Pinnacle Associates Ltd. Reduces Stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Pinnacle Associates Ltd. decreased its stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 49.8% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 1,592 shares of the transportation company’s stock after selling 1,580 shares during the period. Pinnacle Associates Ltd.’s holdings in Old Dominion Freight Line were worth $316,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the stock. Foundations Investment Advisors LLC lifted its holdings in Old Dominion Freight Line by 0.6% during the 2nd quarter. Foundations Investment Advisors LLC now owns 9,124 shares of the transportation company’s stock worth $1,611,000 after purchasing an additional 54 shares in the last quarter. Conning Inc. lifted its holdings in Old Dominion Freight Line by 5.8% during the 2nd quarter. Conning Inc. now owns 1,164 shares of the transportation company’s stock worth $206,000 after purchasing an additional 64 shares in the last quarter. B. Riley Wealth Advisors Inc. lifted its holdings in Old Dominion Freight Line by 4.6% during the 1st quarter. B. Riley Wealth Advisors Inc. now owns 1,492 shares of the transportation company’s stock worth $327,000 after purchasing an additional 66 shares in the last quarter. Quent Capital LLC lifted its holdings in Old Dominion Freight Line by 5.5% during the 2nd quarter. Quent Capital LLC now owns 1,277 shares of the transportation company’s stock worth $226,000 after purchasing an additional 67 shares in the last quarter. Finally, Brighton Jones LLC lifted its holdings in Old Dominion Freight Line by 5.0% during the 3rd quarter. Brighton Jones LLC now owns 1,480 shares of the transportation company’s stock worth $294,000 after purchasing an additional 71 shares in the last quarter. Hedge funds and other institutional investors own 77.82% of the company’s stock.

Insider Activity at Old Dominion Freight Line

In related news, Chairman David S. Congdon sold 29,975 shares of the stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $201.30, for a total transaction of $6,033,967.50. Following the completion of the sale, the chairman now directly owns 1,401,621 shares in the company, valued at $282,146,307.30. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Old Dominion Freight Line news, Chairman David S. Congdon sold 10,000 shares of the stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $195.17, for a total value of $1,951,700.00. Following the completion of the sale, the chairman now owns 1,391,621 shares in the company, valued at approximately $271,602,670.57. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Chairman David S. Congdon sold 29,975 shares of the stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $201.30, for a total value of $6,033,967.50. Following the completion of the sale, the chairman now owns 1,401,621 shares of the company’s stock, valued at approximately $282,146,307.30. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 46,975 shares of company stock worth $9,386,158 in the last ninety days. 9.90% of the stock is owned by company insiders.

Old Dominion Freight Line Price Performance

Shares of Old Dominion Freight Line stock opened at $200.98 on Monday. The firm has a market capitalization of $43.67 billion, a PE ratio of 35.14, a price-to-earnings-growth ratio of 4.30 and a beta of 0.99. Old Dominion Freight Line, Inc. has a 12 month low of $165.49 and a 12 month high of $227.80. The business’s 50-day moving average price is $195.57 and its 200-day moving average price is $189.82. The company has a current ratio of 1.33, a quick ratio of 1.46 and a debt-to-equity ratio of 0.01.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its earnings results on Wednesday, October 23rd. The transportation company reported $1.43 earnings per share for the quarter, beating the consensus estimate of $1.42 by $0.01. The company had revenue of $1.47 billion during the quarter, compared to analysts’ expectations of $1.49 billion. Old Dominion Freight Line had a return on equity of 29.40% and a net margin of 21.03%. Old Dominion Freight Line’s quarterly revenue was down 3.0% compared to the same quarter last year. During the same period in the prior year, the business posted $1.54 EPS. Sell-side analysts forecast that Old Dominion Freight Line, Inc. will post 5.48 EPS for the current fiscal year.

Old Dominion Freight Line Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Wednesday, December 4th will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 0.52%. The ex-dividend date of this dividend is Wednesday, December 4th. Old Dominion Freight Line’s dividend payout ratio is presently 18.18%.

Analyst Ratings Changes

ODFL has been the topic of a number of research analyst reports. Evercore ISI decreased their target price on Old Dominion Freight Line from $199.00 to $188.00 and set an “in-line” rating on the stock in a research note on Thursday, October 3rd. Susquehanna decreased their target price on Old Dominion Freight Line from $225.00 to $218.00 and set a “positive” rating on the stock in a research note on Thursday, October 24th. Barclays decreased their target price on Old Dominion Freight Line from $195.00 to $190.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 24th. Morgan Stanley decreased their target price on Old Dominion Freight Line from $174.00 to $168.00 and set an “equal weight” rating on the stock in a research note on Monday, July 8th. Finally, Stephens restated an “overweight” rating and issued a $214.00 target price on shares of Old Dominion Freight Line in a research note on Thursday, September 5th. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Old Dominion Freight Line has a consensus rating of “Hold” and an average target price of $196.39.

Old Dominion Freight Line Profile

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