Old Dominion Freight Line, Inc. (NASDAQ:ODFL) Stake Lowered by ING Groep NV

ING Groep NV decreased its position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 8.0% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 40,182 shares of the transportation company's stock after selling 3,498 shares during the period. ING Groep NV's holdings in Old Dominion Freight Line were worth $7,982,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of ODFL. Benjamin Edwards Inc. acquired a new position in Old Dominion Freight Line during the 2nd quarter worth about $25,000. Atwood & Palmer Inc. lifted its stake in Old Dominion Freight Line by 3,700.0% during the 2nd quarter. Atwood & Palmer Inc. now owns 152 shares of the transportation company's stock worth $27,000 after acquiring an additional 148 shares in the last quarter. Versant Capital Management Inc lifted its stake in Old Dominion Freight Line by 1,630.0% during the 2nd quarter. Versant Capital Management Inc now owns 173 shares of the transportation company's stock worth $31,000 after acquiring an additional 163 shares in the last quarter. LRI Investments LLC lifted its stake in Old Dominion Freight Line by 73.1% during the 2nd quarter. LRI Investments LLC now owns 187 shares of the transportation company's stock worth $33,000 after acquiring an additional 79 shares in the last quarter. Finally, Crewe Advisors LLC acquired a new position in Old Dominion Freight Line during the 1st quarter worth about $38,000. Institutional investors and hedge funds own 77.82% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on ODFL. Argus lowered Old Dominion Freight Line from a "buy" rating to a "hold" rating in a research report on Tuesday. Raymond James increased their price objective on Old Dominion Freight Line from $190.00 to $209.00 and gave the company an "outperform" rating in a report on Thursday, July 25th. The Goldman Sachs Group dropped their price objective on Old Dominion Freight Line from $228.00 to $216.00 and set a "neutral" rating on the stock in a report on Wednesday, October 9th. TD Cowen dropped their price objective on Old Dominion Freight Line from $203.00 to $196.00 and set a "hold" rating on the stock in a report on Thursday, October 24th. Finally, BMO Capital Markets dropped their price objective on Old Dominion Freight Line from $210.00 to $205.00 and set a "market perform" rating on the stock in a report on Thursday, October 24th. One 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 assigned a strong buy rating to the company's stock. According to MarketBeat.com, Old Dominion Freight Line currently has an average rating of "Hold" and a consensus price target of $200.00.

Insiders Place Their Bets

In other Old Dominion Freight Line news, Director Leo H. Suggs sold 3,000 shares of the company's stock in a transaction that occurred 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 sale, the director now owns 7,383 shares in the company, valued at $1,664,423.52. This represents a 28.89 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 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 transaction, the chairman now directly owns 1,391,621 shares of the company's stock, valued at $271,602,670.57. This trade represents a 0.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 49,975 shares of company stock worth $10,062,478 over the last quarter. 9.90% of the stock is owned by corporate insiders.

Old Dominion Freight Line Price Performance

Shares of NASDAQ ODFL traded down $7.86 during trading on Friday, reaching $215.57. The company had a trading volume of 1,683,188 shares, compared to its average volume of 1,550,592. The stock has a 50-day moving average price of $201.32 and a two-hundred day moving average price of $191.23. Old Dominion Freight Line, Inc. has a twelve month low of $165.49 and a twelve month high of $233.26. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.01. The stock has a market capitalization of $46.02 billion, a PE ratio of 37.69, a price-to-earnings-growth ratio of 6.36 and a beta of 0.99.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last posted its quarterly earnings results on Wednesday, October 23rd. The transportation company reported $1.43 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 firm had revenue of $1.47 billion during the quarter, compared to the consensus estimate of $1.49 billion. During the same quarter in the previous year, the business earned $1.54 earnings per share. The firm's quarterly revenue was down 3.0% compared to the same quarter last year. As a group, sell-side analysts predict that Old Dominion Freight Line, Inc. will post 5.46 earnings per share for the current year.

Old Dominion Freight Line Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Wednesday, December 4th will be paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.48%. The ex-dividend date is Wednesday, December 4th. Old Dominion Freight Line's dividend payout ratio is presently 18.18%.

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.