Primecap Management Co. CA Trims Holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Primecap Management Co. CA cut its position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 4.1% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 47,300 shares of the transportation company’s stock after selling 2,000 shares during the quarter. Primecap Management Co. CA’s holdings in Old Dominion Freight Line were worth $9,396,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. Foundations Investment Advisors LLC lifted its position in Old Dominion Freight Line by 0.6% during the second quarter. Foundations Investment Advisors LLC now owns 9,124 shares of the transportation company’s stock worth $1,611,000 after buying an additional 54 shares during the period. Advisors Asset Management Inc. lifted its holdings in shares of Old Dominion Freight Line by 0.5% during the 3rd quarter. Advisors Asset Management Inc. now owns 10,888 shares of the transportation company’s stock worth $2,163,000 after acquiring an additional 55 shares during the period. Conning Inc. boosted its position in shares of Old Dominion Freight Line by 5.8% in the second quarter. Conning Inc. now owns 1,164 shares of the transportation company’s stock worth $206,000 after acquiring an additional 64 shares during the last quarter. B. Riley Wealth Advisors Inc. grew its holdings in Old Dominion Freight Line by 4.6% in the first quarter. B. Riley Wealth Advisors Inc. now owns 1,492 shares of the transportation company’s stock valued at $327,000 after purchasing an additional 66 shares during the period. Finally, Quent Capital LLC increased its position in Old Dominion Freight Line by 5.5% during the second quarter. Quent Capital LLC now owns 1,277 shares of the transportation company’s stock worth $226,000 after purchasing an additional 67 shares during the last quarter. Institutional investors and hedge funds own 77.82% of the company’s stock.

Old Dominion Freight Line Stock Performance

Shares of ODFL stock opened at $220.25 on Friday. The company’s fifty day moving average price is $203.84 and its two-hundred day moving average price is $192.39. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.33 and a quick ratio of 1.33. The firm has a market capitalization of $47.02 billion, a P/E ratio of 38.51, a P/E/G ratio of 4.43 and a beta of 0.99. Old Dominion Freight Line, Inc. has a 12 month low of $165.49 and a 12 month high of $233.26.

Old Dominion Freight Line (NASDAQ:ODFL) last released its quarterly earnings results on Wednesday, October 23rd. The transportation company reported $1.43 EPS for the quarter, topping the consensus estimate of $1.42 by $0.01. Old Dominion Freight Line had a return on equity of 29.40% and a net margin of 21.03%. The business had revenue of $1.47 billion for the quarter, compared to analysts’ expectations of $1.49 billion. During the same quarter in the previous year, the firm posted $1.54 earnings per share. The company’s revenue was down 3.0% compared to the same quarter last year. On average, research analysts anticipate that Old Dominion Freight Line, Inc. will post 5.43 earnings per share for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Wednesday, December 4th will be given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.47%. The ex-dividend date is Wednesday, December 4th. Old Dominion Freight Line’s payout ratio is currently 18.18%.

Insider Buying and Selling

In other news, Director Leo H. Suggs sold 3,000 shares of Old Dominion Freight Line stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $225.44, for a total value of $676,320.00. Following the completion of the transaction, the director now owns 7,383 shares in the company, valued at approximately $1,664,423.52. This trade represents a 28.89 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman David S. Congdon sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $195.17, for a total value of $1,951,700.00. Following the sale, the chairman now directly owns 1,391,621 shares in the company, valued at approximately $271,602,670.57. This represents a 0.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 49,975 shares of company stock worth $10,062,478. Insiders own 9.90% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on ODFL. TD Cowen lowered their price objective on shares of Old Dominion Freight Line from $203.00 to $196.00 and set a “hold” rating for the company in a research note on Thursday, October 24th. Stifel Nicolaus downgraded Old Dominion Freight Line from a “buy” rating to a “hold” rating and lowered their price target for the company from $209.00 to $197.00 in a research report on Monday, October 21st. JPMorgan Chase & Co. dropped their price target on Old Dominion Freight Line from $193.00 to $189.00 and set a “neutral” rating for the company in a research note on Friday, September 6th. Stephens reaffirmed an “overweight” rating and issued a $214.00 price objective on shares of Old Dominion Freight Line in a research note on Thursday, September 5th. Finally, Susquehanna dropped their target price on shares of Old Dominion Freight Line from $225.00 to $218.00 and set a “positive” rating for the company in a research report on Thursday, October 24th. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Old Dominion Freight Line currently has a consensus rating of “Hold” and a consensus price target of $200.00.

About Old Dominion Freight Line

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.