Royal London Asset Management Ltd. Lowers Position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Royal London Asset Management Ltd. trimmed its holdings in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 6.0% during the 2nd quarter, Holdings Channel reports. The fund owned 1,179,262 shares of the transportation company’s stock after selling 75,546 shares during the period. Royal London Asset Management Ltd.’s holdings in Old Dominion Freight Line were worth $208,258,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in ODFL. Trust Co. of Vermont bought a new position in shares of Old Dominion Freight Line during the fourth quarter valued at approximately $27,000. Farmers & Merchants Investments Inc. lifted its holdings in Old Dominion Freight Line by 100.0% during the first quarter. Farmers & Merchants Investments Inc. now owns 124 shares of the transportation company’s stock worth $27,000 after buying an additional 62 shares during the period. Atwood & Palmer Inc. boosted its position in Old Dominion Freight Line by 3,700.0% during the 2nd quarter. Atwood & Palmer Inc. now owns 152 shares of the transportation company’s stock valued at $27,000 after acquiring an additional 148 shares in the last quarter. Raleigh Capital Management Inc. purchased a new position in shares of Old Dominion Freight Line in the 4th quarter valued at $29,000. Finally, Fortitude Family Office LLC raised its position in shares of Old Dominion Freight Line by 103.0% in the 1st quarter. Fortitude Family Office LLC now owns 134 shares of the transportation company’s stock worth $29,000 after acquiring an additional 68 shares in the last quarter. Hedge funds and other institutional investors own 77.82% of the company’s stock.

Old Dominion Freight Line Stock Up 2.7 %

Shares of ODFL stock opened at $189.78 on Tuesday. The company has a current ratio of 1.46, a quick ratio of 1.46 and a debt-to-equity ratio of 0.01. Old Dominion Freight Line, Inc. has a twelve month low of $165.49 and a twelve month high of $227.80. The stock has a 50 day moving average of $194.31 and a 200 day moving average of $197.16. The stock has a market cap of $41.24 billion, a P/E ratio of 33.41, a P/E/G ratio of 3.83 and a beta of 0.99.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its earnings results on Wednesday, July 24th. The transportation company reported $1.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.45 by $0.03. Old Dominion Freight Line had a net margin of 21.38% and a return on equity of 30.33%. The firm had revenue of $1.50 billion during the quarter, compared to analysts’ expectations of $1.50 billion. During the same period in the previous year, the business posted $1.33 EPS. The business’s revenue was up 6.1% compared to the same quarter last year. As a group, sell-side analysts expect that Old Dominion Freight Line, Inc. will post 5.65 EPS for the current year.

Old Dominion Freight Line Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 18th. Stockholders of record on Wednesday, September 4th will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 0.55%. The ex-dividend date is Wednesday, September 4th. Old Dominion Freight Line’s payout ratio is currently 18.31%.

Analyst Ratings Changes

ODFL has been the subject of a number of recent research reports. Bank of America reduced their target price on shares of Old Dominion Freight Line from $210.00 to $206.00 and set a “neutral” rating for the company in a report on Friday. Morgan Stanley reduced their price target on Old Dominion Freight Line from $174.00 to $168.00 and set an “equal weight” rating on the stock in a research report on Monday, July 8th. Robert W. Baird upped their target price on Old Dominion Freight Line from $205.00 to $215.00 and gave the company an “outperform” rating in a research report on Thursday, July 25th. JPMorgan Chase & Co. lowered their price target on Old Dominion Freight Line from $193.00 to $189.00 and set a “neutral” rating for the company in a report on Friday. Finally, Stephens restated an “overweight” rating and set a $214.00 price objective on shares of Old Dominion Freight Line in a report on Thursday, September 5th. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Old Dominion Freight Line has an average rating of “Hold” and an average price target of $201.00.

Insider Transactions at Old Dominion Freight Line

In related news, Chairman David S. Congdon sold 10,000 shares of the company’s stock in a transaction dated 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 transaction, the chairman now owns 1,391,621 shares of the company’s stock, valued at approximately $271,602,670.57. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Old Dominion Freight Line news, Chairman David S. Congdon sold 10,000 shares of the firm’s 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 sale, the chairman now directly owns 1,391,621 shares of the company’s stock, valued at $271,602,670.57. The sale 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 business’s stock in a transaction that occurred on Monday, August 26th. The shares were 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 $282,146,307.30. The disclosure for this sale can be found here. Corporate insiders own 9.90% of the company’s stock.

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.