Edgestream Partners L.P. Cuts Stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Edgestream Partners L.P. lessened its holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 87.9% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 4,800 shares of the transportation company's stock after selling 34,841 shares during the period. Edgestream Partners L.P.'s holdings in Old Dominion Freight Line were worth $847,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ODFL. Covestor Ltd boosted its holdings in Old Dominion Freight Line by 12.7% in the third quarter. Covestor Ltd now owns 754 shares of the transportation company's stock valued at $150,000 after purchasing an additional 85 shares during the period. Sigma Planning Corp purchased a new position in shares of Old Dominion Freight Line in the 3rd quarter valued at about $244,000. Ashton Thomas Securities LLC purchased a new position in shares of Old Dominion Freight Line in the 3rd quarter valued at about $64,000. Sumitomo Mitsui Trust Group Inc. increased its stake in shares of Old Dominion Freight Line by 1.6% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 465,063 shares of the transportation company's stock worth $92,380,000 after buying an additional 7,505 shares during the period. Finally, Proactive Wealth Strategies LLC purchased a new stake in shares of Old Dominion Freight Line during the third quarter worth approximately $253,000. Hedge funds and other institutional investors own 77.82% of the company's stock.

Analysts Set New Price Targets

ODFL has been the subject of a number of recent research reports. Argus downgraded shares of Old Dominion Freight Line from a "buy" rating to a "hold" rating in a research note on Tuesday, November 12th. Bank of America decreased their price objective on shares of Old Dominion Freight Line from $237.00 to $204.00 and set a "neutral" rating for the company in a research report on Thursday, January 16th. Morgan Stanley increased their target price on Old Dominion Freight Line from $165.00 to $170.00 and gave the company an "equal weight" rating in a report on Thursday, February 6th. Susquehanna reiterated a "neutral" rating and issued a $195.00 price objective (down previously from $218.00) on shares of Old Dominion Freight Line in a report on Tuesday, January 7th. Finally, Barclays dropped their price objective on Old Dominion Freight Line from $210.00 to $195.00 and set an "equal weight" rating on the stock in a report on Monday. One equities research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, five have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $201.74.

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Old Dominion Freight Line Stock Performance

Shares of ODFL stock opened at $167.03 on Wednesday. The stock's 50-day moving average price is $186.91 and its 200 day moving average price is $196.03. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.01. The stock has a market capitalization of $35.50 billion, a PE ratio of 30.48, a price-to-earnings-growth ratio of 2.89 and a beta of 1.10. Old Dominion Freight Line, Inc. has a 52-week low of $165.49 and a 52-week high of $233.26.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last announced its 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 return on equity of 28.02% and a net margin of 20.40%. As a group, 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 disclosed a quarterly dividend, which will be paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th will be given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 0.67%. This is a positive change from Old Dominion Freight Line's previous quarterly dividend of $0.26. The ex-dividend date of this dividend is Wednesday, March 5th. Old Dominion Freight Line's dividend payout ratio (DPR) is 18.98%.

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.

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