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

Verition Fund Management LLC cut its holdings in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 54.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund 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 modified their holdings of ODFL. Benjamin Edwards Inc. purchased a new position in shares of Old Dominion Freight Line during the second quarter worth approximately $25,000. LRI Investments LLC grew its position in shares of 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 acquiring an additional 79 shares during the last quarter. Cullen Frost Bankers Inc. grew its position in shares of 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 acquiring an additional 189 shares during the last quarter. RPg Family Wealth Advisory LLC purchased a new position in shares of Old Dominion Freight Line during the third quarter worth approximately $45,000. Finally, Brown Brothers Harriman & Co. grew its position in shares of Old Dominion Freight Line by 398.1% during the third quarter. Brown Brothers Harriman & Co. now owns 269 shares of the transportation company’s stock worth $53,000 after acquiring an additional 215 shares during the last quarter. 77.82% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Leo H. Suggs sold 3,000 shares of the business’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $225.44, for a total value of $676,320.00. Following the completion of the transaction, the director now owns 7,383 shares of the company’s stock, valued at approximately $1,664,423.52. The trade was a 28.89 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Greg C. Gantt sold 7,000 shares of the business’s stock in a transaction dated 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 transaction, the director now directly owns 97,890 shares of the company’s stock, valued at $19,584,852.30. The trade was a 6.67 % decrease in their position. The disclosure for this sale can be found here. Insiders own 9.90% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on ODFL shares. TD Cowen lowered their target price on shares of 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. BMO Capital Markets decreased their price target on 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. JPMorgan Chase & Co. increased their price target on Old Dominion Freight Line from $186.00 to $205.00 and gave the stock a “neutral” rating in a report on Friday. Evercore ISI decreased their price target on Old Dominion Freight Line from $199.00 to $188.00 and set an “in-line” rating for the company in a report on Thursday, October 3rd. Finally, Wells Fargo & Company decreased their price target on Old Dominion Freight Line from $170.00 to $160.00 and set an “underweight” rating for the company in a report on Thursday, October 24th. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $202.88.

Old Dominion Freight Line Price Performance

Old Dominion Freight Line stock opened at $203.00 on Friday. Old Dominion Freight Line, Inc. has a 52 week low of $165.49 and a 52 week high of $233.26. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.01. The firm’s 50-day simple moving average is $208.18 and its 200 day simple moving average is $195.01. The firm has a market capitalization of $43.34 billion, a PE ratio of 35.49, a P/E/G ratio of 4.41 and a beta of 1.00.

Old Dominion Freight Line (NASDAQ:ODFL) last released 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 period in the previous year, the firm earned $1.54 EPS. The business’s revenue for the quarter was down 3.0% compared to the same quarter last year. On average, equities research analysts predict that Old Dominion Freight Line, Inc. will post 5.43 EPS for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Wednesday, December 4th will be given a $0.26 dividend. The ex-dividend date is Wednesday, December 4th. This represents a $1.04 annualized dividend and a dividend yield of 0.51%. Old Dominion Freight Line’s dividend payout ratio is presently 18.18%.

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.