First Trust Direct Indexing L.P. Acquires 806 Shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

First Trust Direct Indexing L.P. raised its holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 16.4% in the third quarter, Holdings Channel reports. The firm owned 5,706 shares of the transportation company’s stock after purchasing an additional 806 shares during the period. First Trust Direct Indexing L.P.’s holdings in Old Dominion Freight Line were worth $1,133,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in ODFL. China Universal Asset Management Co. Ltd. boosted its holdings in shares of Old Dominion Freight Line by 108.1% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 2,718 shares of the transportation company’s stock worth $540,000 after buying an additional 1,412 shares during the last quarter. Traynor Capital Management Inc. bought a new stake in Old Dominion Freight Line in the third quarter worth about $1,206,000. abrdn plc boosted its stake in Old Dominion Freight Line by 15.8% in the third quarter. abrdn plc now owns 61,078 shares of the transportation company’s stock valued at $12,104,000 after acquiring an additional 8,329 shares during the last quarter. Hunter Associates Investment Management LLC grew its position in shares of Old Dominion Freight Line by 24.9% during the 3rd quarter. Hunter Associates Investment Management LLC now owns 11,499 shares of the transportation company’s stock valued at $2,284,000 after acquiring an additional 2,294 shares during the period. Finally, J.W. Cole Advisors Inc. purchased a new stake in shares of Old Dominion Freight Line during the 3rd quarter worth approximately $514,000. 77.82% of the stock is owned by hedge funds and other institutional investors.

Old Dominion Freight Line Price Performance

NASDAQ:ODFL opened at $200.98 on Friday. Old Dominion Freight Line, Inc. has a 52-week low of $165.49 and a 52-week high of $227.80. The stock has a fifty day moving average of $195.57 and a 200 day moving average of $190.03. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.46 and a current ratio of 1.33. The firm has a market capitalization of $43.67 billion, a price-to-earnings ratio of 35.14, a P/E/G ratio of 4.36 and a beta of 0.99.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its quarterly earnings results on Wednesday, October 23rd. The transportation company reported $1.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $1.49 billion. During the same quarter last year, the company posted $1.54 EPS. The company’s revenue for the quarter was down 3.0% on a year-over-year basis. On average, research analysts expect that Old Dominion Freight Line, Inc. will post 5.48 EPS for the current fiscal year.

Old Dominion Freight Line Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Wednesday, December 4th will be paid a $0.26 dividend. 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 0.52%. Old Dominion Freight Line’s dividend payout ratio is presently 18.18%.

Insider Transactions at Old Dominion Freight Line

In other news, Chairman David S. Congdon sold 29,975 shares of Old Dominion Freight Line stock in a transaction on Monday, August 26th. The shares were sold at an average price of $201.30, for a total transaction of $6,033,967.50. Following the completion of the sale, the chairman now directly owns 1,401,621 shares of the company’s stock, valued at approximately $282,146,307.30. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Old Dominion Freight Line news, Director Greg C. Gantt sold 7,000 shares of the company’s stock in a transaction that occurred on Monday, October 28th. The stock was 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 of the company’s stock, valued at $19,584,852.30. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman David S. Congdon sold 29,975 shares of Old Dominion Freight Line stock in a transaction that occurred 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 in the company, valued at $282,146,307.30. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 46,975 shares of company stock valued at $9,386,158 in the last quarter. Insiders own 9.90% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on ODFL. Evercore ISI dropped their price objective on Old Dominion Freight Line from $199.00 to $188.00 and set an “in-line” rating on the stock in a research note on Thursday, October 3rd. Stifel Nicolaus cut Old Dominion Freight Line from a “buy” rating to a “hold” rating and dropped their price target for the company from $209.00 to $197.00 in a research report on Monday, October 21st. Benchmark reissued a “hold” rating on shares of Old Dominion Freight Line in a report on Wednesday, September 11th. Barclays dropped their price objective on shares of Old Dominion Freight Line from $195.00 to $190.00 and set an “equal weight” rating on the stock in a report on Thursday, October 24th. Finally, TD Cowen reduced their target price on shares of Old Dominion Freight Line from $203.00 to $196.00 and set a “hold” rating for the company in a research note on Thursday, October 24th. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $196.39.

Old Dominion Freight Line Company Profile

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.