Old Dominion Freight Line, Inc. $ODFL Stock: Sumitomo Mitsui Trust Group Inc. Trims Stake

Sumitomo Mitsui Trust Group Inc. cut its holdings in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 1.3% in the 3rd quarter, HoldingsChannel reports. The firm owned 446,224 shares of the transportation company’s stock after selling 5,962 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Old Dominion Freight Line were worth $77,572,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in ODFL. Bell Investment Advisors Inc purchased a new position in Old Dominion Freight Line in the second quarter valued at about $25,000. Solstein Capital LLC bought a new stake in shares of Old Dominion Freight Line in the 2nd quarter worth approximately $26,000. Annis Gardner Whiting Capital Advisors LLC raised its holdings in shares of Old Dominion Freight Line by 80.5% in the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 139 shares of the transportation company’s stock worth $27,000 after purchasing an additional 62 shares during the period. EFG International AG purchased a new stake in Old Dominion Freight Line in the second quarter worth $29,000. Finally, Transamerica Financial Advisors LLC bought a new stake in shares of Old Dominion Freight Line in the second quarter valued at $30,000. 77.82% of the stock is owned by hedge funds and other institutional investors.

Old Dominion Freight Line Price Performance

NASDAQ ODFL opened at $177.68 on Wednesday. The company’s 50 day simple moving average is $182.47 and its two-hundred day simple moving average is $201.51. Old Dominion Freight Line, Inc. has a 1 year low of $126.01 and a 1 year high of $252.03. The stock has a market capitalization of $36.84 billion, a PE ratio of 31.96, a P/E/G ratio of 2.88 and a beta of 1.14.

Old Dominion Freight Line (NASDAQ:ODFL) last released its quarterly earnings results on Wednesday, October 28th. The transportation company reported $1.65 earnings per share for the quarter, topping the consensus estimate of $1.61 by $0.04. Old Dominion Freight Line had a net margin of 20.08% and a return on equity of 25.92%. The firm had revenue of $1.59 billion for the quarter, compared to analysts’ expectations of $1.57 billion. During the same quarter in the prior year, the firm posted $1.28 earnings per share. The business’s quarterly revenue was up 13.1% on a year-over-year basis. On average, research analysts anticipate that Old Dominion Freight Line, Inc. will post 5.93 EPS for the current year.

Old Dominion Freight Line Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 16th. Investors of record on Wednesday, December 2nd will be given a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a yield of 0.7%. The ex-dividend date is Wednesday, December 2nd. Old Dominion Freight Line’s payout ratio is presently 20.86%.

Analyst Ratings Changes

Several research firms have recently weighed in on ODFL. BMO Capital Markets set a $235.00 price target on Old Dominion Freight Line in a research note on Wednesday, October 7th. Zacks Research lowered shares of Old Dominion Freight Line from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 28th. Stifel Nicolaus reduced their target price on shares of Old Dominion Freight Line from $230.00 to $224.00 and set a “buy” rating for the company in a research note on Thursday, October 29th. The Goldman Sachs Group reissued a “buy” rating and issued a $244.00 price target (up from $235.00) on shares of Old Dominion Freight Line in a research report on Wednesday, July 29th. Finally, Wolfe Research upgraded shares of Old Dominion Freight Line from an “underperform” rating to a “peer perform” rating in a research note on Wednesday, October 7th. Ten research analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Old Dominion Freight Line presently has a consensus rating of “Hold” and a consensus target price of $217.30.

Insiders Place Their Bets

In other Old Dominion Freight Line news, SVP Cecil Overbey, Jr. sold 19,952 shares of the firm’s stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $198.39, for a total value of $3,958,277.28. Following the sale, the senior vice president owned 22,746 shares of the company’s stock, valued at $4,512,578.94. This trade represents a 46.73% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 8.20% of the stock is owned by corporate insiders.

Old Dominion Freight Line Company Profile

Old Dominion Freight Line, Inc is a transportation company specializing in less-than-truckload (LTL) freight services. It transports shipments that do not require a full truck, serving business customers across a range of industries with regional, interregional and national freight transportation.

The company’s services include pickup and delivery, expedited transportation, container drayage and supply-chain solutions. Old Dominion also provides shipment tracking and other technology-enabled tools designed to support freight visibility and customer logistics management.

Founded in 1934 by Earl Congdon, Old Dominion Freight Line is headquartered in Thomasville, North Carolina.