Shine Investment Advisory Services Inc. lessened its holdings in shares of Old Dominion Freight Line (NASDAQ:ODFL) by 24.8% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 398 shares of the transportation company’s stock after selling 131 shares during the period. Shine Investment Advisory Services Inc.’s holdings in Old Dominion Freight Line were worth $59,000 as of its most recent SEC filing.
Other hedge funds have also made changes to their positions in the company. Cordasco Financial Network raised its position in shares of Old Dominion Freight Line by 77.2% in the 2nd quarter. Cordasco Financial Network now owns 179 shares of the transportation company’s stock worth $27,000 after purchasing an additional 78 shares during the last quarter. CWM LLC raised its position in shares of Old Dominion Freight Line by 42.5% in the 1st quarter. CWM LLC now owns 258 shares of the transportation company’s stock worth $37,000 after purchasing an additional 77 shares during the last quarter. Valeo Financial Advisors LLC purchased a new position in shares of Old Dominion Freight Line in the 1st quarter worth about $42,000. Huntington National Bank raised its position in shares of Old Dominion Freight Line by 240.8% in the 2nd quarter. Huntington National Bank now owns 409 shares of the transportation company’s stock worth $61,000 after purchasing an additional 289 shares during the last quarter. Finally, Hilton Capital Management LLC purchased a new position in shares of Old Dominion Freight Line in the 1st quarter worth about $80,000. Hedge funds and other institutional investors own 70.83% of the company’s stock.
Several equities analysts have recently issued reports on the company. ValuEngine raised Old Dominion Freight Line from a “hold” rating to a “buy” rating in a research report on Saturday, July 27th. Bank of America reaffirmed a “neutral” rating and issued a $150.00 price target (up previously from $144.00) on shares of Old Dominion Freight Line in a research report on Thursday, June 20th. Robert W. Baird set a $162.00 price target on Old Dominion Freight Line and gave the stock a “hold” rating in a research report on Friday, July 26th. Mizuho reaffirmed a “hold” rating and issued a $151.00 price target on shares of Old Dominion Freight Line in a research report on Tuesday, July 2nd. Finally, Citigroup lifted their price target on Old Dominion Freight Line from $145.00 to $155.00 and gave the stock a “neutral” rating in a research report on Thursday, April 11th. Nine investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $151.92.
NASDAQ:ODFL traded down $2.36 during mid-day trading on Wednesday, reaching $162.59. The company’s stock had a trading volume of 7,028 shares, compared to its average volume of 620,914. Old Dominion Freight Line has a 12-month low of $115.00 and a 12-month high of $170.22. The firm’s fifty day simple moving average is $153.33. The company has a current ratio of 1.92, a quick ratio of 2.19 and a debt-to-equity ratio of 0.02. The stock has a market capitalization of $13.29 billion, a PE ratio of 22.03, a P/E/G ratio of 2.39 and a beta of 1.49.
Old Dominion Freight Line (NASDAQ:ODFL) last issued its earnings results on Thursday, July 25th. The transportation company reported $2.16 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.11 by $0.05. Old Dominion Freight Line had a return on equity of 23.57% and a net margin of 15.48%. The business had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.08 billion. During the same quarter in the previous year, the firm earned $1.99 EPS. Old Dominion Freight Line’s revenue was up 2.6% on a year-over-year basis. On average, sell-side analysts anticipate that Old Dominion Freight Line will post 7.92 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 18th. Shareholders of record on Wednesday, September 4th will be given a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 0.42%. The ex-dividend date is Tuesday, September 3rd. Old Dominion Freight Line’s dividend payout ratio (DPR) is 9.21%.
Old Dominion Freight Line announced that its board has initiated a share buyback plan on Thursday, May 16th that permits the company to buyback $350.00 million in shares. This buyback authorization permits the transportation company to repurchase up to 2.9% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s leadership believes its stock is undervalued.
About Old Dominion Freight Line
Old Dominion Freight Line, Inc operates as a less-than-truckload (LTL) motor carrier in the United States and North America. It provides regional, inter-regional, and national LTL services, including expedited transportation. The company also offers various value-added services, such as container drayage, truckload brokerage, and supply chain consulting.
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