Kentucky Retirement Systems Lowers Position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Kentucky Retirement Systems cut its stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 2.2% during the 3rd quarter, Holdings Channel.com reports. The fund owned 13,138 shares of the transportation company’s stock after selling 289 shares during the period. Kentucky Retirement Systems’ holdings in Old Dominion Freight Line were worth $2,610,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the company. Benjamin Edwards Inc. purchased a new stake in shares of Old Dominion Freight Line in the second quarter valued at about $25,000. Atwood & Palmer Inc. increased its stake in Old Dominion Freight Line by 3,700.0% in the 2nd quarter. Atwood & Palmer Inc. now owns 152 shares of the transportation company’s stock valued at $27,000 after buying an additional 148 shares during the last quarter. Crewe Advisors LLC bought a new position in shares of Old Dominion Freight Line during the 1st quarter worth approximately $38,000. Versant Capital Management Inc boosted its stake in shares of Old Dominion Freight Line by 1,630.0% in the 2nd quarter. Versant Capital Management Inc now owns 173 shares of the transportation company’s stock worth $31,000 after buying an additional 163 shares during the last quarter. Finally, LRI Investments LLC grew its holdings in shares of Old Dominion Freight Line by 73.1% in the second quarter. LRI Investments LLC now owns 187 shares of the transportation company’s stock valued at $33,000 after acquiring an additional 79 shares in the last quarter. 77.82% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

ODFL has been the topic of several research analyst reports. Susquehanna cut their price objective on Old Dominion Freight Line from $225.00 to $218.00 and set a “positive” rating on the stock in a research report on Thursday, October 24th. Robert W. Baird cut their price target on shares of Old Dominion Freight Line from $204.00 to $200.00 and set an “outperform” rating on the stock in a report on Thursday, October 24th. JPMorgan Chase & Co. decreased their price objective on shares of Old Dominion Freight Line from $193.00 to $189.00 and set a “neutral” rating for the company in a report on Friday, September 6th. The Goldman Sachs Group dropped their target price on shares of Old Dominion Freight Line from $228.00 to $216.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 9th. Finally, Stifel Nicolaus lowered shares of Old Dominion Freight Line from a “buy” rating to a “hold” rating and decreased their price target for the stock from $209.00 to $197.00 in a research note on Monday, October 21st. One research analyst has rated the stock with a sell rating, fifteen have assigned 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, the company presently has an average rating of “Hold” and a consensus price target of $200.00.

Old Dominion Freight Line Trading Down 3.5 %

Old Dominion Freight Line stock opened at $215.57 on Monday. The stock has a market cap of $46.02 billion, a P/E ratio of 37.69, a PEG ratio of 4.51 and a beta of 0.99. Old Dominion Freight Line, Inc. has a fifty-two week low of $165.49 and a fifty-two week high of $233.26. The firm’s fifty day moving average price is $201.32 and its 200-day moving average price is $191.36. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.33 and a current ratio of 1.33.

Old Dominion Freight Line (NASDAQ:ODFL) last released its quarterly earnings results on Wednesday, October 23rd. The transportation company reported $1.43 earnings per share for the quarter, beating the consensus estimate of $1.42 by $0.01. Old Dominion Freight Line had a return on equity of 29.40% and a net margin of 21.03%. The firm had revenue of $1.47 billion for the quarter, compared to analysts’ expectations of $1.49 billion. During the same quarter last year, the firm posted $1.54 EPS. The company’s revenue was down 3.0% compared to the same quarter last year. Equities research analysts forecast that Old Dominion Freight Line, Inc. will post 5.43 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, December 18th. Shareholders of record on Wednesday, December 4th will be given a dividend of $0.26 per share. The ex-dividend date is Wednesday, December 4th. This represents a $1.04 annualized dividend and a yield of 0.48%. Old Dominion Freight Line’s payout ratio is presently 18.18%.

Insider Transactions at Old Dominion Freight Line

In other news, Director Leo H. Suggs sold 3,000 shares of the company’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $225.44, for a total value of $676,320.00. Following the completion of the transaction, the director now directly owns 7,383 shares in the company, valued at approximately $1,664,423.52. This represents a 28.89 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman David S. Congdon sold 29,975 shares of the firm’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $201.30, for a total value of $6,033,967.50. Following the transaction, the chairman now directly owns 1,401,621 shares in the company, valued at approximately $282,146,307.30. This represents a 2.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 49,975 shares of company stock valued at $10,062,478 in the last quarter. Insiders own 9.90% of the company’s stock.

About Old Dominion Freight Line

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.