PNC Financial Services Group Inc. Acquires 2,656 Shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

PNC Financial Services Group Inc. raised its holdings in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 11.5% in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 25,718 shares of the transportation company’s stock after acquiring an additional 2,656 shares during the period. PNC Financial Services Group Inc.’s holdings in Old Dominion Freight Line were worth $5,109,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in ODFL. Bank of New York Mellon Corp lifted its stake in Old Dominion Freight Line by 4.6% in the second quarter. Bank of New York Mellon Corp now owns 6,210,923 shares of the transportation company’s stock valued at $1,096,849,000 after buying an additional 270,538 shares during the period. Jacobs Levy Equity Management Inc. grew its holdings in Old Dominion Freight Line by 283.5% during the first quarter. Jacobs Levy Equity Management Inc. now owns 1,103,558 shares of the transportation company’s stock valued at $242,021,000 after purchasing an additional 815,817 shares during the period. Dimensional Fund Advisors LP increased its stake in Old Dominion Freight Line by 9.1% in the second quarter. Dimensional Fund Advisors LP now owns 1,033,160 shares of the transportation company’s stock valued at $182,444,000 after purchasing an additional 86,427 shares in the last quarter. Clearbridge Investments LLC raised its holdings in Old Dominion Freight Line by 39.1% in the second quarter. Clearbridge Investments LLC now owns 698,154 shares of the transportation company’s stock worth $123,294,000 after purchasing an additional 196,350 shares during the period. Finally, Bridges Investment Management Inc. boosted its position in shares of Old Dominion Freight Line by 12.9% during the third quarter. Bridges Investment Management Inc. now owns 694,620 shares of the transportation company’s stock worth $137,979,000 after purchasing an additional 79,348 shares in the last quarter. Institutional investors and hedge funds own 77.82% of the company’s stock.

Analyst Upgrades and Downgrades

ODFL has been the subject of a number of recent analyst reports. Evercore ISI lowered their price objective on shares of Old Dominion Freight Line from $199.00 to $188.00 and set an “in-line” rating for the company in a research report on Thursday, October 3rd. Bank of America lowered their price target on Old Dominion Freight Line from $210.00 to $206.00 and set a “neutral” rating for the company in a report on Friday, September 6th. Benchmark reiterated a “hold” rating on shares of Old Dominion Freight Line in a report on Wednesday, September 11th. BMO Capital Markets lowered their target price on Old Dominion Freight Line from $210.00 to $205.00 and set a “market perform” rating for the company in a research note on Thursday, October 24th. Finally, TD Cowen cut their price target on shares of Old Dominion Freight Line from $203.00 to $196.00 and set a “hold” rating on the stock in a research note on Thursday, October 24th. One research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Old Dominion Freight Line has an average rating of “Hold” and an average price target of $200.00.

Old Dominion Freight Line Price Performance

NASDAQ:ODFL opened at $220.25 on Friday. The stock has a market capitalization of $47.02 billion, a PE ratio of 38.51, a P/E/G ratio of 4.57 and a beta of 0.99. Old Dominion Freight Line, Inc. has a 1-year low of $165.49 and a 1-year high of $233.26. The firm has a fifty day simple moving average of $203.84 and a 200 day simple moving average of $192.44. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.01.

Old Dominion Freight Line (NASDAQ:ODFL) last released its quarterly earnings data on Wednesday, October 23rd. The transportation company reported $1.43 earnings per share for the quarter, topping 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 company had revenue of $1.47 billion for the quarter, compared to analyst estimates of $1.49 billion. During the same period in the previous year, the business earned $1.54 EPS. Old Dominion Freight Line’s revenue for the quarter was down 3.0% compared to the same quarter last year. On average, research analysts expect that Old Dominion Freight Line, Inc. will post 5.43 EPS for the current fiscal year.

Old Dominion Freight Line Announces Dividend

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

Insider Activity

In other Old Dominion Freight Line news, Director Leo H. Suggs sold 3,000 shares of the stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $225.44, for a total value of $676,320.00. Following the transaction, the director now directly owns 7,383 shares of the company’s stock, valued at $1,664,423.52. This represents a 28.89 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman David S. Congdon sold 29,975 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $201.30, for a total value of $6,033,967.50. Following the sale, the chairman now owns 1,401,621 shares of the company’s stock, valued at approximately $282,146,307.30. This represents a 2.09 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 49,975 shares of company stock valued at $10,062,478 over the last three months. 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.