Lazard Asset Management LLC Cuts Position in Old Dominion Freight Line, Inc. $ODFL

Lazard Asset Management LLC lowered its position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 3.8% in the first quarter, HoldingsChannel reports. The institutional investor owned 835,025 shares of the transportation company’s stock after selling 32,827 shares during the period. Lazard Asset Management LLC’s holdings in Old Dominion Freight Line were worth $163,164,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Bogart Wealth LLC grew its stake in Old Dominion Freight Line by 9.9% in the 1st quarter. Bogart Wealth LLC now owns 511 shares of the transportation company’s stock worth $100,000 after acquiring an additional 46 shares during the period. Private Advisor Group LLC boosted its stake in Old Dominion Freight Line by 1.3% in the 1st quarter. Private Advisor Group LLC now owns 4,164 shares of the transportation company’s stock worth $814,000 after buying an additional 55 shares during the last quarter. Keybank National Association OH boosted its stake in Old Dominion Freight Line by 2.3% in the 1st quarter. Keybank National Association OH now owns 2,450 shares of the transportation company’s stock worth $479,000 after buying an additional 56 shares during the last quarter. Deseret Mutual Benefit Administrators boosted its stake in Old Dominion Freight Line by 9.7% in the 4th quarter. Deseret Mutual Benefit Administrators now owns 645 shares of the transportation company’s stock worth $101,000 after buying an additional 57 shares during the last quarter. Finally, Verdence Capital Advisors LLC grew its holdings in Old Dominion Freight Line by 1.2% in the 4th quarter. Verdence Capital Advisors LLC now owns 5,181 shares of the transportation company’s stock valued at $812,000 after buying an additional 60 shares during the period. Hedge funds and other institutional investors own 77.82% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on ODFL. The Goldman Sachs Group reiterated a “buy” rating and set a $235.00 price objective (up from $209.00) on shares of Old Dominion Freight Line in a report on Tuesday, June 23rd. Robert W. Baird set a $229.00 price target on shares of Old Dominion Freight Line and gave the stock a “neutral” rating in a research report on Tuesday, April 28th. Citigroup raised shares of Old Dominion Freight Line from a “sell” rating to a “neutral” rating and set a $228.00 price target on the stock in a research note on Thursday, July 9th. UBS Group upped their price objective on Old Dominion Freight Line from $216.00 to $224.00 and gave the stock a “neutral” rating in a report on Tuesday, July 7th. Finally, BMO Capital Markets reaffirmed an “outperform” rating and issued a $230.00 target price on shares of Old Dominion Freight Line in a research report on Thursday, June 4th. Ten research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $223.04.

Insider Buying and Selling at Old Dominion Freight Line

In other news, Director Greg C. Gantt sold 22,107 shares of the company’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 completion of the sale, the director owned 88,551 shares of the company’s stock, valued at $16,959,287.52. This represents a 19.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 10.00% of the stock is owned by insiders.

Old Dominion Freight Line Price Performance

ODFL opened at $232.99 on Monday. Old Dominion Freight Line, Inc. has a 52-week low of $126.01 and a 52-week high of $252.03. The company has a 50 day moving average of $225.49 and a two-hundred day moving average of $205.06. The company has a market cap of $48.45 billion, a P/E ratio of 48.74, a P/E/G ratio of 4.21 and a beta of 1.18.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its earnings results 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 business had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.31 billion. Old Dominion Freight Line had a net margin of 18.46% and a return on equity of 23.42%. The business’s revenue for the quarter was down 2.9% compared to the same quarter last year. During the same quarter last year, the firm posted $1.19 EPS. Research analysts anticipate that Old Dominion Freight Line, Inc. will post 5.56 earnings per share for the current year.

Old Dominion Freight Line Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 16th. Shareholders of record on Wednesday, September 2nd will be paid a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date is Wednesday, September 2nd. Old Dominion Freight Line’s payout ratio is currently 24.27%.

About Old Dominion Freight Line

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.