Fortis Capital Management LLC Cuts Stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Fortis Capital Management LLC trimmed its position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 42.6% during the 4th quarter, HoldingsChannel.com reports. The firm owned 3,169 shares of the transportation company’s stock after selling 2,352 shares during the period. Fortis Capital Management LLC’s holdings in Old Dominion Freight Line were worth $559,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of ODFL. Whipplewood Advisors LLC purchased a new stake in Old Dominion Freight Line during the 4th quarter valued at about $35,000. Synergy Asset Management LLC purchased a new stake in Old Dominion Freight Line during the 4th quarter valued at about $41,000. RPg Family Wealth Advisory LLC purchased a new stake in Old Dominion Freight Line during the 3rd quarter valued at about $45,000. Brown Brothers Harriman & Co. grew its position in Old Dominion Freight Line by 398.1% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 269 shares of the transportation company’s stock valued at $53,000 after purchasing an additional 215 shares during the last quarter. Finally, Versant Capital Management Inc grew its position in Old Dominion Freight Line by 45.5% during the 4th quarter. Versant Capital Management Inc now owns 352 shares of the transportation company’s stock valued at $62,000 after purchasing an additional 110 shares during the last quarter. 77.82% of the stock is owned by hedge funds and other institutional investors.

Old Dominion Freight Line Price Performance

ODFL stock opened at $165.22 on Friday. Old Dominion Freight Line, Inc. has a one year low of $157.67 and a one year high of $233.26. The company’s fifty day moving average price is $184.41 and its 200-day moving average price is $194.30. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.33 and a current ratio of 1.33. The company has a market capitalization of $35.12 billion, a PE ratio of 30.15, a price-to-earnings-growth ratio of 2.89 and a beta of 1.10.

Old Dominion Freight Line (NASDAQ:ODFL) last released its earnings results on Wednesday, February 5th. The transportation company reported $1.23 EPS for the quarter, topping the consensus estimate of $1.17 by $0.06. Old Dominion Freight Line had a net margin of 20.40% and a return on equity of 28.02%. On average, equities analysts anticipate that Old Dominion Freight Line, Inc. will post 5.68 EPS for the current fiscal year.

Old Dominion Freight Line Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th were given a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 0.68%. The ex-dividend date was Wednesday, March 5th. This is a boost from Old Dominion Freight Line’s previous quarterly dividend of $0.26. Old Dominion Freight Line’s payout ratio is currently 18.98%.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on ODFL. Evercore ISI upped their target price on shares of Old Dominion Freight Line from $199.00 to $202.00 and gave the company an “in-line” rating in a research note on Thursday, February 6th. Stifel Nicolaus upgraded shares of Old Dominion Freight Line from a “hold” rating to a “buy” rating and upped their target price for the company from $193.00 to $200.00 in a research note on Monday, February 24th. Wells Fargo & Company lowered their target price on shares of Old Dominion Freight Line from $195.00 to $185.00 and set an “underweight” rating on the stock in a research note on Tuesday, January 7th. Jefferies Financial Group upped their target price on shares of Old Dominion Freight Line from $185.00 to $190.00 and gave the company a “hold” rating in a research note on Friday, January 10th. Finally, Truist Financial began coverage on shares of Old Dominion Freight Line in a research note on Thursday, March 13th. They set a “buy” rating and a $220.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, sixteen have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target 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.