Old Dominion Freight Line, Inc. $ODFL Position Lowered by Nisa Investment Advisors LLC

Nisa Investment Advisors LLC cut its stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 16.4% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 45,136 shares of the transportation company’s stock after selling 8,867 shares during the period. Nisa Investment Advisors LLC’s holdings in Old Dominion Freight Line were worth $7,846,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in ODFL. Nykredit A S acquired a new stake in shares of Old Dominion Freight Line during the 2nd quarter valued at $16,333,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of Old Dominion Freight Line during the 2nd quarter valued at $42,410,000. Compass Financial Management LLC purchased a new position in shares of Old Dominion Freight Line during the 2nd quarter valued at $2,158,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Old Dominion Freight Line by 14.7% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,114,345 shares of the transportation company’s stock worth $241,367,000 after acquiring an additional 142,809 shares during the last quarter. Finally, Daiichi Life Insurance Co. Ltd. acquired a new position in shares of Old Dominion Freight Line in the second quarter worth $2,139,000. 77.82% of the stock is owned by hedge funds and other institutional investors.

Old Dominion Freight Line Stock Up 0.5%

Shares of ODFL opened at $189.89 on Friday. The company’s fifty day moving average is $186.67 and its 200-day moving average is $207.46. Old Dominion Freight Line, Inc. has a 12 month low of $126.01 and a 12 month high of $252.03. The firm has a market cap of $39.38 billion, a price-to-earnings ratio of 36.59, a price-to-earnings-growth ratio of 3.13 and a beta of 1.20.

Old Dominion Freight Line (NASDAQ:ODFL) last released its quarterly earnings data on Wednesday, July 29th. The transportation company reported $1.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.54 by $0.14. The business had revenue of $1.55 billion during the quarter, compared to analyst estimates of $1.54 billion. Old Dominion Freight Line had a net margin of 19.44% and a return on equity of 24.87%. Old Dominion Freight Line’s quarterly revenue was up 10.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.27 EPS. As a group, research analysts predict that Old Dominion Freight Line, Inc. will post 5.86 earnings per share for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

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

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. Morgan Stanley reiterated an “equal weight” rating and set a $245.00 price objective (up from $235.00) on shares of Old Dominion Freight Line in a report on Monday, July 6th. Zacks Research downgraded Old Dominion Freight Line from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 28th. Wolfe Research raised Old Dominion Freight Line from an “underperform” rating to a “peer perform” rating in a research report on Wednesday, October 7th. Weiss Ratings lowered Old Dominion Freight Line from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, August 25th. Finally, UBS Group reaffirmed a “neutral” rating and set a $228.00 price target (up from $224.00) on shares of Old Dominion Freight Line in a research note on Thursday, July 30th. Ten research analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $223.48.

Key Stories Impacting Old Dominion Freight Line

Here are the key news stories impacting Old Dominion Freight Line this week:

• Positive Sentiment: Old Dominion declared a quarterly cash dividend of $0.29 per share, payable December 16 to shareholders of record December 2. The dividend equates to $1.16 annually and a yield of approximately 0.6%, reinforcing the company’s cash-return commitment. Old Dominion Freight Line Declares a Quarterly Cash Dividend
• Positive Sentiment: Analysts expect Old Dominion’s third-quarter earnings to increase substantially, with one forecast calling for approximately 25.8% growth. Improving freight demand, disciplined pricing and operating efficiency could support an earnings beat when results are released next week. Old Dominion Gears Up for Q3 Earnings
• Neutral Sentiment: The upcoming earnings report is the key near-term catalyst. Expectations already appear elevated, so results and management’s outlook will determine whether projected growth is reflected in the stock.
• Negative Sentiment: Rising fuel costs are reportedly hurting trucking companies more severely than railroads. That trend could increase Old Dominion’s operating expenses and weigh on freight volumes or margins relative to rail competitors. US Railroads Pull Ahead as High Fuel Costs Hit Truckers Harder

Insiders Place Their Bets

In other Old Dominion Freight Line news, SVP Cecil Overbey, Jr. sold 19,952 shares of the business’s stock in a transaction dated 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 completion of the sale, the senior vice president owned 22,746 shares of the company’s stock, valued at $4,512,578.94. The trade was a 46.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 8.20% of the stock is currently owned by company insiders.

About Old Dominion Freight Line

Old Dominion Freight Line, Inc is a transportation company specializing in less-than-truckload (LTL) freight services. It transports shipments that do not require a full truck, serving business customers across a range of industries with regional, interregional and national freight transportation.

The company’s services include pickup and delivery, expedited transportation, container drayage and supply-chain solutions. Old Dominion also provides shipment tracking and other technology-enabled tools designed to support freight visibility and customer logistics management.

Founded in 1934 by Earl Congdon, Old Dominion Freight Line is headquartered in Thomasville, North Carolina.