QV Investors Inc. Sells 67,300 Shares of Old Dominion Freight Line, Inc. $ODFL

QV Investors Inc. trimmed its stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 54.5% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 56,110 shares of the transportation company’s stock after selling 67,300 shares during the period. QV Investors Inc.’s holdings in Old Dominion Freight Line were worth $12,153,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Brighton Jones LLC raised its stake in shares of Old Dominion Freight Line by 5.3% in the fourth quarter. Brighton Jones LLC now owns 1,559 shares of the transportation company’s stock worth $275,000 after buying an additional 79 shares during the period. Empowered Funds LLC lifted its position in shares of Old Dominion Freight Line by 134.9% during the 1st quarter. Empowered Funds LLC now owns 10,213 shares of the transportation company’s stock valued at $1,690,000 after buying an additional 5,866 shares in the last quarter. Marshall Wace LLP bought a new position in shares of Old Dominion Freight Line during the 2nd quarter valued at approximately $7,478,000. Jump Financial LLC bought a new position in shares of Old Dominion Freight Line during the 2nd quarter valued at approximately $2,891,000. Finally, AXA S.A. increased its holdings in Old Dominion Freight Line by 1.2% in the 2nd quarter. AXA S.A. now owns 20,253 shares of the transportation company’s stock worth $3,287,000 after acquiring an additional 238 shares in the last quarter. 77.82% of the stock is currently owned by hedge funds and other institutional investors.

Old Dominion Freight Line Price Performance

Shares of ODFL opened at $198.63 on Monday. Old Dominion Freight Line, Inc. has a 1 year low of $126.01 and a 1 year high of $252.03. The company has a 50 day simple moving average of $217.58 and a two-hundred day simple moving average of $210.62. The firm has a market cap of $41.19 billion, a P/E ratio of 38.27, a price-to-earnings-growth ratio of 3.45 and a beta of 1.18.

Old Dominion Freight Line (NASDAQ:ODFL) last released its earnings results on Wednesday, July 29th. The transportation company reported $1.68 EPS for the quarter, topping the consensus estimate of $1.54 by $0.14. Old Dominion Freight Line had a net margin of 19.44% and a return on equity of 24.87%. The firm had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.54 billion. During the same quarter in the previous year, the firm earned $1.27 earnings per share. The company’s quarterly revenue was up 10.4% compared to the same quarter last year. On average, sell-side analysts anticipate that Old Dominion Freight Line, Inc. will post 5.78 earnings per share for the current year.

Old Dominion Freight Line Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 16th. Shareholders of record on Wednesday, September 2nd will be issued a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date is Wednesday, September 2nd. Old Dominion Freight Line’s payout ratio is currently 22.35%.

Wall Street Analyst Weigh In

Several brokerages have weighed in on ODFL. Rothschild & Co Redburn lowered their price target on shares of Old Dominion Freight Line from $176.00 to $172.00 and set a “sell” rating on the stock in a report on Tuesday, May 12th. Evercore reissued an “outperform” rating and issued a $243.00 price objective on shares of Old Dominion Freight Line in a research note on Thursday, July 30th. Stifel Nicolaus set a $263.00 price objective on shares of Old Dominion Freight Line and gave the company a “buy” rating in a research report on Thursday, July 30th. Morgan Stanley restated an “equal weight” rating and set a $245.00 price objective (up from $235.00) on shares of Old Dominion Freight Line in a research report on Monday, July 6th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Old Dominion Freight Line from $197.00 to $234.00 and gave the company a “neutral” rating in a research note on Monday, June 8th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, thirteen have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $226.55.

Insider Transactions at Old Dominion Freight Line

In other Old Dominion Freight Line news, SVP Cecil E. Jr. Overbey sold 19,952 shares of the business’s stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $198.39, for a total value of $3,958,277.28. Following the sale, the senior vice president owned 22,746 shares in the company, valued at $4,512,578.94. The trade was a 46.73% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 8.20% of the company’s stock.

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.