Royal London Asset Management Ltd. Sells 3,547 Shares of Old Dominion Freight Line, Inc. $ODFL

Royal London Asset Management Ltd. cut its holdings in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 1.3% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 271,171 shares of the transportation company’s stock after selling 3,547 shares during the period. Royal London Asset Management Ltd. owned 0.13% of Old Dominion Freight Line worth $58,736,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Bell Investment Advisors Inc bought a new stake in Old Dominion Freight Line in the second quarter valued at $25,000. Solstein Capital LLC purchased a new position in Old Dominion Freight Line during the 2nd quarter valued at $26,000. EFG International AG bought a new position in Old Dominion Freight Line in the 2nd quarter worth $29,000. Transamerica Financial Advisors LLC bought a new position in Old Dominion Freight Line in the 2nd quarter worth $30,000. Finally, Annis Gardner Whiting Capital Advisors LLC lifted its position in shares of Old Dominion Freight Line by 80.5% in the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 139 shares of the transportation company’s stock worth $27,000 after purchasing an additional 62 shares during the period. Institutional investors own 77.82% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. TD Cowen reaffirmed a “hold” rating on shares of Old Dominion Freight Line in a research note on Wednesday, June 3rd. Barclays increased their price target on shares of Old Dominion Freight Line from $210.00 to $220.00 and gave the stock an “equal weight” rating in a research note on Thursday, June 25th. Truist Financial raised their price objective on shares of Old Dominion Freight Line from $225.00 to $250.00 and gave the stock a “buy” rating in a report on Wednesday, July 15th. Susquehanna lifted their price objective on Old Dominion Freight Line from $224.00 to $228.00 and gave the company a “neutral” rating in a research report on Tuesday, July 14th. Finally, Rothschild & Co Redburn reduced their target price on Old Dominion Freight Line from $176.00 to $172.00 and set a “sell” rating on the stock in a report on Tuesday, May 12th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, thirteen have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Old Dominion Freight Line has an average rating of “Hold” and an average target price of $226.55.

Insider Activity at Old Dominion Freight Line

In other news, SVP Cecil E. Jr. Overbey sold 19,952 shares of the stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $198.39, for a total value of $3,958,277.28. Following the sale, the senior vice president directly owned 22,746 shares of the company’s stock, valued at approximately $4,512,578.94. This represents a 46.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 8.20% of the company’s stock.

Old Dominion Freight Line Stock Performance

ODFL stock opened at $198.63 on Friday. The firm has a 50 day moving average price of $217.58 and a 200-day moving average price of $210.52. Old Dominion Freight Line, Inc. has a 52-week low of $126.01 and a 52-week high of $252.03. The firm has a market capitalization of $41.19 billion, a price-to-earnings ratio of 38.27, a PEG ratio of 3.45 and a beta of 1.18.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its quarterly earnings results on Wednesday, July 29th. The transportation company reported $1.68 earnings per share for the quarter, topping the consensus estimate of $1.54 by $0.14. Old Dominion Freight Line had a return on equity of 24.87% and a net margin of 19.44%.The company had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.54 billion. During the same quarter in the prior year, the business posted $1.27 EPS. The firm’s quarterly revenue was up 10.4% compared to the same quarter last year. As a group, sell-side analysts forecast that Old Dominion Freight Line, Inc. will post 5.78 earnings per share for the current fiscal year.

Old Dominion Freight Line Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 16th. Shareholders of record on Wednesday, September 2nd will be issued a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend is Wednesday, September 2nd. Old Dominion Freight Line’s payout ratio is 22.35%.

About Old Dominion Freight Line

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.