Bank of New York Mellon Corp Cuts Position in Old Dominion Freight Line, Inc. $ODFL

Bank of New York Mellon Corp decreased its position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 8.2% during the 3rd quarter, Holdings Channel reports. The fund owned 4,983,535 shares of the transportation company’s stock after selling 445,218 shares during the quarter. Bank of New York Mellon Corp’s holdings in Old Dominion Freight Line were worth $701,582,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Financial Gravity Companies Inc. purchased a new stake in shares of Old Dominion Freight Line in the 2nd quarter valued at approximately $26,000. Rossby Financial LCC purchased a new stake in shares of Old Dominion Freight Line during the 2nd quarter worth $28,000. E Fund Management Hong Kong Co. Ltd. grew its stake in shares of 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 in the last quarter. Chilton Capital Management LLC purchased a new position in Old Dominion Freight Line in the second quarter valued at $47,000. Finally, Blue Trust Inc. raised its stake in Old Dominion Freight Line by 65.5% in the second quarter. Blue Trust Inc. now owns 412 shares of the transportation company’s stock valued at $67,000 after buying an additional 163 shares in the last quarter. Institutional investors and hedge funds own 77.82% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on ODFL shares. Rothschild Redb raised Old Dominion Freight Line to a “strong sell” rating in a research report on Wednesday, November 26th. Wells Fargo & Company decreased their target price on Old Dominion Freight Line from $145.00 to $138.00 and set an “underweight” rating for the company in a research note on Thursday, October 30th. Deutsche Bank Aktiengesellschaft dropped their price target on shares of Old Dominion Freight Line from $180.00 to $167.00 and set a “buy” rating on the stock in a research note on Thursday, December 11th. Wolfe Research set a $138.00 price objective on shares of Old Dominion Freight Line in a research report on Thursday, January 8th. Finally, BMO Capital Markets upgraded shares of Old Dominion Freight Line from a “market perform” rating to an “outperform” rating and lowered their target price for the company from $172.00 to $170.00 in a report on Monday, December 1st. Ten equities research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and five have given a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $163.33.

Old Dominion Freight Line Stock Down 1.0%

Shares of NASDAQ:ODFL opened at $172.72 on Thursday. Old Dominion Freight Line, Inc. has a 1-year low of $126.01 and a 1-year high of $209.61. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.20 and a quick ratio of 1.20. The stock has a market cap of $36.12 billion, a P/E ratio of 34.75, a P/E/G ratio of 8.67 and a beta of 1.27. The firm has a fifty day moving average price of $158.65 and a 200 day moving average price of $150.32.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its earnings results on Wednesday, October 29th. The transportation company reported $1.28 EPS for the quarter, beating analysts’ consensus estimates of $1.22 by $0.06. Old Dominion Freight Line had a net margin of 18.97% and a return on equity of 24.92%. The business had revenue of $1.41 billion during the quarter, compared to analysts’ expectations of $1.41 billion. During the same period in the prior year, the company earned $1.43 earnings per share. The business’s revenue was down 4.3% compared to the same quarter last year. Sell-side analysts predict that Old Dominion Freight Line, Inc. will post 5.68 EPS for the current year.

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.