Bahl & Gaynor Inc. Sells 8,862 Shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Bahl & Gaynor Inc. trimmed its stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 47.4% during the 2nd quarter, HoldingsChannel reports. The fund owned 9,850 shares of the transportation company’s stock after selling 8,862 shares during the quarter. Bahl & Gaynor Inc.’s holdings in Old Dominion Freight Line were worth $1,740,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Principal Securities Inc. purchased a new stake in Old Dominion Freight Line during the 4th quarter valued at about $194,000. Jump Financial LLC purchased a new stake in shares of Old Dominion Freight Line during the fourth quarter valued at approximately $721,000. Envestnet Portfolio Solutions Inc. increased its position in shares of Old Dominion Freight Line by 1.4% during the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 10,735 shares of the transportation company’s stock valued at $4,351,000 after acquiring an additional 152 shares in the last quarter. Avantax Advisory Services Inc. increased its position in shares of Old Dominion Freight Line by 1.1% during the fourth quarter. Avantax Advisory Services Inc. now owns 2,704 shares of the transportation company’s stock valued at $1,096,000 after acquiring an additional 30 shares in the last quarter. Finally, Moran Wealth Management LLC purchased a new position in Old Dominion Freight Line in the 4th quarter worth approximately $221,000. 77.82% of the stock is owned by hedge funds and other institutional investors.

Old Dominion Freight Line Trading Down 1.2 %

Shares of Old Dominion Freight Line stock opened at $188.85 on Thursday. Old Dominion Freight Line, Inc. has a fifty-two week low of $165.49 and a fifty-two week high of $227.80. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.46 and a current ratio of 1.46. The company has a market capitalization of $41.03 billion, a P/E ratio of 33.25, a P/E/G ratio of 3.83 and a beta of 0.99. The company has a fifty day moving average of $194.63 and a 200 day moving average of $196.90.

Old Dominion Freight Line (NASDAQ:ODFL) last released its quarterly earnings data on Wednesday, July 24th. The transportation company reported $1.48 earnings per share for the quarter, topping analysts’ consensus estimates of $1.45 by $0.03. The firm had revenue of $1.50 billion during the quarter, compared to analyst estimates of $1.50 billion. Old Dominion Freight Line had a return on equity of 30.33% and a net margin of 21.38%. The business’s quarterly revenue was up 6.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.33 earnings per share. On average, sell-side analysts anticipate that Old Dominion Freight Line, Inc. will post 5.65 earnings per share for the current fiscal year.

Old Dominion Freight Line Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 18th. Shareholders of record on Wednesday, September 4th will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 0.55%. The ex-dividend date is Wednesday, September 4th. Old Dominion Freight Line’s dividend payout ratio (DPR) is currently 18.31%.

Wall Street Analyst Weigh In

Several brokerages have commented on ODFL. Stephens reiterated an “overweight” rating and set a $214.00 target price on shares of Old Dominion Freight Line in a research note on Thursday, September 5th. Benchmark reaffirmed a “hold” rating on shares of Old Dominion Freight Line in a research report on Wednesday. TD Cowen decreased their target price on Old Dominion Freight Line from $214.00 to $209.00 and set a “hold” rating for the company in a research report on Friday, September 6th. Wells Fargo & Company dropped their price target on shares of Old Dominion Freight Line from $175.00 to $170.00 and set an “underweight” rating on the stock in a report on Thursday, September 5th. Finally, Raymond James lifted their price target on shares of Old Dominion Freight Line from $190.00 to $209.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Old Dominion Freight Line presently has a consensus rating of “Hold” and an average target price of $201.00.

Insider Activity

In related news, Chairman David S. Congdon sold 29,975 shares of the firm’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $201.30, for a total transaction of $6,033,967.50. Following the completion of the transaction, the chairman now directly owns 1,401,621 shares of the company’s stock, valued at $282,146,307.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Old Dominion Freight Line news, Chairman David S. Congdon sold 29,975 shares of the stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $201.30, for a total transaction of $6,033,967.50. Following the completion of the transaction, the chairman now owns 1,401,621 shares of the company’s stock, valued at approximately $282,146,307.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman David S. Congdon sold 10,000 shares of the firm’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $195.17, for a total value of $1,951,700.00. Following the transaction, the chairman now owns 1,391,621 shares of the company’s stock, valued at approximately $271,602,670.57. The disclosure for this sale can be found here. 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.