Central Pacific Bank Trust Division Raises Stock Position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Central Pacific Bank Trust Division raised its stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 71.5% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,679 shares of the transportation company’s stock after purchasing an additional 1,534 shares during the quarter. Central Pacific Bank Trust Division’s holdings in Old Dominion Freight Line were worth $731,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Sequoia Financial Advisors LLC grew its position in shares of Old Dominion Freight Line by 8.6% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 4,962 shares of the transportation company’s stock worth $876,000 after buying an additional 395 shares during the period. Chevy Chase Trust Holdings LLC grew its position in shares of Old Dominion Freight Line by 98.3% in the 1st quarter. Chevy Chase Trust Holdings LLC now owns 100,892 shares of the transportation company’s stock worth $22,127,000 after buying an additional 50,019 shares during the period. Forsta AP Fonden grew its position in shares of Old Dominion Freight Line by 65.0% in the 1st quarter. Forsta AP Fonden now owns 39,600 shares of the transportation company’s stock worth $8,685,000 after buying an additional 15,600 shares during the period. Sei Investments Co. grew its position in shares of Old Dominion Freight Line by 98.6% in the 1st quarter. Sei Investments Co. now owns 43,188 shares of the transportation company’s stock worth $9,471,000 after buying an additional 21,438 shares during the period. Finally, Diversified Trust Co grew its position in shares of Old Dominion Freight Line by 162.9% in the 1st quarter. Diversified Trust Co now owns 7,350 shares of the transportation company’s stock worth $1,612,000 after buying an additional 4,554 shares during the period. 77.82% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on ODFL shares. Stephens reiterated an “overweight” rating and issued a $214.00 price target on shares of Old Dominion Freight Line in a research note on Thursday, September 5th. Morgan Stanley dropped their price target on shares of Old Dominion Freight Line from $174.00 to $168.00 and set an “equal weight” rating on the stock in a research note on Monday, July 8th. JPMorgan Chase & Co. dropped their price target on shares of Old Dominion Freight Line from $193.00 to $189.00 and set a “neutral” rating on the stock in a research note on Friday, September 6th. Wells Fargo & Company dropped their price target on shares of Old Dominion Freight Line from $175.00 to $170.00 and set an “underweight” rating on the stock in a research note on Thursday, September 5th. Finally, TD Cowen lowered their target price on shares of Old Dominion Freight Line from $214.00 to $209.00 and set a “hold” rating on the stock in a research note on Friday, September 6th. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $201.39.

Old Dominion Freight Line Trading Down 1.3 %

Shares of ODFL opened at $190.93 on Friday. The company’s fifty day moving average is $196.29 and its 200 day moving average is $194.56. Old Dominion Freight Line, Inc. has a fifty-two week low of $165.49 and a fifty-two week high of $227.80. The stock has a market capitalization of $41.49 billion, a PE ratio of 33.61, a P/E/G ratio of 4.08 and a beta of 0.99. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.46 and a current ratio of 1.46.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its quarterly earnings data on Wednesday, July 24th. The transportation company reported $1.48 EPS for the quarter, topping the consensus estimate of $1.45 by $0.03. The company had revenue of $1.50 billion during the quarter, compared to analyst estimates of $1.50 billion. Old Dominion Freight Line had a net margin of 21.38% and a return on equity of 30.33%. Old Dominion Freight Line’s quarterly revenue was up 6.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.33 earnings per share. Sell-side analysts expect that Old Dominion Freight Line, Inc. will post 5.62 earnings per share for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 18th. Shareholders of record on Wednesday, September 4th were paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 0.54%. The ex-dividend date was Wednesday, September 4th. Old Dominion Freight Line’s payout ratio is 18.31%.

Insiders Place Their Bets

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

Old Dominion Freight Line Company Profile

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.