Toronto Dominion Bank cut its stake in shares of Old Dominion Freight Line (NASDAQ:ODFL) by 7.9% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 10,168 shares of the transportation company’s stock after selling 871 shares during the period. Toronto Dominion Bank’s holdings in Old Dominion Freight Line were worth $1,517,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Quantamental Technologies LLC grew its position in Old Dominion Freight Line by 155.2% in the second quarter. Quantamental Technologies LLC now owns 171 shares of the transportation company’s stock valued at $26,000 after acquiring an additional 104 shares in the last quarter. Cordasco Financial Network lifted its stake in shares of Old Dominion Freight Line by 77.2% during the second quarter. Cordasco Financial Network now owns 179 shares of the transportation company’s stock valued at $27,000 after acquiring an additional 78 shares during the period. CSat Investment Advisory L.P. acquired a new position in shares of Old Dominion Freight Line during the second quarter valued at $28,000. Kavar Capital Partners LLC acquired a new position in shares of Old Dominion Freight Line during the second quarter valued at $45,000. Finally, SRS Capital Advisors Inc. acquired a new position in shares of Old Dominion Freight Line during the second quarter valued at $59,000. Institutional investors and hedge funds own 71.49% of the company’s stock.

Shares of ODFL traded up $2.22 on Wednesday, hitting $164.00. 143 shares of the stock traded hands, compared to its average volume of 514,369. The company has a market capitalization of $12.94 billion, a PE ratio of 22.21, a P/E/G ratio of 2.40 and a beta of 1.52. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.92 and a current ratio of 1.92. The business has a 50 day simple moving average of $166.60 and a 200 day simple moving average of $154.15. Old Dominion Freight Line has a one year low of $115.00 and a one year high of $176.22.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its earnings results on Thursday, July 25th. The transportation company reported $2.16 EPS for the quarter, topping analysts’ consensus estimates 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 the consensus estimate of $1.08 billion. During the same quarter in the previous year, the firm posted $1.99 EPS. The firm’s revenue was up 2.6% on a year-over-year basis. On average, equities analysts expect that Old Dominion Freight Line will post 7.91 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 18th. Investors of record on Wednesday, September 4th were paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 0.41%. The ex-dividend date of this dividend was Tuesday, September 3rd. Old Dominion Freight Line’s dividend payout ratio (DPR) is 9.21%.

ODFL has been the subject of a number of analyst reports. Mizuho restated a “hold” rating and issued a $151.00 price target on shares of Old Dominion Freight Line in a research note on Tuesday, July 2nd. ValuEngine cut Old Dominion Freight Line from a “buy” rating to a “hold” rating in a research note on Tuesday, September 24th. Robert W. Baird set a $162.00 price objective on Old Dominion Freight Line and gave the company a “hold” rating in a research note on Friday, July 26th. KeyCorp raised their price objective on Old Dominion Freight Line from $165.00 to $175.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Finally, Morgan Stanley set a $146.00 price objective on Old Dominion Freight Line and gave the company a “hold” rating in a research note on Friday, August 9th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating to the company’s stock. Old Dominion Freight Line has a consensus rating of “Hold” and an average price target of $153.42.

In other news, insider David S. Congdon sold 30,150 shares of the company’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $165.51, for a total transaction of $4,990,126.50. Following the sale, the insider now directly owns 13,385 shares in the company, valued at approximately $2,215,351.35. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Earl E. Congdon sold 56,400 shares of the company’s stock in a transaction dated 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 sale, the chairman now owns 10,854 shares in the company, valued at $1,807,516.62. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 87,799 shares of company stock worth $14,586,493. 11.90% of the stock is owned by corporate insiders.

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.

Further Reading: Special Dividends

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

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