Old Dominion Freight Line, Inc. (NASDAQ:ODFL) Shares Sold by Argus Investors Counsel Inc.

Argus Investors Counsel Inc. lowered its stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 73.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,984 shares of the transportation company’s stock after selling 10,908 shares during the period. Argus Investors Counsel Inc.’s holdings in Old Dominion Freight Line were worth $659,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Norges Bank purchased a new position in shares of Old Dominion Freight Line during the fourth quarter worth $494,916,000. T. Rowe Price Investment Management Inc. boosted its holdings in Old Dominion Freight Line by 1,575.9% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,447,784 shares of the transportation company’s stock valued at $255,390,000 after purchasing an additional 1,361,397 shares during the last quarter. AustralianSuper Pty Ltd acquired a new stake in Old Dominion Freight Line during the 4th quarter worth about $128,221,000. Raymond James Financial Inc. purchased a new position in shares of Old Dominion Freight Line during the 4th quarter valued at about $114,449,000. Finally, Thrivent Financial for Lutherans raised its stake in shares of Old Dominion Freight Line by 92.3% during the 4th quarter. Thrivent Financial for Lutherans now owns 1,195,331 shares of the transportation company’s stock valued at $210,856,000 after buying an additional 573,586 shares during the last quarter. Hedge funds and other institutional investors own 77.82% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on ODFL shares. Wall Street Zen upgraded Old Dominion Freight Line from a “sell” rating to a “hold” rating in a research note on Friday, May 30th. Jefferies Financial Group decreased their price target on Old Dominion Freight Line from $195.00 to $165.00 and set a “hold” rating for the company in a report on Wednesday, April 9th. Bank of America raised their price objective on shares of Old Dominion Freight Line from $167.00 to $183.00 and gave the stock a “neutral” rating in a research note on Friday, May 16th. Benchmark reaffirmed a “hold” rating and set a $102.00 target price on shares of Old Dominion Freight Line in a report on Thursday. Finally, JPMorgan Chase & Co. lowered their price target on shares of Old Dominion Freight Line from $174.00 to $158.00 and set a “neutral” rating on the stock in a report on Thursday, April 24th. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $176.50.

Old Dominion Freight Line Trading Up 0.2%

ODFL stock opened at $162.41 on Friday. Old Dominion Freight Line, Inc. has a 12-month low of $144.90 and a 12-month high of $233.26. The business’s 50-day moving average is $159.30 and its 200 day moving average is $176.66. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.01. The stock has a market cap of $34.32 billion, a price-to-earnings ratio of 29.64, a PEG ratio of 2.89 and a beta of 1.27.

Old Dominion Freight Line (NASDAQ:ODFL) last released its earnings results on Wednesday, April 23rd. The transportation company reported $1.19 earnings per share for the quarter, beating the consensus estimate of $1.14 by $0.05. The business had revenue of $1.37 billion for the quarter, compared to the consensus estimate of $1.38 billion. Old Dominion Freight Line had a return on equity of 28.02% and a net margin of 20.40%. The business’s quarterly revenue was down 5.8% compared to the same quarter last year. During the same quarter last year, the business posted $1.34 earnings per share. On average, sell-side analysts anticipate that Old Dominion Freight Line, Inc. will post 5.68 EPS for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 18th. Shareholders of record on Wednesday, June 4th will be issued a $0.28 dividend. The ex-dividend date is Wednesday, June 4th. This represents a $1.12 dividend on an annualized basis and a yield of 0.69%. Old Dominion Freight Line’s payout ratio is currently 21.01%.

Old Dominion Freight Line 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.