Bank of New York Mellon Corp Lowers Stock Position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Bank of New York Mellon Corp cut its holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 3.8% during the fourth quarter, Holdings Channel reports. The institutional investor owned 5,873,169 shares of the transportation company’s stock after selling 230,403 shares during the quarter. Bank of New York Mellon Corp’s holdings in Old Dominion Freight Line were worth $1,036,027,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Y Intercept Hong Kong Ltd purchased a new stake in Old Dominion Freight Line in the fourth quarter worth about $7,359,000. World Equity Group Inc. purchased a new position in shares of Old Dominion Freight Line during the fourth quarter valued at approximately $231,000. Howard Capital Management Inc. boosted its position in shares of Old Dominion Freight Line by 2.7% in the 4th quarter. Howard Capital Management Inc. now owns 5,483 shares of the transportation company’s stock worth $967,000 after purchasing an additional 145 shares in the last quarter. ST. Nicholas Private Asset Management Inc. purchased a new stake in shares of Old Dominion Freight Line in the 4th quarter worth approximately $5,591,000. Finally, Deseret Mutual Benefit Administrators increased its position in Old Dominion Freight Line by 25.0% during the 4th quarter. Deseret Mutual Benefit Administrators now owns 495 shares of the transportation company’s stock valued at $87,000 after buying an additional 99 shares in the last quarter. 77.82% of the stock is currently owned by institutional investors.

Old Dominion Freight Line Stock Up 0.9 %

ODFL stock opened at $181.97 on Tuesday. The business’s 50-day moving average price is $188.62 and its 200-day moving average price is $197.74. The stock has a market cap of $38.85 billion, a P/E ratio of 33.21, a PEG ratio of 2.89 and a beta of 1.05. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.01. Old Dominion Freight Line, Inc. has a twelve month low of $165.49 and a twelve month high of $233.26.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its quarterly earnings results on Wednesday, February 5th. The transportation company reported $1.23 earnings per share for the quarter, beating the consensus estimate of $1.17 by $0.06. Old Dominion Freight Line had a net margin of 20.40% and a return on equity of 28.02%. On average, equities research analysts forecast that Old Dominion Freight Line, Inc. will post 5.68 EPS for the current year.

Old Dominion Freight Line Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th will be issued a $0.28 dividend. The ex-dividend date of this dividend is Wednesday, March 5th. This represents a $1.12 annualized dividend and a yield of 0.62%. This is an increase from Old Dominion Freight Line’s previous quarterly dividend of $0.26. Old Dominion Freight Line’s dividend payout ratio is currently 18.98%.

Wall Street Analysts Forecast Growth

ODFL has been the topic of several analyst reports. Citigroup boosted their target price on Old Dominion Freight Line from $201.00 to $241.00 and gave the stock a “neutral” rating in a report on Tuesday, November 12th. Morgan Stanley upped their price target on shares of Old Dominion Freight Line from $165.00 to $170.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 6th. Barclays reduced their price objective on shares of Old Dominion Freight Line from $220.00 to $210.00 and set an “equal weight” rating for the company in a research note on Friday, January 17th. Jefferies Financial Group lifted their target price on shares of Old Dominion Freight Line from $185.00 to $190.00 and gave the stock a “hold” rating in a report on Friday, January 10th. Finally, Evercore ISI increased their price target on shares of Old Dominion Freight Line from $199.00 to $202.00 and gave the company an “in-line” rating in a report on Thursday, February 6th. One investment analyst has rated the stock with a sell rating, sixteen have issued a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Old Dominion Freight Line has a consensus rating of “Hold” and a consensus price target of $203.72.

Old Dominion Freight Line Profile

Old Dominion Freight Line, Inc operates as a less-than-truckload motor carrier in the United States and North America. The company offers regional, inter-regional, and national less-than-truckload services, as well as expedited transportation. It also provides various value-added services, including container drayage, truckload brokerage, and supply chain consulting.