Commerce Bank Decreases Stock Position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Commerce Bank lowered its position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 6.7% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,363 shares of the transportation company’s stock after selling 525 shares during the period. Commerce Bank’s holdings in Old Dominion Freight Line were worth $1,463,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the company. Canada Pension Plan Investment Board lifted its holdings in Old Dominion Freight Line by 305.3% in the 1st quarter. Canada Pension Plan Investment Board now owns 157,352 shares of the transportation company’s stock worth $34,509,000 after buying an additional 118,529 shares in the last quarter. LRI Investments LLC acquired a new position in shares of Old Dominion Freight Line in the first quarter worth about $132,000. BOKF NA boosted its holdings in Old Dominion Freight Line by 85.3% in the first quarter. BOKF NA now owns 17,734 shares of the transportation company’s stock valued at $3,868,000 after purchasing an additional 8,161 shares during the last quarter. Kentucky Retirement Systems grew its stake in Old Dominion Freight Line by 89.8% during the 1st quarter. Kentucky Retirement Systems now owns 13,590 shares of the transportation company’s stock valued at $2,980,000 after purchasing an additional 6,431 shares in the last quarter. Finally, Kentucky Retirement Systems Insurance Trust Fund increased its holdings in Old Dominion Freight Line by 85.3% during the 1st quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 5,906 shares of the transportation company’s stock worth $1,295,000 after purchasing an additional 2,718 shares during the last quarter. 77.82% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Old Dominion Freight Line

In other Old Dominion Freight Line news, Director Leo H. Suggs sold 3,000 shares of the firm’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $225.44, for a total transaction of $676,320.00. Following the transaction, the director now owns 7,383 shares of the company’s stock, valued at approximately $1,664,423.52. This trade represents a 28.89 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman David S. Congdon sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $195.17, for a total transaction of $1,951,700.00. Following the completion of the sale, the chairman now directly owns 1,391,621 shares of the company’s stock, valued at approximately $271,602,670.57. This represents a 0.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 49,975 shares of company stock worth $10,062,478 in the last three months. 9.90% of the stock is owned by company insiders.

Old Dominion Freight Line Stock Performance

Shares of ODFL opened at $220.25 on Friday. The firm has a fifty day moving average of $203.84 and a 200-day moving average of $192.44. The company has a market cap of $47.02 billion, a price-to-earnings ratio of 38.51, a price-to-earnings-growth ratio of 4.57 and a beta of 0.99. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.33 and a current ratio of 1.33. Old Dominion Freight Line, Inc. has a 1 year low of $165.49 and a 1 year high of $233.26.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its earnings results on Wednesday, October 23rd. The transportation company reported $1.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $1.47 billion during the quarter, compared to analyst estimates of $1.49 billion. During the same period in the previous year, the business posted $1.54 EPS. Old Dominion Freight Line’s revenue was down 3.0% on a year-over-year basis. As a group, equities analysts anticipate that Old Dominion Freight Line, Inc. will post 5.43 earnings per share for the current year.

Old Dominion Freight Line Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Wednesday, December 4th will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 0.47%. The ex-dividend date is Wednesday, December 4th. Old Dominion Freight Line’s dividend payout ratio (DPR) is 18.18%.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on ODFL. Argus downgraded shares of Old Dominion Freight Line from a “buy” rating to a “hold” rating in a research report on Tuesday, November 12th. TD Cowen dropped their target price on shares of Old Dominion Freight Line from $203.00 to $196.00 and set a “hold” rating for the company in a research report on Thursday, October 24th. Bank of America reduced their price target on shares of Old Dominion Freight Line from $210.00 to $206.00 and set a “neutral” rating on the stock in a research report on Friday, September 6th. Citigroup boosted their price objective on Old Dominion Freight Line from $201.00 to $241.00 and gave the company a “neutral” rating in a report on Tuesday, November 12th. Finally, The Goldman Sachs Group cut their price objective on Old Dominion Freight Line from $228.00 to $216.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 9th. One investment analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $200.00.

Old Dominion Freight Line Company 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.