Garrison Bradford & Associates Inc. lowered its position in Old Dominion Freight Line (NASDAQ:ODFL) by 24.8% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 18,390 shares of the transportation company’s stock after selling 6,069 shares during the quarter. Old Dominion Freight Line comprises approximately 3.2% of Garrison Bradford & Associates Inc.’s portfolio, making the stock its 9th largest holding. Garrison Bradford & Associates Inc.’s holdings in Old Dominion Freight Line were worth $2,745,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP boosted its holdings in shares of Old Dominion Freight Line by 1.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 656,280 shares of the transportation company’s stock valued at $81,044,000 after acquiring an additional 6,885 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Old Dominion Freight Line by 0.5% during the 4th quarter. Geode Capital Management LLC now owns 685,323 shares of the transportation company’s stock valued at $84,580,000 after acquiring an additional 3,291 shares in the last quarter. IFM Investors Pty Ltd boosted its holdings in shares of Old Dominion Freight Line by 19.3% during the 1st quarter. IFM Investors Pty Ltd now owns 3,956 shares of the transportation company’s stock valued at $571,000 after acquiring an additional 640 shares in the last quarter. Gulf International Bank UK Ltd boosted its holdings in shares of Old Dominion Freight Line by 3.9% during the 1st quarter. Gulf International Bank UK Ltd now owns 13,862 shares of the transportation company’s stock valued at $2,001,000 after acquiring an additional 525 shares in the last quarter. Finally, CWM LLC boosted its holdings in shares of Old Dominion Freight Line by 42.5% during the 1st quarter. CWM LLC now owns 258 shares of the transportation company’s stock valued at $37,000 after acquiring an additional 77 shares in the last quarter. 70.21% of the stock is currently owned by hedge funds and other institutional investors.

ODFL has been the topic of several recent research reports. KeyCorp raised their price objective on Old Dominion Freight Line from $165.00 to $175.00 and gave the company an “overweight” rating in a report on Friday, July 26th. ValuEngine raised Old Dominion Freight Line from a “hold” rating to a “buy” rating in a report on Saturday, July 27th. Bank of America reaffirmed a “neutral” rating and set a $150.00 target price (up from $144.00) on shares of Old Dominion Freight Line in a report on Thursday, June 20th. Robert W. Baird set a $162.00 target price on Old Dominion Freight Line and gave the stock a “hold” rating in a report on Friday, July 26th. Finally, Credit Suisse Group lifted their target price on Old Dominion Freight Line from $152.00 to $160.00 and gave the stock a “neutral” rating in a report on Friday, July 26th. Nine investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $152.08.

ODFL traded up $0.11 during midday trading on Tuesday, hitting $165.95. 12,944 shares of the company were exchanged, compared to its average volume of 737,920. The firm has a market capitalization of $13.23 billion, a P/E ratio of 22.48, a P/E/G ratio of 2.38 and a beta of 1.49. Old Dominion Freight Line has a 1-year low of $115.00 and a 1-year high of $171.87. The firm’s 50 day moving average price is $158.63 and its 200-day moving average price is $149.05. The company has a quick ratio of 1.92, a current ratio of 1.92 and a debt-to-equity ratio of 0.02.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its earnings results on Thursday, July 25th. The transportation company reported $2.16 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.11 by $0.05. The firm had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.08 billion. Old Dominion Freight Line had a return on equity of 23.57% and a net margin of 15.48%. The business’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same period in the previous year, the business earned $1.99 EPS. On average, sell-side analysts predict that Old Dominion Freight Line will post 7.94 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 18th. Stockholders of record on Wednesday, September 4th will be paid a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 0.41%. The ex-dividend date is Tuesday, September 3rd. Old Dominion Freight Line’s dividend payout ratio is 9.21%.

Old Dominion Freight Line declared that its Board of Directors has initiated a share repurchase plan on Thursday, May 16th that allows the company to repurchase $350.00 million in outstanding shares. This repurchase authorization allows the transportation company to purchase up to 2.9% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

In other news, Chairman Earl E. Congdon sold 56,400 shares of the business’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $166.53, for a total value of $9,392,292.00. Following the transaction, the chairman now directly owns 10,854 shares of the company’s stock, valued at approximately $1,807,516.62. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Gregory B. Plemmons sold 1,249 shares of the business’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $163.39, for a total value of $204,074.11. Following the completion of the transaction, the senior vice president now directly owns 5,714 shares in the company, valued at $933,610.46. The disclosure for this sale can be found here. 11.90% of the stock is owned by insiders.

About Old Dominion Freight Line

Old Dominion Freight Line, Inc operates as a less-than-truckload (LTL) motor carrier in the United States and North America. It provides regional, inter-regional, and national LTL services, including expedited transportation. The company also offers various value-added services, such as container drayage, truckload brokerage, and supply chain consulting.

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Institutional Ownership by Quarter for Old Dominion Freight Line (NASDAQ:ODFL)

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