Wellington Management Group LLP Sells 72,352 Shares of Old Dominion Freight Line, Inc. $ODFL

Wellington Management Group LLP reduced its stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 12.8% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 494,689 shares of the transportation company’s stock after selling 72,352 shares during the quarter. Wellington Management Group LLP owned about 0.24% of Old Dominion Freight Line worth $107,150,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in ODFL. Bell Investment Advisors Inc acquired a new position in shares of Old Dominion Freight Line in the 2nd quarter worth approximately $25,000. Solstein Capital LLC bought a new stake in shares of Old Dominion Freight Line in the 2nd quarter valued at $26,000. Annis Gardner Whiting Capital Advisors LLC increased its position in shares of Old Dominion Freight Line by 80.5% during the first quarter. Annis Gardner Whiting Capital Advisors LLC now owns 139 shares of the transportation company’s stock worth $27,000 after buying an additional 62 shares during the period. Reflection Asset Management acquired a new stake in shares of Old Dominion Freight Line during the fourth quarter worth $28,000. Finally, Evolution Wealth Management Inc. bought a new position in Old Dominion Freight Line during the first quarter worth $29,000. 77.82% of the stock is currently owned by institutional investors.

Old Dominion Freight Line Stock Performance

ODFL stock opened at $187.01 on Wednesday. The stock’s 50 day simple moving average is $216.57 and its 200 day simple moving average is $210.60. The company has a market cap of $38.78 billion, a P/E ratio of 36.03, a price-to-earnings-growth ratio of 3.47 and a beta of 1.16. Old Dominion Freight Line, Inc. has a fifty-two week low of $126.01 and a fifty-two week high of $252.03.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its quarterly earnings data on Wednesday, July 29th. The transportation company reported $1.68 EPS for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $1.55 billion during the quarter, compared to analysts’ expectations of $1.54 billion. During the same quarter last year, the firm posted $1.27 earnings per share. The company’s revenue for the quarter was up 10.4% compared to the same quarter last year. Equities analysts predict that Old Dominion Freight Line, Inc. will post 5.78 earnings per share for the current year.

Old Dominion Freight Line Announces Dividend

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

Analysts Set New Price Targets

A number of analysts have commented on ODFL shares. Truist Financial upped their price target on shares of Old Dominion Freight Line from $225.00 to $250.00 and gave the company a “buy” rating in a research report on Wednesday, July 15th. Rothschild & Co Redburn dropped their price objective on Old Dominion Freight Line from $176.00 to $172.00 and set a “sell” rating on the stock in a research note on Tuesday, May 12th. UBS Group restated a “neutral” rating and set a $228.00 target price (up from $224.00) on shares of Old Dominion Freight Line in a research report on Thursday, July 30th. Wall Street Zen cut Old Dominion Freight Line from a “buy” rating to a “hold” rating in a research note on Saturday. Finally, Zacks Research upgraded Old Dominion Freight Line from a “hold” rating to a “strong-buy” rating in a report on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, thirteen have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $226.55.

Insider Buying and Selling

In other Old Dominion Freight Line news, SVP Cecil E. Jr. Overbey sold 19,952 shares of the company’s stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $198.39, for a total transaction of $3,958,277.28. Following the transaction, the senior vice president owned 22,746 shares in the company, 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 filing with the SEC, which is accessible through this hyperlink. Company insiders own 8.20% of the company’s stock.

Old Dominion Freight Line Company 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.