Bank of New York Mellon Corp Sells 478,608 Shares of Old Dominion Freight Line, Inc. $ODFL

Bank of New York Mellon Corp reduced its position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 10.1% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 4,246,603 shares of the transportation company’s stock after selling 478,608 shares during the period. Bank of New York Mellon Corp’s holdings in Old Dominion Freight Line were worth $829,786,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Norges Bank bought a new stake in Old Dominion Freight Line during the fourth quarter worth about $444,983,000. Boston Partners acquired a new position in shares of Old Dominion Freight Line in the 3rd quarter worth approximately $292,599,000. Price T Rowe Associates Inc. MD boosted its holdings in shares of Old Dominion Freight Line by 14.1% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 14,223,960 shares of the transportation company’s stock worth $2,230,318,000 after acquiring an additional 1,761,511 shares in the last quarter. Two Sigma Investments LP grew its position in Old Dominion Freight Line by 637.5% during the 3rd quarter. Two Sigma Investments LP now owns 1,576,470 shares of the transportation company’s stock worth $221,935,000 after acquiring an additional 1,362,697 shares during the last quarter. Finally, Life Cycle Investment Partners Ltd bought a new stake in Old Dominion Freight Line during the 4th quarter worth approximately $188,651,000. 77.82% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on ODFL. Evercore raised Old Dominion Freight Line from an “in-line” rating to an “outperform” rating in a report on Wednesday, July 1st. Wolfe Research boosted their price objective on Old Dominion Freight Line from $183.00 to $185.00 and gave the stock an “underperform” rating in a research note on Tuesday, April 7th. Weiss Ratings restated a “hold (c)” rating on shares of Old Dominion Freight Line in a report on Friday, July 10th. Rothschild & Co Redburn lowered their target price on Old Dominion Freight Line from $176.00 to $172.00 and set a “sell” rating for the company in a research note on Tuesday, May 12th. Finally, BMO Capital Markets reaffirmed an “outperform” rating and issued a $230.00 price target on shares of Old Dominion Freight Line in a report on Thursday, June 4th. Ten equities research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $222.00.

Insider Activity

In related news, Director Greg C. Gantt sold 22,107 shares of the firm’s stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $191.52, for a total value of $4,233,932.64. Following the transaction, the director owned 88,551 shares in the company, valued at $16,959,287.52. This trade represents a 19.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 10.00% of the stock is owned by company insiders.

Old Dominion Freight Line Price Performance

ODFL stock opened at $237.15 on Friday. The company has a 50 day moving average price of $221.07 and a 200 day moving average price of $201.95. Old Dominion Freight Line, Inc. has a fifty-two week low of $126.01 and a fifty-two week high of $252.03. The stock has a market capitalization of $49.32 billion, a PE ratio of 49.61, a price-to-earnings-growth ratio of 4.07 and a beta of 1.18.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its quarterly earnings data on Wednesday, April 29th. The transportation company reported $1.14 EPS for the quarter, beating analysts’ consensus estimates of $1.05 by $0.09. The firm had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.31 billion. Old Dominion Freight Line had a return on equity of 23.42% and a net margin of 18.46%.The business’s quarterly revenue was down 2.9% compared to the same quarter last year. During the same period last year, the company earned $1.19 EPS. As a group, equities analysts expect that Old Dominion Freight Line, Inc. will post 5.55 earnings per share for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Stockholders of record on Wednesday, June 3rd were paid a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a dividend yield of 0.5%. The ex-dividend date of this dividend was Wednesday, June 3rd. Old Dominion Freight Line’s dividend payout ratio is 24.27%.

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.