Parnassus Investments LLC Reduces Holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Parnassus Investments LLC cut its stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 1.2% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 440,182 shares of the transportation company's stock after selling 5,523 shares during the quarter. Parnassus Investments LLC owned 0.20% of Old Dominion Freight Line worth $87,438,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Ontario Teachers Pension Plan Board increased its position in Old Dominion Freight Line by 148.2% during the 1st quarter. Ontario Teachers Pension Plan Board now owns 3,636 shares of the transportation company's stock worth $797,000 after purchasing an additional 2,171 shares during the period. Covestor Ltd boosted its position in shares of Old Dominion Freight Line by 124.6% during the 1st quarter. Covestor Ltd now owns 649 shares of the transportation company's stock worth $142,000 after purchasing an additional 360 shares in the last quarter. O Shaughnessy Asset Management LLC grew its stake in shares of Old Dominion Freight Line by 106.7% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 40,208 shares of the transportation company's stock worth $8,818,000 after purchasing an additional 20,751 shares during the period. Seven Eight Capital LP increased its holdings in shares of Old Dominion Freight Line by 141.1% in the 1st quarter. Seven Eight Capital LP now owns 1,806 shares of the transportation company's stock valued at $396,000 after purchasing an additional 1,057 shares in the last quarter. Finally, Clearbridge Investments LLC acquired a new stake in shares of Old Dominion Freight Line in the first quarter valued at about $110,051,000. 77.82% of the stock is currently owned by hedge funds and other institutional investors.

Old Dominion Freight Line Trading Down 1.0 %

Shares of ODFL stock traded down $2.19 during trading hours on Tuesday, hitting $211.80. 926,801 shares of the company were exchanged, compared to its average volume of 1,546,654. The firm has a fifty day moving average of $201.81 and a 200 day moving average of $191.58. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.01. Old Dominion Freight Line, Inc. has a 1 year low of $165.49 and a 1 year high of $233.26. The firm has a market cap of $45.22 billion, a PE ratio of 37.22, a PEG ratio of 4.51 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 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 company had revenue of $1.47 billion for the quarter, compared to the consensus estimate of $1.49 billion. During the same quarter last year, the firm posted $1.54 earnings per share. Old Dominion Freight Line's revenue was down 3.0% on a year-over-year basis. Analysts expect that Old Dominion Freight Line, Inc. will post 5.43 earnings per share for the current year.

Old Dominion Freight Line Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Wednesday, December 4th will be given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 0.49%. The ex-dividend date of this dividend is Wednesday, December 4th. Old Dominion Freight Line's dividend payout ratio (DPR) is presently 18.18%.

Insiders Place Their Bets

In related news, Director Greg C. Gantt sold 7,000 shares of the stock in a transaction on Monday, October 28th. The stock was sold at an average price of $200.07, for a total value of $1,400,490.00. Following the completion of the sale, the director now directly owns 97,890 shares in the company, valued at approximately $19,584,852.30. This represents a 6.67 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman David S. Congdon sold 10,000 shares of the firm's stock in a transaction dated 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 completion of the transaction, the chairman now directly owns 1,391,621 shares in the company, 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 sold 49,975 shares of company stock worth $10,062,478 over the last three months. 9.90% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on ODFL shares. JPMorgan Chase & Co. dropped their target price on shares of Old Dominion Freight Line from $193.00 to $189.00 and set a "neutral" rating for the company in a report on Friday, September 6th. Susquehanna dropped their price objective on Old Dominion Freight Line from $225.00 to $218.00 and set a "positive" rating for the company in a research note on Thursday, October 24th. TD Cowen decreased their target price on 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. The Goldman Sachs Group dropped their price target on Old Dominion Freight Line from $228.00 to $216.00 and set a "neutral" rating for the company in a research report on Wednesday, October 9th. Finally, Benchmark reiterated a "hold" rating on shares of Old Dominion Freight Line in a research report on Wednesday, September 11th. One equities research analyst has rated the stock with a sell rating, fifteen have given a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Old Dominion Freight Line currently has an average rating of "Hold" and an average target price of $200.00.

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.