JPMorgan Chase & Co. Lowers Stock Position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

JPMorgan Chase & Co. lowered its holdings in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 27.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,886,422 shares of the transportation company’s stock after selling 703,628 shares during the period. JPMorgan Chase & Co. owned 0.88% of Old Dominion Freight Line worth $374,719,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Hantz Financial Services Inc. purchased a new position in Old Dominion Freight Line during the 2nd quarter worth $257,000. Rothschild Investment LLC acquired a new stake in shares of Old Dominion Freight Line in the 2nd quarter valued at approximately $176,000. Farther Finance Advisors LLC grew its holdings in Old Dominion Freight Line by 76.2% during the second quarter. Farther Finance Advisors LLC now owns 1,360 shares of the transportation company’s stock worth $243,000 after acquiring an additional 588 shares during the period. Essex Financial Services Inc. acquired a new stake in Old Dominion Freight Line in the second quarter valued at $257,000. Finally, Bellwether Advisors LLC purchased a new stake in shares of Old Dominion Freight Line during the 2nd quarter worth $2,823,000. 77.82% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. JPMorgan Chase & Co. increased their target price on shares of Old Dominion Freight Line from $186.00 to $205.00 and gave the company a “neutral” rating in a report on Friday, December 6th. TD Cowen reduced their price objective on Old Dominion Freight Line from $203.00 to $196.00 and set a “hold” rating for the company in a report on Thursday, October 24th. Robert W. Baird dropped their price target on Old Dominion Freight Line from $204.00 to $200.00 and set an “outperform” rating for the company in a research report on Thursday, October 24th. Barclays boosted their price objective on shares of Old Dominion Freight Line from $190.00 to $220.00 and gave the stock an “equal weight” rating in a research report on Wednesday, November 13th. Finally, Stephens reissued an “overweight” rating and issued a $240.00 price objective on shares of Old Dominion Freight Line in a research note on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Old Dominion Freight Line has a consensus rating of “Hold” and a consensus target price of $204.00.

Insider Transactions at Old Dominion Freight Line

In other news, Director Leo H. Suggs sold 3,000 shares of the company’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $225.44, for a total value of $676,320.00. Following the transaction, the director now owns 7,383 shares in the company, valued at $1,664,423.52. This represents a 28.89 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Greg C. Gantt sold 7,000 shares of the firm’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $200.07, for a total transaction of $1,400,490.00. Following the sale, the director now owns 97,890 shares of the company’s stock, valued at approximately $19,584,852.30. This represents a 6.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 9.90% of the company’s stock.

Old Dominion Freight Line Stock Down 0.7 %

ODFL opened at $180.23 on Monday. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.33 and a quick ratio of 1.33. Old Dominion Freight Line, Inc. has a 12 month low of $165.49 and a 12 month high of $233.26. The stock’s 50 day moving average price is $206.85 and its 200 day moving average price is $197.09. The stock has a market cap of $38.48 billion, a P/E ratio of 31.51, a P/E/G ratio of 4.21 and a beta of 1.00.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its quarterly earnings data on Wednesday, October 23rd. The transportation company reported $1.43 earnings per share for the quarter, beating the consensus estimate of $1.42 by $0.01. Old Dominion Freight Line had a return on equity of 29.40% and a net margin of 21.03%. The business had revenue of $1.47 billion during the quarter, compared to analyst estimates of $1.49 billion. During the same quarter in the prior year, the firm posted $1.54 earnings per share. The company’s revenue was down 3.0% on a year-over-year basis. As a group, research analysts predict that Old Dominion Freight Line, Inc. will post 5.42 earnings per share for the current year.

Old Dominion Freight Line Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 18th. Stockholders of record on Wednesday, December 4th were given a dividend of $0.26 per share. The ex-dividend date was Wednesday, December 4th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.58%. Old Dominion Freight Line’s dividend payout ratio (DPR) is presently 18.18%.

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.