Verition Fund Management LLC Trims Position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Verition Fund Management LLC trimmed its position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 54.3% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,689 shares of the transportation company's stock after selling 7,940 shares during the period. Verition Fund Management LLC's holdings in Old Dominion Freight Line were worth $1,329,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in ODFL. SevenBridge Financial Group LLC grew its position in Old Dominion Freight Line by 2.0% during the third quarter. SevenBridge Financial Group LLC now owns 2,611 shares of the transportation company's stock worth $519,000 after buying an additional 50 shares in the last quarter. Foundations Investment Advisors LLC grew its holdings in shares of Old Dominion Freight Line by 0.6% during the second 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 in the last quarter. Advisors Asset Management Inc. increased its position in shares of Old Dominion Freight Line by 0.5% in the third quarter. Advisors Asset Management Inc. now owns 10,888 shares of the transportation company's stock worth $2,163,000 after purchasing an additional 55 shares during the last quarter. Hantz Financial Services Inc. raised its stake in Old Dominion Freight Line by 3.8% in the third quarter. Hantz Financial Services Inc. now owns 1,513 shares of the transportation company's stock valued at $301,000 after purchasing an additional 56 shares in the last quarter. Finally, Conning Inc. lifted its position in Old Dominion Freight Line by 5.8% during the second quarter. Conning Inc. now owns 1,164 shares of the transportation company's stock valued at $206,000 after purchasing an additional 64 shares during the last quarter. 77.82% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Evercore ISI lowered their price objective on shares of Old Dominion Freight Line from $199.00 to $188.00 and set an "in-line" rating on the stock in a research report on Thursday, October 3rd. Argus lowered Old Dominion Freight Line from a "buy" rating to a "hold" rating in a research note on Tuesday, November 12th. Bank of America cut their price objective on Old Dominion Freight Line from $210.00 to $206.00 and set a "neutral" rating for the company in a report on Friday, September 6th. Stephens reissued an "overweight" rating and set a $240.00 price objective on shares of Old Dominion Freight Line in a report on Wednesday. Finally, Susquehanna cut their target price 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. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Old Dominion Freight Line currently has an average rating of "Hold" and a consensus target price of $202.88.

Insider Buying and Selling at Old Dominion Freight Line

In related news, Director Greg C. Gantt sold 7,000 shares of Old Dominion Freight Line stock in a transaction dated 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 trade represents a 6.67 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Leo H. Suggs sold 3,000 shares of the company's stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $225.44, for a total transaction of $676,320.00. Following the transaction, the director now owns 7,383 shares in the company, valued at $1,664,423.52. This represents a 28.89 % decrease in their position. The disclosure for this sale can be found here. 9.90% of the stock is owned by company insiders.

Old Dominion Freight Line Stock Up 0.0 %

Shares of ODFL stock traded up $0.03 during mid-day trading on Friday, reaching $203.00. 1,313,113 shares of the company's stock traded hands, compared to its average volume of 1,238,251. The company's 50-day moving average price is $208.18 and its 200-day moving average price is $195.01. The company has a market cap of $43.34 billion, a P/E ratio of 35.49, a P/E/G ratio of 4.41 and a beta of 1.00. 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 12 month low of $165.49 and a 12 month high of $233.26.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last posted its quarterly earnings data on Wednesday, October 23rd. The transportation company reported $1.43 EPS for the quarter, topping the consensus estimate 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 business had revenue of $1.47 billion for the quarter, compared to analyst estimates of $1.49 billion. During the same quarter in the previous year, the firm posted $1.54 earnings per share. Old Dominion Freight Line's quarterly revenue was down 3.0% on a year-over-year basis. On average, equities analysts expect that Old Dominion Freight Line, Inc. will post 5.43 earnings per share for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Wednesday, December 4th will be paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 0.51%. The ex-dividend date is Wednesday, December 4th. Old Dominion Freight Line's payout ratio is 18.18%.

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.