Old Dominion Freight Line (NASDAQ:ODFL) Shares Sold by Torch Wealth Management LLC

Torch Wealth Management LLC trimmed its holdings in Old Dominion Freight Line (NASDAQ:ODFL) by 3.2% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 6,803 shares of the transportation company’s stock after selling 225 shares during the period. Torch Wealth Management LLC’s holdings in Old Dominion Freight Line were worth $1,015,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Carillon Tower Advisers Inc. increased its position in Old Dominion Freight Line by 29.9% during the first quarter. Carillon Tower Advisers Inc. now owns 327,232 shares of the transportation company’s stock worth $47,249,000 after purchasing an additional 75,225 shares during the last quarter. Jag Capital Management LLC increased its position in Old Dominion Freight Line by 101.5% during the second quarter. Jag Capital Management LLC now owns 122,488 shares of the transportation company’s stock worth $18,282,000 after purchasing an additional 61,705 shares during the last quarter. BlackRock Inc. increased its position in Old Dominion Freight Line by 0.9% during the first quarter. BlackRock Inc. now owns 6,276,214 shares of the transportation company’s stock worth $906,224,000 after purchasing an additional 53,003 shares during the last quarter. Nordea Investment Management AB increased its position in Old Dominion Freight Line by 18.8% during the first quarter. Nordea Investment Management AB now owns 238,647 shares of the transportation company’s stock worth $34,462,000 after purchasing an additional 37,819 shares during the last quarter. Finally, Royal London Asset Management Ltd. increased its position in Old Dominion Freight Line by 20.9% during the first quarter. Royal London Asset Management Ltd. now owns 206,886 shares of the transportation company’s stock worth $29,877,000 after purchasing an additional 35,794 shares during the last quarter. Institutional investors and hedge funds own 70.65% of the company’s stock.

In other news, SVP Gregory B. Plemmons sold 1,249 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $163.39, for a total value of $204,074.11. Following the completion of the transaction, the senior vice president now owns 5,714 shares of the company’s stock, valued at $933,610.46. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Chairman Earl E. Congdon sold 56,400 shares of the firm’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $166.53, for a total transaction of $9,392,292.00. Following the completion of the transaction, the chairman now directly owns 10,854 shares of the company’s stock, valued at approximately $1,807,516.62. The disclosure for this sale can be found here. Company insiders own 11.90% of the company’s stock.

Shares of NASDAQ ODFL traded down $4.04 during midday trading on Thursday, hitting $162.10. The company’s stock had a trading volume of 18,022 shares, compared to its average volume of 720,937. The company’s fifty day moving average price is $156.87. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.92 and a quick ratio of 1.92. Old Dominion Freight Line has a 1 year low of $115.00 and a 1 year high of $171.87. The stock has a market capitalization of $13.29 billion, a price-to-earnings ratio of 22.17, a price-to-earnings-growth ratio of 2.39 and a beta of 1.49.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its quarterly earnings data on Thursday, July 25th. The transportation company reported $2.16 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.11 by $0.05. Old Dominion Freight Line had a net margin of 15.48% and a return on equity of 23.57%. The business had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.08 billion. During the same quarter last year, the firm posted $1.99 earnings per share. The business’s revenue for the quarter was up 2.6% compared to the same quarter last year. As a group, equities analysts forecast that Old Dominion Freight Line will post 7.92 EPS for the current fiscal year.

Old Dominion Freight Line declared that its board has approved a stock buyback plan on Thursday, May 16th that allows the company to repurchase $350.00 million in shares. This repurchase authorization allows the transportation company to buy up to 2.9% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its stock is undervalued.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 18th. Stockholders of record on Wednesday, September 4th will be paid a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 0.42%. The ex-dividend date is Tuesday, September 3rd. Old Dominion Freight Line’s payout ratio is 9.21%.

Several equities research analysts recently issued reports on ODFL shares. Credit Suisse Group raised their price objective on shares of Old Dominion Freight Line from $152.00 to $160.00 and gave the stock a “neutral” rating in a research report on Friday, July 26th. Morgan Stanley set a $146.00 target price on shares of Old Dominion Freight Line and gave the stock a “hold” rating in a research note on Friday, August 9th. Mizuho reaffirmed a “hold” rating and set a $151.00 target price on shares of Old Dominion Freight Line in a research note on Tuesday, July 2nd. KeyCorp increased their target price on shares of Old Dominion Freight Line from $165.00 to $175.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. Finally, Bank of America reaffirmed a “neutral” rating and set a $150.00 target price (up previously from $144.00) on shares of Old Dominion Freight Line in a research note on Thursday, June 20th. Nine investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $152.08.

Old Dominion Freight Line Profile

Old Dominion Freight Line, Inc operates as a less-than-truckload (LTL) motor carrier in the United States and North America. It provides regional, inter-regional, and national LTL services, including expedited transportation. The company also offers various value-added services, such as container drayage, truckload brokerage, and supply chain consulting.

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Institutional Ownership by Quarter for Old Dominion Freight Line (NASDAQ:ODFL)

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