Parnassus Investments LLC Sells 240,675 Shares of Old Dominion Freight Line, Inc. $ODFL

Parnassus Investments LLC reduced its stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 57.5% during the third quarter, HoldingsChannel reports. The fund owned 177,577 shares of the transportation company’s stock after selling 240,675 shares during the period. Parnassus Investments LLC’s holdings in Old Dominion Freight Line were worth $24,999,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the stock. Financial Gravity Companies Inc. purchased a new stake in Old Dominion Freight Line during the 2nd quarter valued at about $26,000. Rossby Financial LCC purchased a new stake in shares of Old Dominion Freight Line during the second quarter valued at approximately $28,000. E Fund Management Hong Kong Co. Ltd. increased its position in shares of Old Dominion Freight Line by 175.7% during the third quarter. E Fund Management Hong Kong Co. Ltd. now owns 193 shares of the transportation company’s stock valued at $27,000 after acquiring an additional 123 shares in the last quarter. Chilton Capital Management LLC purchased a new position in Old Dominion Freight Line in the 2nd quarter worth approximately $47,000. Finally, Blue Trust Inc. lifted its position in Old Dominion Freight Line by 65.5% in the 2nd quarter. Blue Trust Inc. now owns 412 shares of the transportation company’s stock valued at $67,000 after acquiring an additional 163 shares in the last quarter. Hedge funds and other institutional investors own 77.82% of the company’s stock.

Old Dominion Freight Line Stock Up 1.2%

Shares of ODFL stock opened at $173.13 on Friday. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 0.02. Old Dominion Freight Line, Inc. has a 12 month low of $126.01 and a 12 month high of $209.61. The stock has a market cap of $36.20 billion, a P/E ratio of 34.84, a P/E/G ratio of 8.32 and a beta of 1.27. The company has a 50 day simple moving average of $148.62 and a two-hundred day simple moving average of $149.68.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its quarterly earnings data on Wednesday, October 29th. The transportation company reported $1.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.22 by $0.06. Old Dominion Freight Line had a net margin of 18.97% and a return on equity of 24.92%. The firm had revenue of $1.41 billion during the quarter, compared to the consensus estimate of $1.41 billion. During the same quarter in the previous year, the firm posted $1.43 EPS. The company’s revenue for the quarter was down 4.3% compared to the same quarter last year. On average, research analysts expect that Old Dominion Freight Line, Inc. will post 5.68 earnings per share for the current year.

Old Dominion Freight Line Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 17th. Investors of record on Wednesday, December 3rd were paid a dividend of $0.28 per share. The ex-dividend date was Wednesday, December 3rd. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.6%. Old Dominion Freight Line’s payout ratio is 22.54%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on ODFL shares. Evercore ISI decreased their price target on Old Dominion Freight Line from $143.00 to $139.00 and set an “in-line” rating for the company in a research note on Thursday, October 30th. Wolfe Research set a $138.00 target price on shares of Old Dominion Freight Line in a research note on Thursday. TD Cowen lifted their price target on shares of Old Dominion Freight Line from $154.00 to $167.00 and gave the stock a “hold” rating in a research note on Friday. Jefferies Financial Group boosted their price objective on shares of Old Dominion Freight Line from $150.00 to $160.00 and gave the company a “hold” rating in a report on Friday, December 19th. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of Old Dominion Freight Line in a report on Wednesday, October 8th. Ten equities research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and five have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $160.00.

Old Dominion Freight Line Profile

Old Dominion Freight Line is a U.S.-based less-than-truckload (LTL) transportation company that provides regional, inter-regional and national freight services. Founded in 1934 and headquartered in Thomasville, North Carolina, the company has grown from a regional carrier into a national freight network, operating a broad system of service centers and terminals to move shipments for shippers of varying sizes and industries.

The company’s core business is LTL trucking, offering scheduled pickup and delivery for palletized freight that does not require a full truckload.