Sterling Capital Management LLC Trims Stock Holdings in Old Dominion Freight Line, Inc. $ODFL

Sterling Capital Management LLC trimmed its stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 46.9% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 6,486 shares of the transportation company’s stock after selling 5,726 shares during the quarter. Sterling Capital Management LLC’s holdings in Old Dominion Freight Line were worth $1,267,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Norges Bank bought a new position in shares of Old Dominion Freight Line in the fourth quarter worth $444,983,000. Boston Partners bought a new stake in Old Dominion Freight Line during the third quarter valued at $292,599,000. Price T Rowe Associates Inc. MD grew its position in Old Dominion Freight Line by 14.1% during the fourth 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 buying 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 third quarter. Two Sigma Investments LP now owns 1,576,470 shares of the transportation company’s stock worth $221,935,000 after buying an additional 1,362,697 shares in the last quarter. Finally, Life Cycle Investment Partners Ltd bought a new position in Old Dominion Freight Line in the 4th quarter worth about $188,651,000. Institutional investors own 77.82% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on ODFL shares. JPMorgan Chase & Co. lifted their price target on Old Dominion Freight Line from $197.00 to $234.00 and gave the company a “neutral” rating in a research report on Monday, June 8th. The Goldman Sachs Group restated a “buy” rating and issued a $235.00 price objective (up from $209.00) on shares of Old Dominion Freight Line in a research report on Tuesday, June 23rd. Jefferies Financial Group raised their target price on shares of Old Dominion Freight Line from $230.00 to $250.00 and gave the company a “hold” rating in a research note on Tuesday, June 9th. Evercore set a $219.00 price target on shares of Old Dominion Freight Line in a research note on Thursday, April 30th. Finally, BMO Capital Markets reissued an “outperform” rating and issued a $230.00 price target on shares of Old Dominion Freight Line in a report on Thursday, June 4th. Nine analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $218.57.

Old Dominion Freight Line Trading Up 0.4%

Shares of NASDAQ ODFL opened at $219.69 on Tuesday. The stock’s 50-day moving average is $218.86 and its 200 day moving average is $196.01. The stock has a market cap of $45.69 billion, a price-to-earnings ratio of 45.96, a P/E/G ratio of 4.39 and a beta of 1.17. Old Dominion Freight Line, Inc. has a 1-year low of $126.01 and a 1-year high of $252.03.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its earnings results on Wednesday, April 29th. The transportation company reported $1.14 earnings per share (EPS) for the quarter, topping the consensus estimate 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 business had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.31 billion. During the same quarter in the prior year, the firm earned $1.19 earnings per share. Old Dominion Freight Line’s revenue for the quarter was down 2.9% on a year-over-year basis. On average, analysts forecast that Old Dominion Freight Line, Inc. will post 5.43 EPS for the current fiscal year.

Old Dominion Freight Line Announces Dividend

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

Insider Activity at Old Dominion Freight Line

In related news, Director Greg C. Gantt sold 22,107 shares of the stock in a transaction on Monday, May 4th. The shares were sold at an average price of $191.52, for a total transaction of $4,233,932.64. Following the transaction, the director owned 88,551 shares of the company’s stock, valued at approximately $16,959,287.52. This trade represents a 19.98% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 10.00% of the company’s stock.

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.