Bank of New York Mellon Corp lowered its position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 0.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 742,072 shares of the transportation company’s stock after selling 2,721 shares during the period. Bank of New York Mellon Corp owned approximately 0.90% of Old Dominion Freight Line worth $70,675,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the company. BlackRock Inc. boosted its position in shares of Old Dominion Freight Line by 11,389.2% in the first quarter. BlackRock Inc. now owns 5,400,851 shares of the transportation company’s stock worth $462,150,000 after buying an additional 5,353,843 shares during the last quarter. Daiwa Securities Group Inc. boosted its position in shares of Old Dominion Freight Line by 8,727.8% in the first quarter. Daiwa Securities Group Inc. now owns 158,900 shares of the transportation company’s stock worth $13,597,000 after buying an additional 157,100 shares during the last quarter. AQR Capital Management LLC boosted its position in shares of Old Dominion Freight Line by 100.3% in the first quarter. AQR Capital Management LLC now owns 299,394 shares of the transportation company’s stock worth $25,619,000 after buying an additional 149,951 shares during the last quarter. Scopus Asset Management L.P. boosted its position in shares of Old Dominion Freight Line by 37.6% in the first quarter. Scopus Asset Management L.P. now owns 480,392 shares of the transportation company’s stock worth $41,107,000 after buying an additional 131,330 shares during the last quarter. Finally, Kayne Anderson Rudnick Investment Management LLC boosted its position in shares of Old Dominion Freight Line by 7.2% in the first quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,942,570 shares of the transportation company’s stock worth $166,226,000 after buying an additional 130,065 shares during the last quarter. Institutional investors own 73.92% of the company’s stock.

Shares of Old Dominion Freight Line, Inc. (ODFL) opened at 99.15 on Wednesday. The company has a 50 day moving average price of $96.86 and a 200 day moving average price of $90.96. The firm has a market cap of $8.17 billion, a PE ratio of 25.68 and a beta of 1.08. Old Dominion Freight Line, Inc. has a 12-month low of $66.33 and a 12-month high of $103.51.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its earnings results on Thursday, July 27th. The transportation company reported $1.19 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.10 by $0.09. The firm had revenue of $839.90 million during the quarter, compared to analysts’ expectations of $824.68 million. Old Dominion Freight Line had a net margin of 10.19% and a return on equity of 16.87%. The firm’s revenue for the quarter was up 11.2% compared to the same quarter last year. During the same period last year, the firm posted $0.98 earnings per share. On average, analysts forecast that Old Dominion Freight Line, Inc. will post $4.14 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 20th. Investors of record on Wednesday, September 6th will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.40%. The ex-dividend date of this dividend is Friday, September 1st. Old Dominion Freight Line’s payout ratio is 10.39%.

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A number of equities analysts have commented on ODFL shares. Bank of America Corporation raised Old Dominion Freight Line from an “underperform” rating to a “neutral” rating and increased their target price for the company from $83.00 to $96.00 in a report on Tuesday, June 6th. BidaskClub cut Old Dominion Freight Line from a “hold” rating to a “sell” rating in a report on Friday, August 4th. Stifel Nicolaus reissued a “hold” rating and set a $91.00 target price on shares of Old Dominion Freight Line in a report on Friday, July 14th. Zacks Investment Research cut Old Dominion Freight Line from a “buy” rating to a “hold” rating in a report on Wednesday, August 2nd. Finally, Deutsche Bank AG cut Old Dominion Freight Line from a “buy” rating to a “hold” rating and reduced their target price for the company from $108.00 to $98.00 in a report on Monday, July 31st. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and three have issued a buy rating to the stock. Old Dominion Freight Line has an average rating of “Hold” and a consensus price target of $98.40.

In related news, Vice Chairman David S. Congdon sold 575 shares of the firm’s stock in a transaction that occurred on Tuesday, August 15th. The shares were sold at an average price of $97.83, for a total transaction of $56,252.25. Following the completion of the sale, the insider now directly owns 9,516 shares in the company, valued at $930,950.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 12.00% of the company’s stock.

Old Dominion Freight Line Company Profile

Old Dominion Freight Line, Inc is a union-free motor carrier providing regional, inter-regional and national less-than-truckload (LTL) services. The Company’s LTL services include ground and air expedited transportation for time-sensitive shipments, consumer household pickup and delivery and freight delivery services throughout North America.

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

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