Argus Investors Counsel Inc. Trims Position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Argus Investors Counsel Inc. decreased its holdings in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 2.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,231 shares of the transportation company’s stock after selling 420 shares during the quarter. Old Dominion Freight Line accounts for approximately 2.0% of Argus Investors Counsel Inc.’s portfolio, making the stock its 13th largest position. Argus Investors Counsel Inc.’s holdings in Old Dominion Freight Line were worth $3,025,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of ODFL. Calton & Associates Inc. lifted its position in Old Dominion Freight Line by 187.0% in the 3rd quarter. Calton & Associates Inc. now owns 3,300 shares of the transportation company’s stock worth $656,000 after buying an additional 2,150 shares during the last quarter. Evernest Financial Advisors LLC bought a new stake in Old Dominion Freight Line in the third quarter valued at approximately $1,005,000. Whittier Trust Co. of Nevada Inc. increased its stake in shares of Old Dominion Freight Line by 4.0% during the third quarter. Whittier Trust Co. of Nevada Inc. now owns 45,577 shares of the transportation company’s stock valued at $9,053,000 after buying an additional 1,745 shares during the period. Whittier Trust Co. increased its stake in shares of Old Dominion Freight Line by 3.4% during the third quarter. Whittier Trust Co. now owns 91,514 shares of the transportation company’s stock valued at $18,178,000 after buying an additional 3,037 shares during the period. Finally, Northwest Investment Counselors LLC purchased a new position in shares of Old Dominion Freight Line during the third quarter valued at approximately $67,000. Hedge funds and other institutional investors own 77.82% of the company’s stock.

Insider Activity

In other news, Chairman David S. Congdon sold 29,975 shares of the company’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $201.30, for a total transaction of $6,033,967.50. Following the transaction, the chairman now directly owns 1,401,621 shares of the company’s stock, valued at $282,146,307.30. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Old Dominion Freight Line news, Chairman David S. Congdon sold 10,000 shares of the stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $195.17, for a total value of $1,951,700.00. Following the transaction, the chairman now owns 1,391,621 shares of the company’s stock, valued at approximately $271,602,670.57. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman David S. Congdon sold 29,975 shares of the 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 completion of the transaction, the chairman now directly owns 1,401,621 shares in the company, valued at approximately $282,146,307.30. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 9.90% of the company’s stock.

Old Dominion Freight Line Stock Down 0.3 %

Shares of NASDAQ ODFL traded down $0.68 during trading on Tuesday, reaching $197.37. The company had a trading volume of 319,646 shares, compared to its average volume of 1,532,796. Old Dominion Freight Line, Inc. has a 12-month low of $165.49 and a 12-month high of $227.80. The stock has a market cap of $42.89 billion, a PE ratio of 34.76, a P/E/G ratio of 4.24 and a beta of 0.99. The business’s 50-day moving average is $195.68 and its 200 day moving average is $191.03. The company has a quick ratio of 1.46, a current ratio of 1.46 and a debt-to-equity ratio of 0.01.

Old Dominion Freight Line (NASDAQ:ODFL) last released its earnings results on Wednesday, July 24th. The transportation company reported $1.48 EPS for the quarter, topping analysts’ consensus estimates of $1.45 by $0.03. The firm had revenue of $1.50 billion for the quarter, compared to analysts’ expectations of $1.50 billion. Old Dominion Freight Line had a return on equity of 30.33% and a net margin of 21.38%. The company’s quarterly revenue was up 6.1% on a year-over-year basis. During the same period in the prior year, the firm posted $1.33 earnings per share. As a group, equities analysts forecast that Old Dominion Freight Line, Inc. will post 5.59 earnings per share for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Wednesday, December 4th will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.53%. The ex-dividend date is Wednesday, December 4th. Old Dominion Freight Line’s payout ratio is currently 18.31%.

Analyst Ratings Changes

ODFL has been the topic of several research analyst reports. Stephens reissued 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. Citigroup initiated coverage on Old Dominion Freight Line in a research note on Wednesday, October 9th. They set a “neutral” rating and a $206.00 target price on the stock. TD Cowen reduced their target price on Old Dominion Freight Line from $214.00 to $209.00 and set a “hold” rating on the stock in a research note on Friday, September 6th. Susquehanna boosted their target price on Old Dominion Freight Line from $210.00 to $225.00 and gave the company a “positive” rating in a research note on Wednesday, September 18th. Finally, The Goldman Sachs Group reduced their price target on 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. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $199.44.

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.