Bridges Investment Management Inc. Sells 6,467 Shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Bridges Investment Management Inc. lowered its position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 0.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 688,153 shares of the transportation company’s stock after selling 6,467 shares during the period. Old Dominion Freight Line comprises about 1.7% of Bridges Investment Management Inc.’s holdings, making the stock its 17th largest holding. Bridges Investment Management Inc. owned approximately 0.32% of Old Dominion Freight Line worth $121,390,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in ODFL. abrdn plc increased its holdings in shares of Old Dominion Freight Line by 15.8% in the third quarter. abrdn plc now owns 61,078 shares of the transportation company’s stock worth $12,104,000 after buying an additional 8,329 shares during the period. First Trust Direct Indexing L.P. boosted its position in shares of Old Dominion Freight Line by 16.4% in the 3rd quarter. First Trust Direct Indexing L.P. now owns 5,706 shares of the transportation company’s stock worth $1,133,000 after purchasing an additional 806 shares in the last quarter. Financial Advocates Investment Management boosted its position in shares of Old Dominion Freight Line by 5.8% in the 3rd quarter. Financial Advocates Investment Management now owns 2,396 shares of the transportation company’s stock worth $476,000 after purchasing an additional 132 shares in the last quarter. Stephens Inc. AR lifted its position in Old Dominion Freight Line by 7.9% in the 3rd quarter. Stephens Inc. AR now owns 7,456 shares of the transportation company’s stock valued at $1,481,000 after acquiring an additional 548 shares in the last quarter. Finally, Farther Finance Advisors LLC lifted its position in Old Dominion Freight Line by 21.8% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,657 shares of the transportation company’s stock valued at $329,000 after acquiring an additional 297 shares in the last quarter. Institutional investors own 77.82% of the company’s stock.

Old Dominion Freight Line Stock Up 1.0 %

ODFL stock opened at $176.50 on Friday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.33 and a current ratio of 1.33. Old Dominion Freight Line, Inc. has a one year low of $165.49 and a one year high of $233.26. The company has a fifty day moving average of $187.56 and a 200-day moving average of $197.25. The stock has a market capitalization of $37.68 billion, a PE ratio of 32.21, a price-to-earnings-growth ratio of 2.89 and a beta of 1.05.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its earnings results on Wednesday, February 5th. The transportation company reported $1.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.17 by $0.06. Old Dominion Freight Line had a net margin of 20.40% and a return on equity of 28.02%. As a group, analysts expect that Old Dominion Freight Line, Inc. will post 5.68 EPS 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 19th. Shareholders of record on Wednesday, March 5th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Wednesday, March 5th. This represents a $1.12 dividend on an annualized basis and a yield of 0.63%. This is a boost from Old Dominion Freight Line’s previous quarterly dividend of $0.26. Old Dominion Freight Line’s payout ratio is presently 18.98%.

Analyst Ratings Changes

A number of equities research analysts have weighed in on ODFL shares. The Goldman Sachs Group boosted their target price on shares of Old Dominion Freight Line from $213.00 to $235.00 and gave the company a “neutral” rating in a research note on Thursday, December 12th. Stephens reissued an “overweight” rating and issued a $240.00 price objective on shares of Old Dominion Freight Line in a research note on Thursday, February 6th. Wells Fargo & Company cut their price objective on shares of Old Dominion Freight Line from $195.00 to $185.00 and set an “underweight” rating on the stock in a report on Tuesday, January 7th. Susquehanna reiterated a “neutral” rating and set a $195.00 price objective (down from $218.00) on shares of Old Dominion Freight Line in a research note on Tuesday, January 7th. Finally, Barclays decreased their target price on shares of Old Dominion Freight Line from $220.00 to $210.00 and set an “equal weight” rating for the company in a research report on Friday, January 17th. One research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $203.72.

About Old Dominion Freight Line

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.