Resona Asset Management Co. Ltd. Trims Stock Holdings in Old Dominion Freight Line, Inc. $ODFL

Resona Asset Management Co. Ltd. lowered its position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 5.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 63,458 shares of the transportation company’s stock after selling 3,913 shares during the quarter. Resona Asset Management Co. Ltd.’s holdings in Old Dominion Freight Line were worth $9,980,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ODFL. Brighton Jones LLC raised its stake in shares of Old Dominion Freight Line by 5.3% during the fourth quarter. Brighton Jones LLC now owns 1,559 shares of the transportation company’s stock worth $275,000 after purchasing an additional 79 shares during the last quarter. Empowered Funds LLC raised its stake in shares of Old Dominion Freight Line by 134.9% during the first quarter. Empowered Funds LLC now owns 10,213 shares of the transportation company’s stock worth $1,690,000 after purchasing an additional 5,866 shares during the last quarter. Marshall Wace LLP purchased a new stake in shares of Old Dominion Freight Line during the second quarter worth approximately $7,478,000. Jump Financial LLC purchased a new stake in shares of Old Dominion Freight Line during the second quarter worth approximately $2,891,000. Finally, AXA S.A. raised its stake in shares of Old Dominion Freight Line by 1.2% during the second quarter. AXA S.A. now owns 20,253 shares of the transportation company’s stock worth $3,287,000 after purchasing an additional 238 shares during the last quarter. Hedge funds and other institutional investors own 77.82% of the company’s stock.

Old Dominion Freight Line Price Performance

Shares of ODFL stock opened at $207.69 on Friday. The business’s fifty day moving average price is $200.65 and its 200 day moving average price is $179.03. Old Dominion Freight Line, Inc. has a 1-year low of $126.01 and a 1-year high of $233.79. The firm has a market capitalization of $43.19 billion, a PE ratio of 43.45, a P/E/G ratio of 4.30 and a beta of 1.17.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its quarterly earnings data on Wednesday, April 29th. The transportation company reported $1.14 earnings per share for the quarter, topping analysts’ consensus estimates of $1.05 by $0.09. Old Dominion Freight Line had a return on equity of 23.42% and a net margin of 18.46%.The firm had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.31 billion. During the same quarter in the prior year, the company posted $1.19 earnings per share. Old Dominion Freight Line’s quarterly revenue was down 2.9% on a year-over-year basis. Equities research analysts expect that Old Dominion Freight Line, Inc. will post 5.32 earnings per share for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 17th. Investors of record on Wednesday, June 3rd will be issued a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date of this dividend is Wednesday, June 3rd. Old Dominion Freight Line’s dividend payout ratio is currently 24.27%.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the company. Jefferies Financial Group upped their price target on Old Dominion Freight Line from $210.00 to $230.00 and gave the stock a “hold” rating in a research note on Wednesday, April 22nd. Truist Financial set a $225.00 price target on Old Dominion Freight Line in a research note on Thursday, February 5th. UBS Group upped their price target on Old Dominion Freight Line from $202.00 to $216.00 and gave the stock a “neutral” rating in a research note on Thursday, April 30th. BMO Capital Markets upped their price target on Old Dominion Freight Line from $215.00 to $230.00 and gave the stock an “outperform” rating in a research note on Monday, May 4th. Finally, Raymond James Financial restated an “outperform” rating and set a $224.00 price target on shares of Old Dominion Freight Line in a research note on Thursday, April 30th. Eight equities research analysts have rated the stock with a Buy rating, sixteen have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $206.29.

Insiders Place Their Bets

In related news, insider Earl E. Congdon sold 25,000 shares of the company’s stock in a transaction on Thursday, February 26th. The stock was sold at an average price of $196.13, for a total transaction of $4,903,250.00. Following the transaction, the insider owned 2,162,113 shares of the company’s stock, valued at $424,055,222.69. This represents a 1.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Greg C. Gantt sold 22,107 shares of the company’s stock in a transaction on 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 directly owned 88,551 shares in the company, valued at $16,959,287.52. This represents a 19.98% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 10.00% of the company’s stock.

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.