of the transportation company’s stock valued at $876,000 after buying an additional 395 shares during the last quarter. Chevy Chase Trust Holdings LLC increased its position in Old Dominion Freight Line by 98.3% during the first quarter. Chevy Chase Trust Holdings LLC now owns 100,892 shares of the transportation company’s stock worth $22,127,000 after purchasing an additional 50,019 shares during the last quarter. Forsta AP Fonden increased its position in Old Dominion Freight Line by 65.0% during the first quarter. Forsta AP Fonden now owns 39,600 shares of the transportation company’s stock worth $8,685,000 after purchasing an additional 15,600 shares during the last quarter. Sei Investments Co. increased its position in Old Dominion Freight Line by 98.6% during the first quarter. Sei Investments Co. now owns 43,188 shares of the transportation company’s stock worth $9,471,000 after purchasing an additional 21,438 shares during the last quarter. Finally, Diversified Trust Co increased its position in Old Dominion Freight Line by 162.9% during the first quarter. Diversified Trust Co now owns 7,350 shares of the transportation company’s stock worth $1,612,000 after purchasing an additional 4,554 shares during the last quarter. 77.82% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on ODFL shares. Wells Fargo & Company cut their price objective on shares of Old Dominion Freight Line from $175.00 to $170.00 and set an “underweight” rating for the company in a research report on Thursday, September 5th. Morgan Stanley cut their price objective on shares of Old Dominion Freight Line from $174.00 to $168.00 and set an “equal weight” rating for the company in a research report on Monday, July 8th. Barclays cut their price objective on shares of Old Dominion Freight Line from $205.00 to $195.00 and set an “equal weight” rating for the company in a research report on Wednesday, June 12th. Robert W. Baird raised their price objective on shares of Old Dominion Freight Line from $205.00 to $215.00 and gave the stock an “outperform” rating in a research report on Thursday, July 25th. Finally, Bank of America dropped their price target on shares of Old Dominion Freight Line from $210.00 to $206.00 and set a “neutral” rating for the company in a research report on Friday, September 6th. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Old Dominion Freight Line currently has an average rating of “Hold” and an average target price of $201.83.

Old Dominion Freight Line Trading Up 3.9 %

NASDAQ ODFL opened at $204.52 on Friday. Old Dominion Freight Line, Inc. has a one year low of $165.49 and a one year high of $227.80. The firm has a 50 day simple moving average of $195.84 and a 200-day simple moving average of $195.95. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.46 and a current ratio of 1.46. The firm has a market cap of $44.44 billion, a price-to-earnings ratio of 36.01, a PEG ratio of 3.92 and a beta of 0.99.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its quarterly earnings results on Wednesday, July 24th. The transportation company reported $1.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.45 by $0.03. Old Dominion Freight Line had a net margin of 21.38% and a return on equity of 30.33%. The company had revenue of $1.50 billion during the quarter, compared to the consensus estimate of $1.50 billion. During the same quarter in the previous year, the firm earned $1.33 earnings per share. The firm’s quarterly revenue was up 6.1% on a year-over-year basis. Equities research analysts anticipate that Old Dominion Freight Line, Inc. will post 5.64 EPS for the current fiscal year.

Old Dominion Freight Line Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 18th. Investors of record on Wednesday, September 4th were paid a $0.26 dividend. The ex-dividend date of this dividend was Wednesday, September 4th. This represents a $1.04 dividend on an annualized basis and a yield of 0.51%. Old Dominion Freight Line’s dividend payout ratio is currently 18.31%.

Insider Buying and Selling

In related news, Chairman David S. Congdon sold 29,975 shares of Old Dominion Freight Line stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $201.30, for a total value of $6,033,967.50. Following the completion of the transaction, the chairman now owns 1,401,621 shares in the company, valued at $282,146,307.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Chairman David S. Congdon sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $195.17, for a total transaction of $1,951,700.00. Following the completion of the sale, the chairman now owns 1,391,621 shares in the company, valued at approximately $271,602,670.57. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman David S. Congdon sold 29,975 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $201.30, for a total transaction of $6,033,967.50. Following the sale, the chairman now owns 1,401,621 shares of the company’s stock, valued at approximately $282,146,307.30. The disclosure for this sale can be found here. 9.90% of the stock is owned by insiders.

About Old Dominion Freight Line

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