Moors & Cabot Inc. Reduces Stock Position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Moors & Cabot Inc. reduced its position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 34.7% in the third quarter, Holdings Channel.com reports. The fund owned 1,181 shares of the transportation company’s stock after selling 628 shares during the quarter. Moors & Cabot Inc.’s holdings in Old Dominion Freight Line were worth $235,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in ODFL. Public Employees Retirement Association of Colorado increased its position in shares of Old Dominion Freight Line by 87.6% in the first quarter. Public Employees Retirement Association of Colorado now owns 27,894 shares of the transportation company’s stock worth $6,117,000 after purchasing an additional 13,028 shares during the last quarter. Public Employees Retirement System of Ohio boosted its position in Old Dominion Freight Line by 69.8% during the first quarter. Public Employees Retirement System of Ohio now owns 89,460 shares of the transportation company’s stock valued at $19,619,000 after buying an additional 36,785 shares during the period. SVB Wealth LLC grew its position in Old Dominion Freight Line by 88.9% during the 1st quarter. SVB Wealth LLC now owns 2,465 shares of the transportation company’s stock worth $541,000 after acquiring an additional 1,160 shares during the last quarter. Ascent Group LLC increased its stake in shares of Old Dominion Freight Line by 23.6% in the first quarter. Ascent Group LLC now owns 2,280 shares of the transportation company’s stock worth $500,000 after buying an additional 436 shares during the period. Finally, Silvercrest Asset Management Group LLC increased its position in shares of Old Dominion Freight Line by 99.8% in the first quarter. Silvercrest Asset Management Group LLC now owns 6,578 shares of the transportation company’s stock valued at $1,443,000 after acquiring an additional 3,285 shares during the period. 77.82% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Greg C. Gantt sold 7,000 shares of the 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 transaction, the director now owns 97,890 shares of the company’s stock, valued at $19,584,852.30. This represents a 6.67 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Leo H. Suggs sold 3,000 shares of the stock in a transaction on Friday, November 8th. The stock was sold at an average price of $225.44, for a total value of $676,320.00. Following the transaction, the director now directly owns 7,383 shares in the company, valued at $1,664,423.52. The trade was a 28.89 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 20,000 shares of company stock valued at $4,028,510. 9.90% of the stock is currently owned by insiders.

Old Dominion Freight Line Trading Up 0.9 %

ODFL stock opened at $220.25 on Monday. The company has a market capitalization of $47.02 billion, a price-to-earnings ratio of 38.51, a PEG ratio of 4.57 and a beta of 0.99. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.33 and a quick ratio of 1.33. Old Dominion Freight Line, Inc. has a 1-year low of $165.49 and a 1-year high of $233.26. The business has a 50 day simple moving average of $203.84 and a two-hundred day simple moving average of $192.52.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its earnings results on Wednesday, October 23rd. The transportation company reported $1.43 EPS for the quarter, topping analysts’ consensus estimates of $1.42 by $0.01. The company had revenue of $1.47 billion for the quarter, compared to the consensus estimate of $1.49 billion. Old Dominion Freight Line had a return on equity of 29.40% and a net margin of 21.03%. The firm’s revenue for the quarter was down 3.0% on a year-over-year basis. During the same period in the previous year, the business earned $1.54 earnings per share. Research analysts anticipate that Old Dominion Freight Line, Inc. will post 5.43 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. Investors of record on Wednesday, December 4th will be given a $0.26 dividend. The ex-dividend date is Wednesday, December 4th. This represents a $1.04 annualized dividend and a yield of 0.47%. Old Dominion Freight Line’s dividend payout ratio is currently 18.18%.

Analyst Ratings Changes

Several equities research analysts have recently commented on ODFL shares. Stephens reaffirmed an “overweight” rating and issued a $214.00 target price on shares of Old Dominion Freight Line in a research report on Thursday, September 5th. Bank of America lowered their price target on Old Dominion Freight Line from $210.00 to $206.00 and set a “neutral” rating for the company in a research report on Friday, September 6th. Susquehanna lowered their price objective on Old Dominion Freight Line from $225.00 to $218.00 and set a “positive” rating on the stock in a research report on Thursday, October 24th. Barclays boosted their price objective on shares of Old Dominion Freight Line from $190.00 to $220.00 and gave the company an “equal weight” rating in a report on Wednesday, November 13th. Finally, The Goldman Sachs Group lowered their target price on Old Dominion Freight Line from $228.00 to $216.00 and set a “neutral” rating on the stock in a report on Wednesday, October 9th. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $200.00.

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.