Old Dominion Freight Line, Inc. (NASDAQ:ODFL) Shares Sold by Fortis Capital Management LLC

Fortis Capital Management LLC cut its position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 71.1% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 5,521 shares of the transportation company's stock after selling 13,598 shares during the period. Fortis Capital Management LLC's holdings in Old Dominion Freight Line were worth $1,097,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in shares of Old Dominion Freight Line by 100.9% during the 1st quarter. Vanguard Group Inc. now owns 21,795,649 shares of the transportation company's stock worth $4,780,004,000 after purchasing an additional 10,944,520 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in shares of Old Dominion Freight Line by 117.0% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 13,726,847 shares of the transportation company's stock valued at $3,010,435,000 after purchasing an additional 7,401,526 shares in the last quarter. Capital Research Global Investors raised its holdings in shares of Old Dominion Freight Line by 59.0% in the 1st quarter. Capital Research Global Investors now owns 6,592,594 shares of the transportation company's stock valued at $1,445,822,000 after purchasing an additional 2,447,121 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Old Dominion Freight Line by 4.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 6,210,923 shares of the transportation company's stock valued at $1,096,849,000 after purchasing an additional 270,538 shares in the last quarter. Finally, Capital World Investors raised its stake in shares of Old Dominion Freight Line by 101.0% during the 1st quarter. Capital World Investors now owns 2,443,770 shares of the transportation company's stock worth $535,943,000 after acquiring an additional 1,228,116 shares in the last quarter. 77.82% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. The Goldman Sachs Group reduced their price objective on shares of Old Dominion Freight Line from $228.00 to $216.00 and set a "neutral" rating for the company in a research note on Wednesday, October 9th. Stephens reiterated an "overweight" rating and set a $214.00 price objective on shares of Old Dominion Freight Line in a research note on Thursday, September 5th. Raymond James boosted their target price on shares of Old Dominion Freight Line from $190.00 to $209.00 and gave the stock an "outperform" rating in a research report on Thursday, July 25th. Benchmark reissued a "hold" rating on shares of Old Dominion Freight Line in a research report on Wednesday, September 11th. Finally, TD Cowen dropped their target price on shares of Old Dominion Freight Line from $203.00 to $196.00 and set a "hold" rating on the stock in a research report on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $200.00.

Old Dominion Freight Line Stock Performance

Shares of ODFL stock traded down $2.17 during trading hours on Thursday, hitting $223.43. The company's stock had a trading volume of 1,156,501 shares, compared to its average volume of 1,549,989. The company has a 50 day moving average of $200.71 and a 200 day moving average of $191.02. Old Dominion Freight Line, Inc. has a 12-month low of $165.49 and a 12-month high of $233.26. The stock has a market cap of $47.70 billion, a PE ratio of 39.06, a price-to-earnings-growth ratio of 6.38 and a beta of 0.99. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.01.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last announced its quarterly earnings results on Wednesday, October 23rd. The transportation company reported $1.43 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.42 by $0.01. Old Dominion Freight Line had a net margin of 21.03% and a return on equity of 29.40%. The firm had revenue of $1.47 billion for the quarter, compared to the consensus estimate of $1.49 billion. During the same period in the prior year, the firm posted $1.54 earnings per share. The firm's quarterly revenue was down 3.0% compared to the same quarter last year. On average, sell-side analysts forecast that Old Dominion Freight Line, Inc. will post 5.46 EPS for the current fiscal year.

Old Dominion Freight Line Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Wednesday, December 4th will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 0.47%. The ex-dividend date of this dividend is Wednesday, December 4th. Old Dominion Freight Line's dividend payout ratio (DPR) is presently 18.18%.

Insider Buying and Selling

In other Old Dominion Freight Line news, Chairman David S. Congdon sold 10,000 shares of the company's stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $195.17, for a total transaction of $1,951,700.00. Following the completion of the transaction, 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Leo H. Suggs sold 3,000 shares of the company's stock in a transaction on Friday, November 8th. The stock was sold at an average price of $225.44, for a total transaction of $676,320.00. Following the transaction, the director now owns 7,383 shares of the company's stock, valued at $1,664,423.52. This represents a 28.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 49,975 shares of company stock valued at $10,062,478. Corporate insiders own 9.90% of the company's stock.

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.