Allspring Global Investments Holdings LLC Cuts Stock Holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Allspring Global Investments Holdings LLC cut its holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 2.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 498,575 shares of the transportation company's stock after selling 13,984 shares during the period. Allspring Global Investments Holdings LLC owned about 0.23% of Old Dominion Freight Line worth $87,626,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Wellington Management Group LLP lifted its stake in shares of Old Dominion Freight Line by 109.5% during the 3rd quarter. Wellington Management Group LLP now owns 1,435,228 shares of the transportation company's stock worth $285,094,000 after acquiring an additional 750,073 shares during the last quarter. International Assets Investment Management LLC lifted its stake in shares of Old Dominion Freight Line by 19,764.0% during the 3rd quarter. International Assets Investment Management LLC now owns 685,308 shares of the transportation company's stock worth $136,130,000 after acquiring an additional 681,858 shares during the last quarter. Franklin Resources Inc. lifted its stake in shares of Old Dominion Freight Line by 74.8% during the 3rd quarter. Franklin Resources Inc. now owns 1,022,812 shares of the transportation company's stock worth $207,068,000 after acquiring an additional 437,700 shares during the last quarter. State Street Corp lifted its stake in shares of Old Dominion Freight Line by 3.8% during the 3rd quarter. State Street Corp now owns 7,633,531 shares of the transportation company's stock worth $1,516,324,000 after acquiring an additional 279,946 shares during the last quarter. Finally, Geode Capital Management LLC lifted its stake in shares of Old Dominion Freight Line by 6.0% during the 3rd quarter. Geode Capital Management LLC now owns 4,830,973 shares of the transportation company's stock worth $959,005,000 after acquiring an additional 275,236 shares during the last quarter. 77.82% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on ODFL shares. TD Cowen decreased their price target on 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. JPMorgan Chase & Co. raised their price objective on Old Dominion Freight Line from $186.00 to $205.00 and gave the stock a "neutral" rating in a report on Friday, December 6th. Stephens restated an "overweight" rating and set a $240.00 price objective on shares of Old Dominion Freight Line in a report on Thursday, February 6th. StockNews.com upgraded Old Dominion Freight Line from a "sell" rating to a "hold" rating in a report on Saturday. Finally, Evercore ISI raised their price objective on Old Dominion Freight Line from $199.00 to $202.00 and gave the stock an "in-line" rating in a report on Thursday, February 6th. One equities research analyst has rated the stock with a sell rating, seventeen have given a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Old Dominion Freight Line currently has an average rating of "Hold" and an average price target of $203.33.

Old Dominion Freight Line Stock Performance

ODFL traded down $0.05 on Friday, reaching $206.34. 1,274,115 shares of the stock were exchanged, compared to its average volume of 1,477,987. The company's 50-day moving average price is $189.35 and its 200 day moving average price is $197.82. Old Dominion Freight Line, Inc. has a fifty-two week low of $165.49 and a fifty-two week high of $233.26. 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 $44.05 billion, a PE ratio of 37.65, a PEG ratio of 5.30 and a beta of 1.05.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last issued its quarterly earnings results on Wednesday, February 5th. The transportation company reported $1.23 EPS for the quarter, topping analysts' consensus estimates of $1.17 by $0.06. Old Dominion Freight Line had a return on equity of 28.02% and a net margin of 20.40%. As a group, sell-side analysts forecast that Old Dominion Freight Line, Inc. will post 5.69 EPS for the current fiscal year.

Old Dominion Freight Line Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 5th will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 0.54%. The ex-dividend date is Wednesday, March 5th. This is a boost from Old Dominion Freight Line's previous quarterly dividend of $0.26. Old Dominion Freight Line's payout ratio is 18.98%.

Old Dominion Freight Line Company 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.