Partners Group Holding AG Reduces Stock Position in Old Dominion Freight Line, Inc. $ODFL

Partners Group Holding AG cut its holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 11.5% during the third quarter, Holdings Channel reports. The institutional investor owned 142,117 shares of the transportation company’s stock after selling 18,544 shares during the period. Old Dominion Freight Line makes up about 1.1% of Partners Group Holding AG’s holdings, making the stock its 28th largest position. Partners Group Holding AG’s holdings in Old Dominion Freight Line were worth $20,007,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in ODFL. Financial Gravity Companies Inc. purchased a new position in shares of Old Dominion Freight Line in the 2nd quarter valued at about $26,000. E Fund Management Hong Kong Co. Ltd. lifted its stake in Old Dominion Freight Line by 175.7% during the third quarter. E Fund Management Hong Kong Co. Ltd. now owns 193 shares of the transportation company’s stock worth $27,000 after purchasing an additional 123 shares during the last quarter. Westside Investment Management Inc. boosted its holdings in Old Dominion Freight Line by 100.0% in the third quarter. Westside Investment Management Inc. now owns 196 shares of the transportation company’s stock valued at $27,000 after purchasing an additional 98 shares in the last quarter. Rossby Financial LCC purchased a new position in Old Dominion Freight Line in the second quarter valued at approximately $28,000. Finally, Raiffeisen Bank International AG acquired a new stake in Old Dominion Freight Line during the third quarter worth approximately $37,000. 77.82% of the stock is owned by institutional investors and hedge funds.

Old Dominion Freight Line Trading Down 2.5%

NASDAQ ODFL opened at $191.70 on Thursday. The business’s 50 day moving average is $177.41 and its two-hundred day moving average is $155.35. Old Dominion Freight Line, Inc. has a 12-month low of $126.01 and a 12-month high of $208.74. The stock has a market capitalization of $40.08 billion, a price-to-earnings ratio of 39.69, a PEG ratio of 9.81 and a beta of 1.28.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its quarterly earnings results on Wednesday, February 4th. The transportation company reported $1.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.06 by $0.03. Old Dominion Freight Line had a net margin of 18.62% and a return on equity of 24.03%. The business had revenue of $1.31 billion during the quarter, compared to the consensus estimate of $1.30 billion. During the same quarter last year, the firm posted $1.23 EPS. The business’s revenue was down 5.7% compared to the same quarter last year. Equities analysts forecast that Old Dominion Freight Line, Inc. will post 5.68 earnings per share for the current fiscal year.

Old Dominion Freight Line Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 18th. Investors of record on Wednesday, March 4th will be issued a dividend of $0.29 per share. This is a boost from Old Dominion Freight Line’s previous quarterly dividend of $0.28. This represents a $1.16 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend is Wednesday, March 4th. Old Dominion Freight Line’s payout ratio is presently 23.19%.

Insider Buying and Selling at Old Dominion Freight Line

In related news, Director Bradley R. Gabosch sold 3,134 shares of the stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $194.27, for a total value of $608,842.18. Following the sale, the director directly owned 11,278 shares of the company’s stock, valued at approximately $2,190,977.06. This represents a 21.75% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman David S. Congdon sold 52,000 shares of Old Dominion Freight Line stock in a transaction dated Thursday, February 19th. The stock was sold at an average price of $194.77, for a total transaction of $10,128,040.00. Following the transaction, the chairman owned 712,800 shares of the company’s stock, valued at approximately $138,832,056. The trade was a 6.80% decrease in their position. The disclosure for this sale is available in the SEC filing. 10.00% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the stock. Rothschild & Co Redburn increased their target price on shares of Old Dominion Freight Line from $114.00 to $176.00 and gave the company a “sell” rating in a research report on Friday, February 6th. The Goldman Sachs Group restated a “buy” rating and issued a $195.00 price objective on shares of Old Dominion Freight Line in a research note on Wednesday, February 4th. Susquehanna reiterated a “neutral” rating and set a $205.00 target price (up from $185.00) on shares of Old Dominion Freight Line in a research report on Wednesday, February 11th. JPMorgan Chase & Co. boosted their target price on Old Dominion Freight Line from $150.00 to $168.00 and gave the company a “neutral” rating in a report on Thursday, February 5th. Finally, Zacks Research upgraded Old Dominion Freight Line from a “strong sell” rating to a “hold” rating in a research note on Tuesday, February 10th. Nine equities research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat.com, Old Dominion Freight Line currently has a consensus rating of “Hold” and a consensus price target of $189.88.

Old Dominion Freight Line Company Profile

Old Dominion Freight Line is a U.S.-based less-than-truckload (LTL) transportation company that provides regional, inter-regional and national freight services. Founded in 1934 and headquartered in Thomasville, North Carolina, the company has grown from a regional carrier into a national freight network, operating a broad system of service centers and terminals to move shipments for shippers of varying sizes and industries.

The company’s core business is LTL trucking, offering scheduled pickup and delivery for palletized freight that does not require a full truckload.