Canal Capital Management LLC Has $110.44 Million Stock Holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Canal Capital Management LLC trimmed its position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 5.5% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 555,954 shares of the transportation company’s stock after selling 32,155 shares during the quarter. Old Dominion Freight Line makes up approximately 17.6% of Canal Capital Management LLC’s holdings, making the stock its largest position. Canal Capital Management LLC owned 0.26% of Old Dominion Freight Line worth $110,435,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in ODFL. Sequoia Financial Advisors LLC increased its stake in shares of Old Dominion Freight Line by 8.6% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 4,962 shares of the transportation company’s stock worth $876,000 after acquiring an additional 395 shares in the last quarter. Chevy Chase Trust Holdings LLC increased its stake in shares of Old Dominion Freight Line by 98.3% during the first quarter. Chevy Chase Trust Holdings LLC now owns 100,892 shares of the transportation company’s stock valued at $22,127,000 after purchasing an additional 50,019 shares in the last quarter. Truist Financial Corp lifted its holdings in shares of Old Dominion Freight Line by 7.6% during the second quarter. Truist Financial Corp now owns 106,193 shares of the transportation company’s stock valued at $18,754,000 after purchasing an additional 7,460 shares during the last quarter. Forsta AP Fonden lifted its holdings in shares of Old Dominion Freight Line by 65.0% during the first quarter. Forsta AP Fonden now owns 39,600 shares of the transportation company’s stock valued at $8,685,000 after purchasing an additional 15,600 shares during the last quarter. Finally, Sei Investments Co. boosted its position in shares of Old Dominion Freight Line by 98.6% in the 1st quarter. Sei Investments Co. now owns 43,188 shares of the transportation company’s stock worth $9,471,000 after purchasing an additional 21,438 shares in the last quarter. Hedge funds and other institutional investors own 77.82% of the company’s stock.

Old Dominion Freight Line Trading Up 0.8 %

Old Dominion Freight Line stock opened at $193.26 on Friday. The company has a quick ratio of 1.46, a current ratio of 1.46 and a debt-to-equity ratio of 0.01. The company has a market cap of $41.99 billion, a P/E ratio of 32.87, a P/E/G ratio of 4.20 and a beta of 0.99. The business has a 50-day simple moving average of $195.58 and a two-hundred day simple moving average of $190.85. Old Dominion Freight Line, Inc. has a 52-week low of $165.49 and a 52-week high of $227.80.

Old Dominion Freight Line (NASDAQ:ODFL) last released its quarterly earnings results on Wednesday, October 23rd. The transportation company reported $1.43 earnings per share for the quarter, topping the consensus estimate of $1.42 by $0.01. Old Dominion Freight Line had a net margin of 21.38% and a return on equity of 30.33%. The business had revenue of $1.47 billion for the quarter, compared to the consensus estimate of $1.49 billion. During the same period last year, the firm earned $1.54 earnings per share. The company’s quarterly revenue was down 3.0% on a year-over-year basis. Analysts predict that Old Dominion Freight Line, Inc. will post 5.56 EPS for the current year.

Old Dominion Freight Line Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Wednesday, December 4th will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 0.54%. The ex-dividend date is Wednesday, December 4th. Old Dominion Freight Line’s dividend payout ratio is presently 17.82%.

Insiders Place Their Bets

In other news, Chairman David S. Congdon sold 10,000 shares of Old Dominion Freight Line stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $195.17, for a total transaction of $1,951,700.00. Following the transaction, the chairman now directly owns 1,391,621 shares of the company’s stock, valued at $271,602,670.57. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Chairman David S. Congdon sold 10,000 shares of the firm’s stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $195.17, for a total transaction of $1,951,700.00. Following the sale, the chairman now directly owns 1,391,621 shares in the company, valued at $271,602,670.57. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman David S. Congdon sold 29,975 shares of the stock in a transaction on Monday, August 26th. The stock was 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 trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 9.90% of the company’s stock.

Analyst Upgrades and Downgrades

ODFL has been the subject of a number of recent research reports. The Goldman Sachs Group lowered their price objective on Old Dominion Freight Line from $228.00 to $216.00 and set a “neutral” rating for the company in a research note on Wednesday, October 9th. Citigroup started coverage on Old Dominion Freight Line in a research report on Wednesday, October 9th. They issued a “neutral” rating and a $206.00 price target for the company. TD Cowen cut their price objective on shares of Old Dominion Freight Line from $203.00 to $196.00 and set a “hold” rating on the stock in a research report on Thursday. Raymond James raised their price objective on shares of Old Dominion Freight Line from $190.00 to $209.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. Finally, Robert W. Baird dropped their target price on shares of Old Dominion Freight Line from $204.00 to $200.00 and set an “outperform” rating on the stock in a research note on Thursday. One investment analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $196.39.

Old Dominion Freight Line Company 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.