Procyon Advisors LLC Trims Stock Holdings in Old Dominion Freight Line, Inc. $ODFL

Procyon Advisors LLC trimmed its holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 22.1% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 8,572 shares of the transportation company’s stock after selling 2,435 shares during the period. Procyon Advisors LLC’s holdings in Old Dominion Freight Line were worth $1,675,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Norges Bank bought a new stake in shares of Old Dominion Freight Line in the fourth quarter worth $444,983,000. Boston Partners bought a new position in Old Dominion Freight Line during the 3rd quarter valued at $292,599,000. Price T Rowe Associates Inc. MD boosted its stake in Old Dominion Freight Line by 14.1% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 14,223,960 shares of the transportation company’s stock valued at $2,230,318,000 after acquiring an additional 1,761,511 shares during the last quarter. Two Sigma Investments LP grew its holdings in Old Dominion Freight Line by 637.5% during the 3rd quarter. Two Sigma Investments LP now owns 1,576,470 shares of the transportation company’s stock worth $221,935,000 after acquiring an additional 1,362,697 shares in the last quarter. Finally, Life Cycle Investment Partners Ltd acquired a new position in Old Dominion Freight Line during the 4th quarter worth $188,651,000. 77.82% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on ODFL. Weiss Ratings restated a “hold (c)” rating on shares of Old Dominion Freight Line in a research note on Tuesday, April 14th. Raymond James Financial reissued an “outperform” rating and issued a $241.00 price objective (up from $224.00) on shares of Old Dominion Freight Line in a report on Monday. Robert W. Baird set a $229.00 price objective on Old Dominion Freight Line and gave the company a “neutral” rating in a research note on Tuesday, April 28th. Jefferies Financial Group increased their target price on Old Dominion Freight Line from $230.00 to $250.00 and gave the stock a “hold” rating in a report on Tuesday, June 9th. Finally, The Goldman Sachs Group reiterated a “buy” rating and issued a $235.00 target price (up from $209.00) on shares of Old Dominion Freight Line in a research report on Tuesday, June 23rd. Ten investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, Old Dominion Freight Line presently has an average rating of “Hold” and a consensus target price of $220.74.

Insider Activity

In other news, Director Greg C. Gantt sold 22,107 shares of the stock in a transaction on Monday, May 4th. The stock was sold at an average price of $191.52, for a total value of $4,233,932.64. Following the completion of the transaction, the director owned 88,551 shares of the company’s stock, valued at approximately $16,959,287.52. This represents a 19.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 10.00% of the company’s stock.

Old Dominion Freight Line Trading Up 2.3%

NASDAQ ODFL opened at $232.90 on Tuesday. Old Dominion Freight Line, Inc. has a 52 week low of $126.01 and a 52 week high of $252.03. The stock has a market cap of $48.44 billion, a price-to-earnings ratio of 48.72, a price-to-earnings-growth ratio of 4.16 and a beta of 1.18. The company has a 50-day moving average price of $219.14 and a two-hundred day moving average price of $200.42.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its quarterly earnings results on Wednesday, April 29th. The transportation company reported $1.14 EPS for the quarter, beating the consensus estimate of $1.05 by $0.09. Old Dominion Freight Line had a net margin of 18.46% and a return on equity of 23.42%. The company had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.31 billion. During the same quarter last year, the business earned $1.19 earnings per share. Old Dominion Freight Line’s revenue was down 2.9% compared to the same quarter last year. As a group, equities research analysts expect that Old Dominion Freight Line, Inc. will post 5.5 earnings per share for the current fiscal year.

Old Dominion Freight Line Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Stockholders of record on Wednesday, June 3rd were paid a $0.29 dividend. The ex-dividend date of this dividend was Wednesday, June 3rd. This represents a $1.16 annualized dividend and a dividend yield of 0.5%. Old Dominion Freight Line’s dividend payout ratio is presently 24.27%.

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.