Avity Investment Management Inc. Trims Stock Position in Old Dominion Freight Line, Inc. $ODFL

Avity Investment Management Inc. reduced its stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 1.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 181,630 shares of the transportation company’s stock after selling 3,270 shares during the quarter. Old Dominion Freight Line comprises approximately 2.5% of Avity Investment Management Inc.’s portfolio, making the stock its 17th largest holding. Avity Investment Management Inc.’s holdings in Old Dominion Freight Line were worth $39,341,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently added to or reduced their stakes in the company. Baillie Gifford & Co. purchased a new position in Old Dominion Freight Line during the 4th quarter worth $13,322,000. Waterfront Wealth Inc. purchased a new stake in shares of Old Dominion Freight Line during the 4th quarter worth approximately $1,430,000. AustralianSuper Pty Ltd raised its position in shares of Old Dominion Freight Line by 955.4% during the 4th quarter. AustralianSuper Pty Ltd now owns 75,005 shares of the transportation company’s stock worth $11,761,000 after purchasing an additional 67,898 shares during the last quarter. Summitry LLC raised its stake in Old Dominion Freight Line by 5.4% in the 4th quarter. Summitry LLC now owns 218,175 shares of the transportation company’s stock valued at $34,210,000 after purchasing an additional 11,223 shares during the last quarter. Finally, Partners Group Holding AG boosted its position in Old Dominion Freight Line by 37.0% during the fourth quarter. Partners Group Holding AG now owns 194,631 shares of the transportation company’s stock worth $30,518,000 after acquiring an additional 52,514 shares during the last quarter. Institutional investors and hedge funds own 77.82% of the company’s stock.

Old Dominion Freight Line Stock Performance

ODFL opened at $216.36 on Friday. The stock’s fifty day moving average is $226.40 and its 200-day moving average is $207.98. The company has a market capitalization of $45.00 billion, a PE ratio of 41.69, a P/E/G ratio of 3.76 and a beta of 1.18. Old Dominion Freight Line, Inc. has a one year low of $126.01 and a one year high of $252.03.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its earnings results on Wednesday, July 29th. The transportation company reported $1.68 EPS for the quarter, beating the consensus estimate of $1.54 by $0.14. Old Dominion Freight Line had a return on equity of 24.87% and a net margin of 19.44%.The business had revenue of $1.55 billion during the quarter, compared to the consensus estimate of $1.54 billion. During the same period in the prior year, the business posted $1.27 earnings per share. Old Dominion Freight Line’s revenue was up 10.4% compared to the same quarter last year. On average, equities research analysts forecast that Old Dominion Freight Line, Inc. will post 5.78 EPS for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 16th. Stockholders of record on Wednesday, September 2nd will be issued a dividend of $0.29 per share. The ex-dividend date is Wednesday, September 2nd. 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 (DPR) is currently 22.35%.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Robert W. Baird set a $229.00 price target on shares of Old Dominion Freight Line and gave the company a “neutral” rating in a report on Tuesday, April 28th. Argus increased their price objective on shares of Old Dominion Freight Line from $220.00 to $260.00 and gave the company a “buy” rating in a research report on Thursday, June 18th. The Goldman Sachs Group reiterated a “buy” rating and issued a $244.00 price target on shares of Old Dominion Freight Line in a research note on Wednesday, July 29th. Jefferies Financial Group reiterated a “hold” rating and issued a $227.00 price target on shares of Old Dominion Freight Line in a research note on Thursday, July 30th. Finally, Truist Financial lifted their price objective on shares of Old Dominion Freight Line from $225.00 to $250.00 and gave the stock a “buy” rating in a report on Wednesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, thirteen have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $226.55.

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.