Clearbridge Investments LLC Sells 167,295 Shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Clearbridge Investments LLC lessened its holdings in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 15.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 889,196 shares of the transportation company's stock after selling 167,295 shares during the period. Clearbridge Investments LLC owned 0.42% of Old Dominion Freight Line worth $156,854,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Schroder Investment Management Group raised its stake in Old Dominion Freight Line by 164.7% during the 4th quarter. Schroder Investment Management Group now owns 199,355 shares of the transportation company's stock valued at $35,342,000 after acquiring an additional 124,052 shares in the last quarter. Allstate Corp bought a new stake in shares of Old Dominion Freight Line during the fourth quarter valued at about $1,004,000. Pictet Asset Management Holding SA lifted its holdings in Old Dominion Freight Line by 11.2% in the fourth quarter. Pictet Asset Management Holding SA now owns 117,502 shares of the transportation company's stock worth $20,727,000 after purchasing an additional 11,823 shares during the period. Norges Bank bought a new position in Old Dominion Freight Line in the 4th quarter valued at about $494,916,000. Finally, Caisse Des Depots ET Consignations acquired a new position in Old Dominion Freight Line during the 4th quarter valued at about $465,000. 77.82% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on ODFL. Wells Fargo & Company reduced their price target on shares of Old Dominion Freight Line from $185.00 to $160.00 and set an "underweight" rating for the company in a research note on Thursday, March 27th. Truist Financial started coverage on Old Dominion Freight Line in a research note on Thursday, March 13th. They set a "buy" rating and a $220.00 price target for the company. Susquehanna dropped their price objective on Old Dominion Freight Line from $210.00 to $171.00 and set a "neutral" rating on the stock in a research note on Monday. The Goldman Sachs Group upped their price objective on Old Dominion Freight Line from $213.00 to $235.00 and gave the company a "neutral" rating in a report on Thursday, December 12th. Finally, Citigroup lowered their target price on Old Dominion Freight Line from $205.00 to $186.00 and set a "neutral" rating on the stock in a report on Tuesday, March 4th. Two research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $199.70.

Old Dominion Freight Line Trading Down 2.4 %

Shares of Old Dominion Freight Line stock traded down $3.69 on Friday, hitting $152.06. 3,326,316 shares of the company's stock traded hands, compared to its average volume of 1,642,745. Old Dominion Freight Line, Inc. has a one year low of $147.06 and a one year 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 stock has a market capitalization of $32.32 billion, a PE ratio of 27.75, a price-to-earnings-growth ratio of 2.89 and a beta of 1.10. The firm's 50-day moving average price is $179.81 and its two-hundred day moving average price is $192.53.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last issued its quarterly earnings data on Wednesday, February 5th. The transportation company reported $1.23 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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, research analysts expect that Old Dominion Freight Line, Inc. will post 5.68 EPS for the current fiscal year.

Old Dominion Freight Line Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th were issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.74%. This is a positive change from Old Dominion Freight Line's previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Wednesday, March 5th. Old Dominion Freight Line's dividend payout ratio (DPR) is presently 18.98%.

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.