Old Dominion Freight Line (ODFL) Stake Lowered by Meeder Asset Management Inc.

Meeder Asset Management Inc. trimmed its holdings in shares of Old Dominion Freight Line (NASDAQ:ODFL) by 82.0% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,277 shares of the transportation company’s stock after selling 5,822 shares during the period. Meeder Asset Management Inc.’s holdings in Old Dominion Freight Line were worth $206,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. BlackRock Inc. raised its stake in shares of Old Dominion Freight Line by 1.4% during the 2nd quarter. BlackRock Inc. now owns 6,415,315 shares of the transportation company’s stock worth $955,626,000 after purchasing an additional 88,236 shares during the period. Wells Fargo & Company MN raised its stake in shares of Old Dominion Freight Line by 2.3% during the 3rd quarter. Wells Fargo & Company MN now owns 751,230 shares of the transportation company’s stock worth $121,142,000 after purchasing an additional 16,690 shares during the period. Northern Trust Corp raised its stake in shares of Old Dominion Freight Line by 3.0% during the 2nd quarter. Northern Trust Corp now owns 589,434 shares of the transportation company’s stock worth $87,802,000 after purchasing an additional 17,339 shares during the period. Morgan Stanley raised its stake in shares of Old Dominion Freight Line by 107.1% during the 2nd quarter. Morgan Stanley now owns 473,609 shares of the transportation company’s stock worth $70,549,000 after purchasing an additional 244,948 shares during the period. Finally, AGF Investments Inc. raised its stake in shares of Old Dominion Freight Line by 3.3% during the 2nd quarter. AGF Investments Inc. now owns 463,007 shares of the transportation company’s stock worth $68,970,000 after purchasing an additional 14,709 shares during the period. Institutional investors own 73.34% of the company’s stock.

A number of equities research analysts have recently commented on ODFL shares. BidaskClub upgraded Old Dominion Freight Line from a “hold” rating to a “buy” rating in a research note on Friday, August 17th. Argus lowered their target price on Old Dominion Freight Line from $175.00 to $145.00 and set a “buy” rating on the stock in a research note on Monday, October 29th. Bank of America upgraded Old Dominion Freight Line from an “underperform” rating to a “buy” rating and set a $139.00 target price on the stock in a research note on Tuesday, October 30th. ValuEngine cut Old Dominion Freight Line from a “buy” rating to a “hold” rating in a research note on Friday, October 12th. Finally, Morgan Stanley cut Old Dominion Freight Line from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $160.00 to $146.00 in a research note on Monday, October 22nd. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and six have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $146.25.

Shares of Old Dominion Freight Line stock opened at $131.52 on Wednesday. Old Dominion Freight Line has a 52-week low of $116.61 and a 52-week high of $170.22. The stock has a market capitalization of $10.83 billion, a P/E ratio of 30.17, a PEG ratio of 0.74 and a beta of 1.41. The company has a current ratio of 1.92, a quick ratio of 1.92 and a debt-to-equity ratio of 0.02.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its quarterly earnings data on Thursday, October 25th. The transportation company reported $2.12 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.97 by $0.15. Old Dominion Freight Line had a return on equity of 22.13% and a net margin of 16.47%. The business had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $1.06 billion. As a group, sell-side analysts forecast that Old Dominion Freight Line will post 7.17 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 20th. Investors of record on Thursday, December 6th will be paid a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 0.40%. The ex-dividend date of this dividend is Wednesday, December 5th. Old Dominion Freight Line’s dividend payout ratio is currently 11.93%.

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About Old Dominion Freight Line

Old Dominion Freight Line, Inc operates as a less-than-truckload (LTL) motor carrier in the United States and North America. It provides regional, inter-regional, and national LTL services, including ground and air expedited transportation, and consumer household pickup and delivery. The company also offers various value-added services comprising container drayage, truckload brokerage, supply chain consulting, and warehousing.

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Institutional Ownership by Quarter for Old Dominion Freight Line (NASDAQ:ODFL)

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