Kentucky Retirement Systems Insurance Trust Fund Cuts Stock Position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Kentucky Retirement Systems Insurance Trust Fund trimmed its stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 2.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,583 shares of the transportation company’s stock after selling 164 shares during the period. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Old Dominion Freight Line were worth $1,109,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of ODFL. Benjamin Edwards Inc. acquired a new position in Old Dominion Freight Line in the 2nd quarter valued at $25,000. Atwood & Palmer Inc. grew its holdings in shares of Old Dominion Freight Line by 3,700.0% during the second quarter. Atwood & Palmer Inc. now owns 152 shares of the transportation company’s stock worth $27,000 after buying an additional 148 shares in the last quarter. Crewe Advisors LLC acquired a new stake in shares of Old Dominion Freight Line in the first quarter valued at about $38,000. Versant Capital Management Inc lifted its stake in shares of Old Dominion Freight Line by 1,630.0% in the second quarter. Versant Capital Management Inc now owns 173 shares of the transportation company’s stock worth $31,000 after buying an additional 163 shares in the last quarter. Finally, LRI Investments LLC boosted 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 acquiring an additional 79 shares during the last quarter. Institutional investors and hedge funds own 77.82% of the company’s stock.

Old Dominion Freight Line Stock Performance

Shares of Old Dominion Freight Line stock opened at $215.57 on Monday. The stock has a market capitalization of $46.02 billion, a price-to-earnings ratio of 37.69, a price-to-earnings-growth ratio of 4.51 and a beta of 0.99. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.33 and a quick ratio of 1.33. The business has a 50-day moving average of $201.32 and a 200 day moving average of $191.36. Old Dominion Freight Line, Inc. has a 12 month low of $165.49 and a 12 month high of $233.26.

Old Dominion Freight Line (NASDAQ:ODFL) last posted 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 business had revenue of $1.47 billion during the quarter, compared to analyst estimates of $1.49 billion. During the same quarter last year, the firm posted $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 forecast that Old Dominion Freight Line, Inc. will post 5.43 earnings per share for the current year.

Old Dominion Freight Line Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Wednesday, December 4th will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 0.48%. The ex-dividend date is Wednesday, December 4th. Old Dominion Freight Line’s payout ratio is currently 18.18%.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. BMO Capital Markets decreased their target price on shares of Old Dominion Freight Line from $210.00 to $205.00 and set a “market perform” rating on the stock in a research note on Thursday, October 24th. JPMorgan Chase & Co. reduced their price objective on Old Dominion Freight Line from $193.00 to $189.00 and set a “neutral” rating on the stock in a research report on Friday, September 6th. Benchmark restated a “hold” rating on shares of Old Dominion Freight Line in a report on Wednesday, September 11th. Argus lowered Old Dominion Freight Line from a “buy” rating to a “hold” rating in a report on Tuesday, November 12th. Finally, The Goldman Sachs Group dropped their price objective on shares of Old Dominion Freight Line from $228.00 to $216.00 and set a “neutral” rating for the company in a report on Wednesday, October 9th. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $200.00.

Insider Activity at Old Dominion Freight Line

In other news, Director Leo H. Suggs sold 3,000 shares of Old Dominion Freight Line stock in a transaction dated Friday, November 8th. The stock was 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 in the company, valued at approximately $1,664,423.52. This trade represents a 28.89 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Greg C. Gantt sold 7,000 shares of the business’s stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $200.07, for a total value of $1,400,490.00. Following the transaction, the director now directly owns 97,890 shares of the company’s stock, valued at approximately $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 three months, insiders sold 49,975 shares of company stock worth $10,062,478. Company insiders own 9.90% of the company’s stock.

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.