Wealthfront Advisers LLC Reduces Stake in Old Dominion Freight Line, Inc. $ODFL

Wealthfront Advisers LLC cut its stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 39.5% in the third quarter, Holdings Channel reports. The fund owned 26,148 shares of the transportation company’s stock after selling 17,087 shares during the period. Wealthfront Advisers LLC’s holdings in Old Dominion Freight Line were worth $3,681,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Johnson Investment Counsel Inc. purchased a new stake in shares of Old Dominion Freight Line in the third quarter valued at about $220,000. Oppenheimer & Co. Inc. raised its stake in Old Dominion Freight Line by 37.4% during the third quarter. Oppenheimer & Co. Inc. now owns 2,572 shares of the transportation company’s stock worth $362,000 after purchasing an additional 700 shares during the period. Linden Thomas Advisory Services LLC boosted its holdings in Old Dominion Freight Line by 2.2% in the 3rd quarter. Linden Thomas Advisory Services LLC now owns 9,168 shares of the transportation company’s stock valued at $1,291,000 after purchasing an additional 198 shares during the last quarter. Wilson Asset Management International PTY Ltd. purchased a new stake in shares of Old Dominion Freight Line in the 3rd quarter valued at approximately $4,307,000. Finally, Oppenheimer Asset Management Inc. grew its stake in shares of Old Dominion Freight Line by 42.8% in the 3rd quarter. Oppenheimer Asset Management Inc. now owns 6,154 shares of the transportation company’s stock valued at $866,000 after buying an additional 1,843 shares during the period. Institutional investors and hedge funds own 77.82% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on ODFL shares. Wells Fargo & Company upped their price objective on Old Dominion Freight Line from $138.00 to $165.00 and gave the company an “underweight” rating in a report on Thursday, February 5th. Susquehanna restated a “neutral” rating and issued a $205.00 target price (up previously from $185.00) on shares of Old Dominion Freight Line in a research report on Wednesday. Deutsche Bank Aktiengesellschaft lowered Old Dominion Freight Line from a “buy” rating to a “hold” rating and set a $205.00 price target on the stock. in a research note on Thursday, February 5th. Morgan Stanley reissued an “overweight” rating and set a $209.00 price objective (up from $190.00) on shares of Old Dominion Freight Line in a research report on Wednesday, February 4th. Finally, Stephens restated an “overweight” rating and issued a $232.00 price objective on shares of Old Dominion Freight Line in a report on Thursday, February 5th. Nine analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and four have given a Sell rating to the company’s stock. Based on data from MarketBeat, Old Dominion Freight Line presently has a consensus rating of “Hold” and a consensus price target of $189.88.

Old Dominion Freight Line Trading Up 4.2%

ODFL stock opened at $193.21 on Friday. The business’s fifty day moving average price is $171.16 and its 200 day moving average price is $152.69. Old Dominion Freight Line, Inc. has a 12-month low of $126.01 and a 12-month high of $209.61. The company has a market capitalization of $40.40 billion, a PE ratio of 40.00, a P/E/G ratio of 9.26 and a beta of 1.28.

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

Old Dominion Freight Line Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, March 18th. Investors of record on Wednesday, March 4th will be paid a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend is Wednesday, March 4th. This is an increase from Old Dominion Freight Line’s previous quarterly dividend of $0.28. Old Dominion Freight Line’s payout ratio is currently 24.02%.

Old Dominion Freight Line 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.