Invesco Ltd. Sells 605,053 Shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Invesco Ltd. lowered its stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 12.5% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 4,219,152 shares of the transportation company's stock after selling 605,053 shares during the period. Invesco Ltd. owned approximately 1.98% of Old Dominion Freight Line worth $744,258,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in ODFL. Geode Capital Management LLC lifted its position in shares of Old Dominion Freight Line by 2.0% in the 4th quarter. Geode Capital Management LLC now owns 4,927,383 shares of the transportation company's stock worth $870,311,000 after acquiring an additional 96,410 shares during the period. Norges Bank acquired a new stake in Old Dominion Freight Line during the fourth quarter worth $494,916,000. Charles Schwab Investment Management Inc. increased its holdings in Old Dominion Freight Line by 3.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,250,236 shares of the transportation company's stock valued at $220,542,000 after buying an additional 46,570 shares during the period. Thrivent Financial for Lutherans raised its stake in shares of Old Dominion Freight Line by 92.3% in the 4th quarter. Thrivent Financial for Lutherans now owns 1,195,331 shares of the transportation company's stock valued at $210,856,000 after buying an additional 573,586 shares in the last quarter. Finally, Franklin Resources Inc. raised its stake in shares of Old Dominion Freight Line by 74.8% in the 3rd quarter. Franklin Resources Inc. now owns 1,022,812 shares of the transportation company's stock valued at $207,068,000 after buying an additional 437,700 shares in the last quarter. Institutional investors own 77.82% of the company's stock.

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Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on ODFL. Raymond James lowered their target price on shares of Old Dominion Freight Line from $215.00 to $190.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 8th. Truist Financial started coverage on Old Dominion Freight Line in a report on Thursday, March 13th. They issued a "buy" rating and a $220.00 target price for the company. Jefferies Financial Group decreased their price target on Old Dominion Freight Line from $195.00 to $165.00 and set a "hold" rating on the stock in a research note on Wednesday. Susquehanna lowered their price target on Old Dominion Freight Line from $210.00 to $171.00 and set a "neutral" rating on the stock in a research report on Monday, March 31st. Finally, Evercore ISI lifted their price objective on Old Dominion Freight Line from $199.00 to $202.00 and gave the company an "in-line" rating in a report on Thursday, February 6th. Two equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $195.75.

Old Dominion Freight Line Trading Down 2.9 %

Shares of NASDAQ ODFL traded down $4.52 during midday trading on Friday, hitting $152.23. The stock had a trading volume of 2,640,834 shares, compared to its average volume of 1,676,590. The firm has a market cap of $32.36 billion, a P/E ratio of 27.78, a price-to-earnings-growth ratio of 2.89 and a beta of 1.25. Old Dominion Freight Line, Inc. has a fifty-two week low of $145.79 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 company's 50-day simple moving average is $175.40 and its 200 day simple moving average is $190.44.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last announced its quarterly earnings data 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%. Research analysts anticipate that Old Dominion Freight Line, Inc. will post 5.68 EPS for the current year.

Old Dominion Freight Line Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th were paid 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 an increase 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 payout ratio is 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.