Mediolanum International Funds Ltd Trims Holdings in Old Dominion Freight Line, Inc. $ODFL

Mediolanum International Funds Ltd decreased its position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 90.8% during the first quarter, Holdings Channel.com reports. The fund owned 8,834 shares of the transportation company’s stock after selling 86,813 shares during the quarter. Mediolanum International Funds Ltd’s holdings in Old Dominion Freight Line were worth $1,676,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD increased its stake in shares of Old Dominion Freight Line by 14.1% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 14,223,960 shares of the transportation company’s stock worth $2,230,318,000 after purchasing an additional 1,761,511 shares in the last quarter. State Street Corp lifted its stake in shares of Old Dominion Freight Line by 0.9% during the 4th quarter. State Street Corp now owns 7,746,286 shares of the transportation company’s stock valued at $1,214,618,000 after buying an additional 70,736 shares in the last quarter. Boston Partners lifted its stake in shares of Old Dominion Freight Line by 98.4% during the 4th quarter. Boston Partners now owns 4,122,696 shares of the transportation company’s stock valued at $648,186,000 after buying an additional 2,044,434 shares in the last quarter. T. Rowe Price Investment Management Inc. lifted its stake in shares of Old Dominion Freight Line by 11.0% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 3,680,719 shares of the transportation company’s stock valued at $577,137,000 after buying an additional 365,424 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its holdings in Old Dominion Freight Line by 23.9% in the 4th quarter. Goldman Sachs Group Inc. now owns 3,314,157 shares of the transportation company’s stock worth $519,660,000 after buying an additional 639,769 shares during the period. Hedge funds and other institutional investors own 77.82% of the company’s stock.

Insider Transactions at Old Dominion Freight Line

In other news, Director Greg C. Gantt sold 22,107 shares of the company’s stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $191.52, for a total transaction of $4,233,932.64. Following the sale, the director directly owned 88,551 shares of the company’s stock, valued at $16,959,287.52. This represents a 19.98% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 10.00% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on ODFL shares. Robert W. Baird set a $229.00 price target on Old Dominion Freight Line and gave the company a “neutral” rating in a report on Tuesday, April 28th. JPMorgan Chase & Co. increased their target price on Old Dominion Freight Line from $197.00 to $234.00 and gave the stock a “neutral” rating in a research report on Monday, June 8th. Argus lifted their target price on Old Dominion Freight Line from $220.00 to $260.00 and gave the company a “buy” rating in a research note on Thursday, June 18th. Raymond James Financial reissued an “outperform” rating and issued a $241.00 price target (up from $224.00) on shares of Old Dominion Freight Line in a report on Monday, July 13th. Finally, TD Cowen restated a “hold” rating on shares of Old Dominion Freight Line in a research note on Wednesday, June 3rd. Ten investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $223.04.

Old Dominion Freight Line Stock Up 1.3%

Shares of Old Dominion Freight Line stock opened at $234.79 on Wednesday. The firm has a market cap of $48.83 billion, a price-to-earnings ratio of 49.12, a PEG ratio of 4.19 and a beta of 1.18. The business has a 50-day moving average price of $223.38 and a 200-day moving average price of $203.53. Old Dominion Freight Line, Inc. has a twelve month low of $126.01 and a twelve month high of $252.03.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its earnings results on Wednesday, April 29th. The transportation company reported $1.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.05 by $0.09. Old Dominion Freight Line had a return on equity of 23.42% and a net margin of 18.46%.The firm had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.31 billion. During the same period in the previous year, the firm posted $1.19 earnings per share. The business’s revenue was down 2.9% compared to the same quarter last year. On average, equities analysts expect that Old Dominion Freight Line, Inc. will post 5.55 EPS for the current fiscal year.

Old Dominion Freight Line Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 17th. Shareholders of record on Wednesday, June 3rd were paid a $0.29 dividend. The ex-dividend date of this dividend was Wednesday, June 3rd. This represents a $1.16 dividend on an annualized basis and a yield of 0.5%. Old Dominion Freight Line’s payout ratio is presently 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.