Parnassus Investments LLC Cuts Position in Old Dominion Freight Line, Inc. $ODFL

Parnassus Investments LLC decreased its position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 57.5% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 177,577 shares of the transportation company’s stock after selling 240,675 shares during the period. Parnassus Investments LLC owned approximately 0.08% of Old Dominion Freight Line worth $24,999,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in ODFL. Financial Gravity Companies Inc. purchased a new position in shares of Old Dominion Freight Line during the 2nd quarter valued at about $26,000. E Fund Management Hong Kong Co. Ltd. raised its stake in shares of 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 worth $27,000 after acquiring an additional 123 shares in the last quarter. Rossby Financial LCC bought a new stake in shares of Old Dominion Freight Line in the 2nd quarter worth approximately $28,000. Chilton Capital Management LLC purchased a new stake in shares of Old Dominion Freight Line in the 2nd quarter valued at $47,000. Finally, Blue Trust Inc. grew its holdings in shares of Old Dominion Freight Line by 65.5% during the 2nd quarter. Blue Trust Inc. now owns 412 shares of the transportation company’s stock valued at $67,000 after purchasing an additional 163 shares during the last quarter. Institutional investors own 77.82% of the company’s stock.

Old Dominion Freight Line Trading Up 1.2%

NASDAQ ODFL opened at $173.13 on Friday. The stock’s 50 day moving average is $148.62 and its 200 day moving average is $149.68. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 0.02. The firm has a market capitalization of $36.20 billion, a PE ratio of 34.84, a P/E/G ratio of 8.32 and a beta of 1.27. Old Dominion Freight Line, Inc. has a twelve month low of $126.01 and a twelve month high of $209.61.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its earnings results on Wednesday, October 29th. The transportation company reported $1.28 EPS for the quarter, beating analysts’ consensus estimates of $1.22 by $0.06. The firm had revenue of $1.41 billion for the quarter, compared to analysts’ expectations of $1.41 billion. Old Dominion Freight Line had a net margin of 18.97% and a return on equity of 24.92%. The company’s quarterly revenue was down 4.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.43 EPS. Research analysts forecast that Old Dominion Freight Line, Inc. will post 5.68 earnings per share for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, December 17th. Stockholders of record on Wednesday, December 3rd were issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 0.6%. The ex-dividend date was Wednesday, December 3rd. Old Dominion Freight Line’s dividend payout ratio (DPR) is presently 22.54%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on ODFL shares. The Goldman Sachs Group cut their price target on shares of Old Dominion Freight Line from $186.00 to $181.00 in a research report on Thursday, October 30th. Stifel Nicolaus set a $173.00 target price on shares of Old Dominion Freight Line and gave the stock a “buy” rating in a report on Tuesday, December 16th. Jefferies Financial Group upped their price target on shares of Old Dominion Freight Line from $150.00 to $160.00 and gave the company a “hold” rating in a report on Friday, December 19th. Weiss Ratings reissued a “hold (c-)” rating on shares of Old Dominion Freight Line in a report on Wednesday, October 8th. Finally, UBS Group upped their price objective on shares of Old Dominion Freight Line from $155.00 to $164.00 and gave the company a “neutral” rating in a research note on Friday, October 3rd. Ten investment analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and five have given a Sell rating to the company. According to MarketBeat.com, Old Dominion Freight Line presently has an average rating of “Hold” and an average price target of $160.00.

Old Dominion Freight Line Company Profile

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.