Mediolanum International Funds Ltd Sells 86,813 Shares of Old Dominion Freight Line, Inc. $ODFL

Mediolanum International Funds Ltd reduced its stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 90.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 8,834 shares of the transportation company’s stock after selling 86,813 shares during the period. Mediolanum International Funds Ltd’s holdings in Old Dominion Freight Line were worth $1,676,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Kinsale Capital Group Inc. boosted its stake in Old Dominion Freight Line by 16.1% in the 1st quarter. Kinsale Capital Group Inc. now owns 49,140 shares of the transportation company’s stock worth $9,602,000 after purchasing an additional 6,798 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC increased its stake in Old Dominion Freight Line by 80.5% during the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 139 shares of the transportation company’s stock valued at $27,000 after purchasing an additional 62 shares in the last quarter. Kera Capital Partners Inc. bought a new stake in Old Dominion Freight Line during the 1st quarter valued at about $203,000. Gryphon Financial Partners LLC purchased a new position in Old Dominion Freight Line in the first quarter worth about $241,000. Finally, Assetmark Inc. raised its holdings in Old Dominion Freight Line by 14.3% in the first quarter. Assetmark Inc. now owns 1,547 shares of the transportation company’s stock worth $302,000 after buying an additional 193 shares during the last quarter. 77.82% of the stock is currently owned by institutional investors.

Old Dominion Freight Line Trading Up 1.3%

Shares of NASDAQ ODFL opened at $234.79 on Wednesday. The firm has a 50 day moving average of $223.38 and a 200 day moving average of $203.53. The firm has a market capitalization of $48.83 billion, a price-to-earnings ratio of 49.12, a price-to-earnings-growth ratio of 4.19 and a beta of 1.18. Old Dominion Freight Line, Inc. has a 12-month low of $126.01 and a 12-month high of $252.03.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its earnings results on Wednesday, April 29th. The transportation company reported $1.14 EPS for the quarter, beating analysts’ consensus estimates 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 business had revenue of $1.33 billion during the quarter, compared to analysts’ expectations of $1.31 billion. During the same period in the prior year, the company earned $1.19 earnings per share. The firm’s revenue was down 2.9% on a year-over-year basis. Sell-side analysts predict that Old Dominion Freight Line, Inc. will post 5.55 EPS for the current year.

Old Dominion Freight Line Announces Dividend

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

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on ODFL shares. Morgan Stanley reiterated an “equal weight” rating and set a $245.00 price target (up from $235.00) on shares of Old Dominion Freight Line in a report on Monday, July 6th. The Goldman Sachs Group restated a “buy” rating and issued a $235.00 price objective (up from $209.00) on shares of Old Dominion Freight Line in a report on Tuesday, June 23rd. JPMorgan Chase & Co. upped their price objective on Old Dominion Freight Line from $197.00 to $234.00 and gave the company a “neutral” rating in a research report on Monday, June 8th. Wells Fargo & Company raised Old Dominion Freight Line from an “underweight” rating to an “overweight” rating and lifted their target price for the stock from $235.00 to $250.00 in a report on Wednesday, July 8th. Finally, Argus boosted their price target on Old Dominion Freight Line from $220.00 to $260.00 and gave the stock a “buy” rating in a research note on Thursday, June 18th. Ten investment analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $223.04.

Insider Activity at Old Dominion Freight Line

In related news, Director Greg C. Gantt sold 22,107 shares of the firm’s 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 transaction, the director directly owned 88,551 shares of the company’s stock, valued at approximately $16,959,287.52. This trade represents a 19.98% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 10.00% of the stock is owned by company insiders.

Old Dominion Freight Line Profile

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.