JPMorgan Chase & Co. Sells 703,628 Shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

JPMorgan Chase & Co. lowered its position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 27.2% in the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,886,422 shares of the transportation company's stock after selling 703,628 shares during the period. JPMorgan Chase & Co. owned 0.88% of Old Dominion Freight Line worth $374,719,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Benjamin Edwards Inc. purchased a new position in Old Dominion Freight Line during the 2nd quarter valued at about $25,000. RPg Family Wealth Advisory LLC purchased a new position in shares of Old Dominion Freight Line during the third quarter valued at approximately $45,000. Cullen Frost Bankers Inc. boosted its position in shares of Old Dominion Freight Line by 472.5% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 229 shares of the transportation company's stock worth $40,000 after purchasing an additional 189 shares in the last quarter. Brown Brothers Harriman & Co. grew its stake in shares of Old Dominion Freight Line by 398.1% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 269 shares of the transportation company's stock worth $53,000 after buying an additional 215 shares during the last quarter. Finally, Ashton Thomas Securities LLC bought a new position in Old Dominion Freight Line during the 3rd quarter valued at approximately $64,000. Hedge funds and other institutional investors own 77.82% of the company's stock.

Analyst Upgrades and Downgrades

ODFL has been the topic of several analyst reports. Citigroup boosted their target price on Old Dominion Freight Line from $201.00 to $241.00 and gave the stock a "neutral" rating in a report on Tuesday, November 12th. BMO Capital Markets cut their price objective on shares of Old Dominion Freight Line from $210.00 to $205.00 and set a "market perform" rating on the stock in a research report on Thursday, October 24th. Wells Fargo & Company decreased their target price on shares of Old Dominion Freight Line from $170.00 to $160.00 and set an "underweight" rating for the company in a report on Thursday, October 24th. Bank of America cut their price target on shares of Old Dominion Freight Line from $210.00 to $206.00 and set a "neutral" rating on the stock in a report on Friday, September 6th. Finally, TD Cowen decreased their price objective on shares of Old Dominion Freight Line from $203.00 to $196.00 and set a "hold" rating for the company in a report on Thursday, October 24th. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Old Dominion Freight Line has an average rating of "Hold" and a consensus target price of $204.00.

Old Dominion Freight Line Stock Performance

ODFL stock traded down $2.95 during midday trading on Monday, reaching $177.28. 1,404,764 shares of the company's stock traded hands, compared to its average volume of 1,533,052. 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, Inc. has a 52-week low of $165.49 and a 52-week high of $233.26. The stock has a market cap of $37.85 billion, a P/E ratio of 30.99, a PEG ratio of 4.21 and a beta of 1.00. The stock's 50-day moving average is $206.85 and its 200 day moving average is $197.25.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last issued its quarterly earnings data 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 net margin of 21.03% and a return on equity of 29.40%. 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 firm posted $1.54 EPS. The company's revenue for the quarter was down 3.0% compared to the same quarter last year. As a group, analysts anticipate that Old Dominion Freight Line, Inc. will post 5.42 EPS for the current year.

Old Dominion Freight Line Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 18th. Stockholders of record on Wednesday, December 4th were paid a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 0.59%. The ex-dividend date of this dividend was Wednesday, December 4th. Old Dominion Freight Line's dividend payout ratio (DPR) is currently 18.18%.

Insider Activity

In related news, Director Leo H. Suggs sold 3,000 shares of the business'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 value of $676,320.00. Following the transaction, the director now directly owns 7,383 shares of the company's stock, valued at approximately $1,664,423.52. The trade was a 28.89 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Greg C. Gantt sold 7,000 shares of the business's stock in a transaction on Monday, October 28th. The stock was sold at an average price of $200.07, for a total transaction of $1,400,490.00. Following the completion of the transaction, the director now directly owns 97,890 shares in the company, valued at $19,584,852.30. This trade represents a 6.67 % decrease in their position. The disclosure for this sale can be found here. Insiders own 9.90% of the company's stock.

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.