Fred Alger Management LLC Has $42.89 Million Stock Position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Fred Alger Management LLC reduced its stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 37.2% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 215,919 shares of the transportation company’s stock after selling 127,990 shares during the quarter. Fred Alger Management LLC owned 0.10% of Old Dominion Freight Line worth $42,890,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the stock. Benjamin Edwards Inc. bought a new stake in shares of Old Dominion Freight Line during the 2nd quarter worth $25,000. Atwood & Palmer Inc. raised its position in Old Dominion Freight Line by 3,700.0% in the second quarter. Atwood & Palmer Inc. now owns 152 shares of the transportation company’s stock valued at $27,000 after purchasing an additional 148 shares during the last quarter. Versant Capital Management Inc raised its position in Old Dominion Freight Line by 1,630.0% in the second quarter. Versant Capital Management Inc now owns 173 shares of the transportation company’s stock valued at $31,000 after purchasing an additional 163 shares during the last quarter. LRI Investments LLC raised its position in shares of Old Dominion Freight Line by 73.1% during the second quarter. LRI Investments LLC now owns 187 shares of the transportation company’s stock worth $33,000 after acquiring an additional 79 shares during the last quarter. Finally, RPg Family Wealth Advisory LLC bought a new position in shares of Old Dominion Freight Line during the third quarter worth about $45,000. 77.82% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

ODFL has been the subject of a number of analyst reports. BMO Capital Markets lowered their price objective on Old Dominion Freight Line from $210.00 to $205.00 and set a “market perform” rating for the company in a research report on Thursday, October 24th. Barclays raised their target price on Old Dominion Freight Line from $190.00 to $220.00 and gave the stock an “equal weight” rating in a research note on Wednesday, November 13th. Argus cut Old Dominion Freight Line from a “buy” rating to a “hold” rating in a research note on Tuesday, November 12th. Stephens reaffirmed an “overweight” rating and set a $214.00 target price on shares of Old Dominion Freight Line in a research note on Thursday, September 5th. Finally, Wells Fargo & Company decreased their target price on Old Dominion Freight Line from $170.00 to $160.00 and set an “underweight” rating for the company in a research note on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $200.41.

Old Dominion Freight Line Stock Down 0.8 %

Shares of NASDAQ:ODFL opened at $224.11 on Friday. The stock has a market cap of $47.85 billion, a price-to-earnings ratio of 39.18, a PEG ratio of 4.69 and a beta of 0.99. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.01. Old Dominion Freight Line, Inc. has a 12-month low of $165.49 and a 12-month high of $233.26. The business’s 50 day moving average is $205.67 and its 200 day moving average is $193.32.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its earnings results on Wednesday, October 23rd. The transportation company reported $1.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.42 by $0.01. The company had revenue of $1.47 billion for the quarter, compared to analysts’ expectations of $1.49 billion. Old Dominion Freight Line had a return on equity of 29.40% and a net margin of 21.03%. Old Dominion Freight Line’s quarterly revenue was down 3.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.54 earnings per share. On average, sell-side 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 firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Wednesday, December 4th will be issued a dividend of $0.26 per share. The ex-dividend date of this dividend is Wednesday, December 4th. This represents a $1.04 dividend on an annualized basis and a yield of 0.46%. Old Dominion Freight Line’s dividend payout ratio (DPR) is currently 18.18%.

Insider Buying and Selling

In related news, Director Leo H. Suggs sold 3,000 shares of Old Dominion Freight Line stock in a transaction on Friday, November 8th. The stock was sold at an average price of $225.44, for a total transaction of $676,320.00. Following the sale, the director now directly owns 7,383 shares in the company, valued at approximately $1,664,423.52. This trade represents a 28.89 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Greg C. Gantt sold 7,000 shares of the business’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $200.07, for a total value of $1,400,490.00. Following the completion of the sale, the director now owns 97,890 shares in the company, valued at approximately $19,584,852.30. The trade was a 6.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 9.90% of the stock is currently owned by corporate insiders.

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.