Congress Asset Management Co. Cuts Holdings in Old Dominion Freight Line, Inc. $ODFL

Congress Asset Management Co. lessened its stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 23.0% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,546 shares of the transportation company’s stock after selling 461 shares during the period. Congress Asset Management Co.’s holdings in Old Dominion Freight Line were worth $251,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Larson Financial Group LLC grew its stake in Old Dominion Freight Line by 234.8% in the 1st quarter. Larson Financial Group LLC now owns 154 shares of the transportation company’s stock worth $25,000 after buying an additional 108 shares in the last quarter. American National Bank & Trust purchased a new position in Old Dominion Freight Line in the 1st quarter worth approximately $30,000. Wayfinding Financial LLC purchased a new position in Old Dominion Freight Line in the 1st quarter worth approximately $39,000. Zions Bancorporation National Association UT purchased a new position in Old Dominion Freight Line in the 1st quarter worth approximately $39,000. Finally, Olde Wealth Management LLC purchased a new position in Old Dominion Freight Line in the 1st quarter worth approximately $43,000. Hedge funds and other institutional investors own 77.82% of the company’s stock.

Old Dominion Freight Line Trading Down 1.3%

NASDAQ:ODFL opened at $138.59 on Friday. The company has a fifty day moving average of $150.14 and a 200 day moving average of $157.39. Old Dominion Freight Line, Inc. has a 52 week low of $133.69 and a 52 week high of $233.26. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.04. The firm has a market capitalization of $29.13 billion, a P/E ratio of 27.07, a P/E/G ratio of 3.22 and a beta of 1.23.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its quarterly earnings results on Wednesday, July 30th. The transportation company reported $1.27 EPS for the quarter, missing analysts’ consensus estimates of $1.29 by ($0.02). Old Dominion Freight Line had a net margin of 19.42% and a return on equity of 25.94%. The firm had revenue of $1.41 billion for the quarter, compared to the consensus estimate of $1.43 billion. During the same quarter in the prior year, the company earned $1.48 earnings per share. The company’s quarterly revenue was down 6.1% compared to the same quarter last year. On average, research analysts predict that Old Dominion Freight Line, Inc. will post 5.68 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, September 17th. Shareholders of record on Wednesday, September 3rd were issued a $0.28 dividend. The ex-dividend date was Wednesday, September 3rd. This represents a $1.12 annualized dividend and a yield of 0.8%. Old Dominion Freight Line’s dividend payout ratio is 21.88%.

Analysts Set New Price Targets

A number of equities analysts have commented on ODFL shares. Susquehanna boosted their price target on shares of Old Dominion Freight Line from $155.00 to $156.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 10th. UBS Group cut their price objective on shares of Old Dominion Freight Line from $158.00 to $155.00 and set a “neutral” rating for the company in a research note on Thursday, July 31st. The Goldman Sachs Group raised shares of Old Dominion Freight Line from a “neutral” rating to a “buy” rating and upped their price objective for the company from $190.00 to $200.00 in a research note on Monday, June 2nd. TD Cowen cut their price objective on shares of Old Dominion Freight Line from $166.00 to $159.00 and set a “hold” rating for the company in a research note on Thursday, July 31st. Finally, Baird R W raised shares of Old Dominion Freight Line to a “hold” rating in a research note on Tuesday, July 1st. Eight research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $166.95.

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.