Sumitomo Mitsui Trust Group Inc. Lowers Stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Sumitomo Mitsui Trust Group Inc. cut its holdings in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 0.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 461,094 shares of the transportation company's stock after selling 3,969 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 0.22% of Old Dominion Freight Line worth $81,337,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Avanza Fonder AB acquired a new position in Old Dominion Freight Line during the 4th quarter valued at about $3,741,000. Toronto Dominion Bank boosted its position in shares of Old Dominion Freight Line by 77.7% during the third quarter. Toronto Dominion Bank now owns 98,061 shares of the transportation company's stock valued at $19,479,000 after buying an additional 42,880 shares during the last quarter. Board of the Pension Protection Fund bought a new stake in Old Dominion Freight Line during the fourth quarter worth $600,000. Sequoia Financial Advisors LLC raised its position in Old Dominion Freight Line by 20.5% in the 3rd quarter. Sequoia Financial Advisors LLC now owns 5,979 shares of the transportation company's stock valued at $1,188,000 after buying an additional 1,017 shares during the last quarter. Finally, Reliant Investment Management LLC lifted its stake in Old Dominion Freight Line by 10.4% during the 4th quarter. Reliant Investment Management LLC now owns 21,850 shares of the transportation company's stock valued at $3,854,000 after acquiring an additional 2,060 shares in the last quarter. 77.82% of the stock is owned by institutional investors.

Analyst Ratings Changes

ODFL has been the subject of several recent analyst reports. Barclays reduced their target price on shares of Old Dominion Freight Line from $220.00 to $210.00 and set an "equal weight" rating for the company in a research note on Friday, January 17th. Stephens reiterated an "overweight" rating and issued a $240.00 price objective on shares of Old Dominion Freight Line in a research note on Thursday, February 6th. Wells Fargo & Company cut their target price on Old Dominion Freight Line from $195.00 to $185.00 and set an "underweight" rating on the stock in a research note on Tuesday, January 7th. Argus lowered Old Dominion Freight Line from a "buy" rating to a "hold" rating in a report on Tuesday, November 12th. Finally, The Goldman Sachs Group lifted their price target on Old Dominion Freight Line from $213.00 to $235.00 and gave the stock a "neutral" rating in a report on Thursday, December 12th. Two research analysts have rated the stock with a sell rating, sixteen have issued a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $203.33.

Old Dominion Freight Line Stock Performance

Shares of NASDAQ:ODFL traded up $3.37 during trading on Thursday, hitting $206.39. 1,287,511 shares of the company were exchanged, compared to its average volume of 1,525,159. 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 50 day moving average of $189.28 and a 200 day moving average of $197.84. 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 has a market cap of $44.06 billion, a PE ratio of 37.66, a P/E/G ratio of 5.30 and a beta of 1.05.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last issued its quarterly earnings data on Wednesday, February 5th. The transportation company reported $1.23 earnings per share (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%. As a group, equities research analysts predict that Old Dominion Freight Line, Inc. will post 5.69 EPS for the current year.

Old Dominion Freight Line Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th will be given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.54%. The ex-dividend date is Wednesday, March 5th. This is an increase from Old Dominion Freight Line's previous quarterly dividend of $0.26. Old Dominion Freight Line's dividend payout ratio (DPR) is 18.98%.

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.