Old Dominion Freight Line, Inc. $ODFL Shares Sold by Resona Asset Management Co. Ltd.

Resona Asset Management Co. Ltd. decreased its position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 5.8% during the 4th quarter, Holdings Channel reports. The firm owned 63,458 shares of the transportation company’s stock after selling 3,913 shares during the quarter. Resona Asset Management Co. Ltd.’s holdings in Old Dominion Freight Line were worth $9,980,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in Old Dominion Freight Line by 2.2% in the third quarter. Vanguard Group Inc. now owns 23,252,921 shares of the transportation company’s stock valued at $3,273,546,000 after purchasing an additional 494,674 shares during the last quarter. CIBC Private Wealth Group LLC grew its holdings in Old Dominion Freight Line by 21.6% in the third quarter. CIBC Private Wealth Group LLC now owns 4,366,843 shares of the transportation company’s stock valued at $614,764,000 after purchasing an additional 776,004 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in Old Dominion Freight Line by 21.3% in the third quarter. JPMorgan Chase & Co. now owns 3,544,588 shares of the transportation company’s stock valued at $499,007,000 after purchasing an additional 622,275 shares during the last quarter. Boston Partners acquired a new stake in Old Dominion Freight Line in the third quarter valued at $292,599,000. Finally, Lazard Asset Management LLC grew its holdings in Old Dominion Freight Line by 6.2% in the third quarter. Lazard Asset Management LLC now owns 2,054,044 shares of the transportation company’s stock valued at $289,168,000 after purchasing an additional 120,564 shares during the last quarter. Institutional investors and hedge funds own 77.82% of the company’s stock.

Insider Activity

In related news, insider Earl E. Congdon sold 25,000 shares of the stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $196.13, for a total transaction of $4,903,250.00. Following the transaction, the insider directly owned 2,162,113 shares in the company, valued at approximately $424,055,222.69. This represents a 1.14% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Greg C. Gantt sold 22,107 shares of the stock in a transaction dated 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 owned 88,551 shares in the company, valued at $16,959,287.52. This trade represents a 19.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 10.00% of the company’s stock.

Analysts Set New Price Targets

Several research firms have weighed in on ODFL. Barclays set a $210.00 target price on Old Dominion Freight Line and gave the company an “equal weight” rating in a report on Thursday, April 30th. Susquehanna reissued a “neutral” rating and issued a $205.00 target price (up from $185.00) on shares of Old Dominion Freight Line in a report on Wednesday, February 11th. Deutsche Bank Aktiengesellschaft lowered Old Dominion Freight Line from a “buy” rating to a “hold” rating and set a $205.00 price objective on the stock. in a research note on Thursday, February 5th. Wall Street Zen raised Old Dominion Freight Line from a “sell” rating to a “hold” rating in a research note on Sunday, January 25th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Old Dominion Freight Line in a research note on Tuesday, April 14th. Eight research analysts have rated the stock with a Buy rating, sixteen have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $206.29.

Old Dominion Freight Line Stock Down 1.0%

ODFL opened at $207.69 on Friday. The firm has a market cap of $43.19 billion, a P/E ratio of 43.45, a PEG ratio of 4.30 and a beta of 1.17. Old Dominion Freight Line, Inc. has a 52 week low of $126.01 and a 52 week high of $233.79. The business’s fifty day simple moving average is $200.65 and its 200 day simple moving average is $179.03.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its quarterly earnings data on Wednesday, April 29th. The transportation company reported $1.14 EPS for the quarter, beating analysts’ consensus estimates of $1.05 by $0.09. The business had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.31 billion. Old Dominion Freight Line had a return on equity of 23.42% and a net margin of 18.46%.The business’s revenue for the quarter was down 2.9% compared to the same quarter last year. During the same quarter last year, the company earned $1.19 earnings per share. As a group, equities analysts expect that Old Dominion Freight Line, Inc. will post 5.32 EPS for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 17th. Investors of record on Wednesday, June 3rd will be given a dividend of $0.29 per share. The ex-dividend date is Wednesday, June 3rd. This represents a $1.16 annualized dividend and a yield of 0.6%. Old Dominion Freight Line’s dividend payout ratio is 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.