Fred Alger Management LLC Sells 127,990 Shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Fred Alger Management LLC cut its position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 37.2% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 215,919 shares of the transportation company’s stock after selling 127,990 shares during the period. Fred Alger Management LLC’s holdings in Old Dominion Freight Line were worth $42,890,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in ODFL. Janus Henderson Group PLC raised its stake in shares of Old Dominion Freight Line by 91.3% in the first quarter. Janus Henderson Group PLC now owns 26,320 shares of the transportation company’s stock valued at $5,769,000 after buying an additional 12,563 shares during the period. B. Riley Wealth Advisors Inc. raised its stake in shares of Old Dominion Freight Line by 4.6% during the 1st quarter. B. Riley Wealth Advisors Inc. now owns 1,492 shares of the transportation company’s stock valued at $327,000 after purchasing an additional 66 shares during the period. Hancock Whitney Corp raised its stake in shares of Old Dominion Freight Line by 126.8% during the 1st quarter. Hancock Whitney Corp now owns 2,098 shares of the transportation company’s stock valued at $460,000 after purchasing an additional 1,173 shares during the period. Comerica Bank raised its stake in shares of Old Dominion Freight Line by 104.3% during the 1st quarter. Comerica Bank now owns 36,719 shares of the transportation company’s stock valued at $8,053,000 after purchasing an additional 18,742 shares during the period. Finally, Atria Investments Inc raised its stake in shares of Old Dominion Freight Line by 81.6% during the 1st quarter. Atria Investments Inc now owns 19,002 shares of the transportation company’s stock valued at $4,167,000 after purchasing an additional 8,537 shares during the period. 77.82% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Argus lowered Old Dominion Freight Line from a “buy” rating to a “hold” rating in a research note on Tuesday, November 12th. Bank of America decreased their price objective on Old Dominion Freight Line from $210.00 to $206.00 and set a “neutral” rating on the stock in a research note on Friday, September 6th. Citigroup boosted their price objective on Old Dominion Freight Line from $201.00 to $241.00 and gave the company a “neutral” rating in a research note on Tuesday, November 12th. Benchmark reiterated a “hold” rating on shares of Old Dominion Freight Line in a research note on Wednesday, September 11th. Finally, Stephens restated an “overweight” rating and set a $214.00 target price on shares of Old Dominion Freight Line in a research report on Thursday, September 5th. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $200.41.

Old Dominion Freight Line Price Performance

ODFL opened at $224.11 on Friday. Old Dominion Freight Line, Inc. has a 12-month low of $165.49 and a 12-month high of $233.26. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.01. The stock has a 50-day moving average price of $205.67 and a 200-day moving average price of $193.32. The stock has a market capitalization of $47.85 billion, a P/E ratio of 39.18, a PEG ratio of 4.69 and a beta of 0.99.

Old Dominion Freight Line (NASDAQ:ODFL) last released its earnings results on Wednesday, October 23rd. The transportation company reported $1.43 earnings per share 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 company had revenue of $1.47 billion during the quarter, compared to analyst estimates of $1.49 billion. During the same quarter in the previous year, the company posted $1.54 EPS. Old Dominion Freight Line’s revenue for the quarter was down 3.0% on a year-over-year basis. Equities analysts predict 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 business also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Wednesday, December 4th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.46%. The ex-dividend date of this dividend is Wednesday, December 4th. Old Dominion Freight Line’s dividend payout ratio (DPR) is presently 18.18%.

Insider Activity

In other news, Director Leo H. Suggs sold 3,000 shares of the business’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $225.44, for a total value of $676,320.00. Following the completion of the sale, the director now owns 7,383 shares of the company’s stock, valued at approximately $1,664,423.52. The trade was a 28.89 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Greg C. Gantt sold 7,000 shares of the company’s stock in a transaction that occurred 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 transaction, the director now directly owns 97,890 shares of the company’s stock, valued at $19,584,852.30. The trade was a 6.67 % decrease in their position. The disclosure for this sale can be found here. 9.90% of the stock is currently owned by corporate insiders.

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.