Fred Alger Management LLC Lowers Position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Fred Alger Management LLC reduced its holdings in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 9.2% during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 343,909 shares of the transportation company's stock after selling 34,874 shares during the period. Fred Alger Management LLC owned approximately 0.16% of Old Dominion Freight Line worth $60,734,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Jones Financial Companies Lllp grew its position in Old Dominion Freight Line by 22.5% during the 4th quarter. Jones Financial Companies Lllp now owns 147 shares of the transportation company's stock worth $60,000 after purchasing an additional 27 shares during the last quarter. Partners Capital Investment Group LLP grew its position in Old Dominion Freight Line by 6.1% during the 4th quarter. Partners Capital Investment Group LLP now owns 697 shares of the transportation company's stock worth $283,000 after purchasing an additional 40 shares during the last quarter. Gulf International Bank UK Ltd grew its position in Old Dominion Freight Line by 0.6% during the 1st quarter. Gulf International Bank UK Ltd now owns 8,474 shares of the transportation company's stock worth $1,858,000 after purchasing an additional 47 shares during the last quarter. Foundations Investment Advisors LLC grew its position in Old Dominion Freight Line by 0.6% during the 2nd quarter. Foundations Investment Advisors LLC now owns 9,124 shares of the transportation company's stock worth $1,611,000 after purchasing an additional 54 shares during the last quarter. Finally, Meridian Wealth Management LLC grew its position in Old Dominion Freight Line by 6.2% during the 1st quarter. Meridian Wealth Management LLC now owns 954 shares of the transportation company's stock worth $209,000 after purchasing an additional 56 shares during the last quarter. 77.82% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the stock. Barclays lowered their price objective on shares of Old Dominion Freight Line from $205.00 to $195.00 and set an "equal weight" rating on the stock in a research report on Wednesday, June 12th. BMO Capital Markets lifted their target price on shares of Old Dominion Freight Line from $210.00 to $215.00 and gave the company an "outperform" rating in a report on Thursday, July 25th. Wells Fargo & Company lowered their target price on shares of Old Dominion Freight Line from $175.00 to $170.00 and set an "underweight" rating on the stock in a report on Thursday, September 5th. Morgan Stanley lowered their target price on shares of Old Dominion Freight Line from $174.00 to $168.00 and set an "equal weight" rating on the stock in a report on Monday, July 8th. Finally, Bank of America lowered their target price 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. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, Old Dominion Freight Line currently has a consensus rating of "Hold" and a consensus price target of $201.83.

Insiders Place Their Bets

In other Old Dominion Freight Line news, Chairman David S. Congdon sold 10,000 shares of Old Dominion Freight Line stock in a transaction dated 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 owns 1,391,621 shares in the company, valued at $271,602,670.57. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, Chairman David S. Congdon sold 10,000 shares of Old Dominion Freight Line stock in a transaction dated 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 sale, the chairman now directly owns 1,391,621 shares in the company, valued at $271,602,670.57. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Chairman David S. Congdon sold 29,975 shares of Old Dominion Freight Line stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $201.30, for a total transaction of $6,033,967.50. Following the sale, the chairman now owns 1,401,621 shares of the company's stock, valued at $282,146,307.30. The disclosure for this sale can be found here. 9.90% of the stock is currently owned by company insiders.

Old Dominion Freight Line Price Performance

ODFL traded up $1.04 during midday trading on Wednesday, reaching $199.46. 1,385,194 shares of the company's stock were exchanged, compared to its average volume of 1,572,301. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.46 and a quick ratio of 1.46. The stock has a market capitalization of $43.34 billion, a PE ratio of 34.93, a P/E/G ratio of 4.08 and a beta of 0.99. The business's 50-day moving average price is $196.18 and its 200 day moving average price is $195.22. Old Dominion Freight Line, Inc. has a 1-year low of $165.49 and a 1-year high of $227.80.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last announced its earnings results on Wednesday, July 24th. The transportation company reported $1.48 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.45 by $0.03. The company had revenue of $1.50 billion during the quarter, compared to analysts' expectations of $1.50 billion. Old Dominion Freight Line had a net margin of 21.38% and a return on equity of 30.33%. The firm's quarterly revenue was up 6.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.33 earnings per share. As a group, equities analysts anticipate that Old Dominion Freight Line, Inc. will post 5.62 EPS for the current fiscal year.

Old Dominion Freight Line Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 18th. Shareholders of record on Wednesday, September 4th were given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 0.52%. The ex-dividend date of this dividend was Wednesday, September 4th. Old Dominion Freight Line's payout ratio is currently 18.31%.

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.