Castleark Management LLC Lowers Position in Old Dominion Freight Line, Inc. $ODFL

Castleark Management LLC trimmed its holdings in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 64.6% during the 1st quarter, Holdings Channel reports. The fund owned 33,910 shares of the transportation company’s stock after selling 61,820 shares during the period. Castleark Management LLC’s holdings in Old Dominion Freight Line were worth $6,626,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in ODFL. Waterfront Wealth Inc. purchased a new stake in Old Dominion Freight Line during the fourth quarter worth $1,430,000. Baillie Gifford & Co. purchased a new position in shares of Old Dominion Freight Line in the 4th quarter valued at $13,322,000. AustralianSuper Pty Ltd increased its holdings in shares of Old Dominion Freight Line by 955.4% in the 4th quarter. AustralianSuper Pty Ltd now owns 75,005 shares of the transportation company’s stock valued at $11,761,000 after acquiring an additional 67,898 shares during the period. Summitry LLC raised its position in shares of Old Dominion Freight Line by 5.4% in the 4th quarter. Summitry LLC now owns 218,175 shares of the transportation company’s stock worth $34,210,000 after acquiring an additional 11,223 shares in the last quarter. Finally, Partners Group Holding AG raised its position in shares of Old Dominion Freight Line by 37.0% in the 4th quarter. Partners Group Holding AG now owns 194,631 shares of the transportation company’s stock worth $30,518,000 after acquiring an additional 52,514 shares in the last quarter. Hedge funds and other institutional investors own 77.82% of the company’s stock.

Old Dominion Freight Line Stock Performance

NASDAQ:ODFL opened at $232.99 on Monday. Old Dominion Freight Line, Inc. has a twelve month low of $126.01 and a twelve month high of $252.03. The company has a market cap of $48.45 billion, a PE ratio of 48.74, a P/E/G ratio of 4.21 and a beta of 1.18. The company’s 50 day moving average is $225.49 and its two-hundred day moving average is $205.06.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its quarterly earnings results on Wednesday, April 29th. The transportation company reported $1.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.05 by $0.09. Old Dominion Freight Line had a net margin of 18.46% and a return on equity of 23.42%. The business had revenue of $1.33 billion during the quarter, compared to analysts’ expectations of $1.31 billion. During the same quarter last year, the company posted $1.19 earnings per share. The business’s quarterly revenue was down 2.9% on a year-over-year basis. As a group, analysts expect that Old Dominion Freight Line, Inc. will post 5.56 EPS for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 16th. Investors of record on Wednesday, September 2nd will be given a $0.29 dividend. This represents a $1.16 annualized dividend and a dividend yield of 0.5%. The ex-dividend date of this dividend is Wednesday, September 2nd. Old Dominion Freight Line’s dividend payout ratio is presently 24.27%.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on ODFL. BMO Capital Markets restated an “outperform” rating and set a $230.00 price objective on shares of Old Dominion Freight Line in a research note on Thursday, June 4th. Citigroup upgraded Old Dominion Freight Line from a “sell” rating to a “neutral” rating and set a $228.00 target price on the stock in a research note on Thursday, July 9th. UBS Group boosted their target price on shares of Old Dominion Freight Line from $216.00 to $224.00 and gave the stock a “neutral” rating in a report on Tuesday, July 7th. Morgan Stanley reissued an “equal weight” rating and set a $245.00 price target (up from $235.00) on shares of Old Dominion Freight Line in a research report on Monday, July 6th. Finally, Raymond James Financial restated 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. Ten investment analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Old Dominion Freight Line has an average rating of “Hold” and an average price target of $223.04.

Insider Transactions at Old Dominion Freight Line

In related news, Director Greg C. Gantt sold 22,107 shares of the firm’s stock in a transaction on Monday, May 4th. The stock was sold at an average price of $191.52, for a total value of $4,233,932.64. Following the completion of the transaction, the director owned 88,551 shares in the company, valued at $16,959,287.52. This trade represents a 19.98% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 10.00% of the stock is owned by company insiders.

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.