Aberdeen Group plc Trims Stock Position in Old Dominion Freight Line, Inc. $ODFL

Aberdeen Group plc decreased its holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 10.2% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 106,179 shares of the transportation company’s stock after selling 12,046 shares during the quarter. Aberdeen Group plc’s holdings in Old Dominion Freight Line were worth $14,948,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Financial Gravity Companies Inc. purchased a new position in shares of Old Dominion Freight Line during the 2nd quarter worth $26,000. Rossby Financial LCC bought a new position in Old Dominion Freight Line in the 2nd quarter worth $28,000. E Fund Management Hong Kong Co. Ltd. lifted its position in Old Dominion Freight Line by 175.7% during the third quarter. E Fund Management Hong Kong Co. Ltd. now owns 193 shares of the transportation company’s stock valued at $27,000 after purchasing an additional 123 shares in the last quarter. Westside Investment Management Inc. grew its holdings in Old Dominion Freight Line by 100.0% during the third quarter. Westside Investment Management Inc. now owns 196 shares of the transportation company’s stock valued at $27,000 after purchasing an additional 98 shares during the period. Finally, Chilton Capital Management LLC purchased a new stake in Old Dominion Freight Line in the second quarter worth about $47,000. 77.82% of the stock is owned by hedge funds and other institutional investors.

Old Dominion Freight Line Stock Up 0.3%

ODFL opened at $193.81 on Thursday. Old Dominion Freight Line, Inc. has a 52 week low of $126.01 and a 52 week high of $208.74. The firm has a 50-day simple moving average of $173.61 and a two-hundred day simple moving average of $153.62. The company has a market capitalization of $40.53 billion, a PE ratio of 40.13, a price-to-earnings-growth ratio of 9.64 and a beta of 1.28.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its quarterly earnings results on Wednesday, February 4th. The transportation company reported $1.09 EPS for the quarter, beating analysts’ consensus estimates of $1.06 by $0.03. The company had revenue of $1.31 billion during the quarter, compared to analyst estimates of $1.30 billion. Old Dominion Freight Line had a return on equity of 24.03% and a net margin of 18.62%.The firm’s revenue was down 5.7% on a year-over-year basis. During the same period in the prior year, the company earned $1.23 earnings per share. As a group, sell-side analysts expect that Old Dominion Freight Line, Inc. will post 5.68 earnings per share for the current year.

Old Dominion Freight Line Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, March 18th. Investors of record on Wednesday, March 4th will be issued a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.6%. This is a boost from Old Dominion Freight Line’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend is Wednesday, March 4th. Old Dominion Freight Line’s payout ratio is 23.19%.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. Zacks Research raised Old Dominion Freight Line from a “strong sell” rating to a “hold” rating in a research report on Tuesday, February 10th. Wolfe Research set a $138.00 price target on shares of Old Dominion Freight Line in a report on Thursday, January 8th. The Goldman Sachs Group reiterated a “buy” rating and issued a $195.00 price target on shares of Old Dominion Freight Line in a research report on Wednesday, February 4th. Susquehanna restated a “neutral” rating and set a $205.00 price objective (up from $185.00) on shares of Old Dominion Freight Line in a research report on Wednesday, February 11th. Finally, Morgan Stanley restated an “overweight” rating and set a $209.00 target price (up previously from $190.00) on shares of Old Dominion Freight Line in a research note on Wednesday, February 4th. Nine research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and four have given a Sell rating to the company. According to MarketBeat.com, Old Dominion Freight Line currently has an average rating of “Hold” and a consensus target price of $189.88.

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.