Primecap Management Co. CA Trims Stock Position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Primecap Management Co. CA trimmed its stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 4.1% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 47,300 shares of the transportation company’s stock after selling 2,000 shares during the period. Primecap Management Co. CA’s holdings in Old Dominion Freight Line were worth $9,396,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Benjamin Edwards Inc. purchased a new position in shares of Old Dominion Freight Line during the second quarter worth about $25,000. Atwood & Palmer Inc. boosted its position in shares of Old Dominion Freight Line by 3,700.0% in the 2nd quarter. Atwood & Palmer Inc. now owns 152 shares of the transportation company’s stock valued at $27,000 after purchasing an additional 148 shares during the period. Versant Capital Management Inc grew its stake in Old Dominion Freight Line by 1,630.0% during the 2nd quarter. Versant Capital Management Inc now owns 173 shares of the transportation company’s stock worth $31,000 after buying an additional 163 shares during the last quarter. LRI Investments LLC increased its position in Old Dominion Freight Line by 73.1% during the second quarter. LRI Investments LLC now owns 187 shares of the transportation company’s stock worth $33,000 after buying an additional 79 shares during the period. Finally, Cullen Frost Bankers Inc. increased its position in Old Dominion Freight Line by 472.5% during the second quarter. Cullen Frost Bankers Inc. now owns 229 shares of the transportation company’s stock worth $40,000 after buying an additional 189 shares during the period. 77.82% of the stock is owned by hedge funds and other institutional investors.

Old Dominion Freight Line Trading Up 0.9 %

NASDAQ:ODFL opened at $220.25 on Friday. The stock has a market capitalization of $47.02 billion, a price-to-earnings ratio of 38.51, a PEG ratio of 4.43 and a beta of 0.99. Old Dominion Freight Line, Inc. has a 1 year low of $165.49 and a 1 year high of $233.26. The stock has a fifty day moving average price of $203.84 and a two-hundred day moving average price of $192.39. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.33 and a current ratio of 1.33.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its quarterly earnings data on Wednesday, October 23rd. The transportation company reported $1.43 EPS for the quarter, beating 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 firm had revenue of $1.47 billion during the quarter, compared to analysts’ expectations of $1.49 billion. During the same quarter last year, the business earned $1.54 earnings per share. The business’s revenue for the quarter was down 3.0% compared to the same quarter last year. As a group, sell-side analysts anticipate 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 company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Wednesday, December 4th will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 0.47%. The ex-dividend date is Wednesday, December 4th. Old Dominion Freight Line’s payout ratio is currently 18.18%.

Analysts Set New Price Targets

ODFL has been the topic of a number of research reports. 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 research report on Friday, September 6th. Robert W. Baird lowered their price objective on shares of Old Dominion Freight Line from $204.00 to $200.00 and set an “outperform” rating on the stock in a research report on Thursday, October 24th. BMO Capital Markets reduced their target price on shares of Old Dominion Freight Line from $210.00 to $205.00 and set a “market perform” rating for the company in a report on Thursday, October 24th. Evercore ISI decreased their target price on shares of Old Dominion Freight Line from $199.00 to $188.00 and set an “in-line” rating for the company in a research note on Thursday, October 3rd. Finally, TD Cowen dropped their price target 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. One research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Old Dominion Freight Line presently has an average rating of “Hold” and a consensus target price of $200.00.

Insider Buying and Selling

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 approximately $271,602,670.57. The trade was a 0.71 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Greg C. Gantt sold 7,000 shares of the stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $200.07, for a total transaction of $1,400,490.00. Following the completion of the sale, the director now owns 97,890 shares in the company, valued at $19,584,852.30. This represents a 6.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 49,975 shares of company stock valued at $10,062,478. 9.90% of the stock is owned by insiders.

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.