Old Dominion Freight Line, Inc. (NASDAQ:ODFL) Stake Reduced by Picton Mahoney Asset Management

Picton Mahoney Asset Management lessened its holdings in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 25.1% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 31,591 shares of the transportation company’s stock after selling 10,566 shares during the quarter. Picton Mahoney Asset Management’s holdings in Old Dominion Freight Line were worth $5,573,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the business. SevenBridge Financial Group LLC boosted its position in Old Dominion Freight Line by 2.0% during the 3rd quarter. SevenBridge Financial Group LLC now owns 2,611 shares of the transportation company’s stock worth $519,000 after acquiring an additional 50 shares during the period. Advisors Asset Management Inc. boosted its position in Old Dominion Freight Line by 0.5% during the 3rd quarter. Advisors Asset Management Inc. now owns 10,888 shares of the transportation company’s stock worth $2,163,000 after acquiring an additional 55 shares during the period. Hantz Financial Services Inc. boosted its position in Old Dominion Freight Line by 3.6% during the 4th quarter. Hantz Financial Services Inc. now owns 1,568 shares of the transportation company’s stock worth $277,000 after acquiring an additional 55 shares during the period. D.A. Davidson & CO. boosted its position in Old Dominion Freight Line by 1.9% during the 4th quarter. D.A. Davidson & CO. now owns 2,888 shares of the transportation company’s stock worth $509,000 after acquiring an additional 55 shares during the period. Finally, Evergreen Private Wealth LLC boosted its position in Old Dominion Freight Line by 0.9% during the 4th quarter. Evergreen Private Wealth LLC now owns 6,651 shares of the transportation company’s stock worth $1,173,000 after acquiring an additional 59 shares during the period. Institutional investors and hedge funds own 77.82% of the company’s stock.

Old Dominion Freight Line Stock Performance

Shares of ODFL stock opened at $162.50 on Friday. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.33 and a quick ratio of 1.33. Old Dominion Freight Line, Inc. has a fifty-two week low of $159.35 and a fifty-two week high of $233.26. The stock’s 50-day moving average is $186.05 and its two-hundred day moving average is $195.34. The firm has a market cap of $34.54 billion, a P/E ratio of 29.65, a PEG ratio of 2.89 and a beta of 1.10.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its earnings results on Wednesday, February 5th. The transportation company reported $1.23 earnings per share for the quarter, topping the consensus estimate 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%. Analysts predict that Old Dominion Freight Line, Inc. will post 5.68 earnings per share for the current fiscal year.

Old Dominion Freight Line Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 5th will be paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 0.69%. The ex-dividend date of this dividend 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 is 18.98%.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on ODFL. Jefferies Financial Group upped their price objective on Old Dominion Freight Line from $185.00 to $190.00 and gave the company a “hold” rating in a report on Friday, January 10th. StockNews.com upgraded Old Dominion Freight Line from a “sell” rating to a “hold” rating in a report on Saturday, February 15th. The Goldman Sachs Group upped their price objective on Old Dominion Freight Line from $213.00 to $235.00 and gave the company a “neutral” rating in a report on Thursday, December 12th. Bank of America cut their price objective on Old Dominion Freight Line from $237.00 to $204.00 and set a “neutral” rating for the company in a report on Thursday, January 16th. Finally, Truist Financial began coverage on Old Dominion Freight Line in a report on Thursday. They issued a “buy” rating and a $220.00 price objective for the company. One research analyst has rated the stock with a sell rating, sixteen have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $202.65.

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.