Parnassus Investments LLC Sells 5,523 Shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Parnassus Investments LLC trimmed its position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 1.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 440,182 shares of the transportation company’s stock after selling 5,523 shares during the quarter. Parnassus Investments LLC owned 0.20% of Old Dominion Freight Line worth $87,438,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in ODFL. Foundations Investment Advisors LLC boosted its stake in Old Dominion Freight Line by 0.6% during the 2nd quarter. Foundations Investment Advisors LLC now owns 9,124 shares of the transportation company’s stock valued at $1,611,000 after purchasing an additional 54 shares during the last quarter. Conning Inc. increased its holdings in Old Dominion Freight Line by 5.8% in the 2nd quarter. Conning Inc. now owns 1,164 shares of the transportation company’s stock worth $206,000 after buying an additional 64 shares in the last quarter. B. Riley Wealth Advisors Inc. raised its position in Old Dominion Freight Line by 4.6% in the 1st quarter. B. Riley Wealth Advisors Inc. now owns 1,492 shares of the transportation company’s stock worth $327,000 after buying an additional 66 shares during the last quarter. Quent Capital LLC lifted its stake in Old Dominion Freight Line by 5.5% during the 2nd quarter. Quent Capital LLC now owns 1,277 shares of the transportation company’s stock valued at $226,000 after acquiring an additional 67 shares during the period. Finally, Brighton Jones LLC boosted its holdings in shares of Old Dominion Freight Line by 5.0% during the 3rd quarter. Brighton Jones LLC now owns 1,480 shares of the transportation company’s stock valued at $294,000 after acquiring an additional 71 shares during the last quarter. Hedge funds and other institutional investors own 77.82% of the company’s stock.

Analyst Ratings Changes

ODFL has been the subject of several research reports. Stifel Nicolaus cut shares of Old Dominion Freight Line from a “buy” rating to a “hold” rating and decreased their price objective for the company from $209.00 to $197.00 in a report on Monday, October 21st. Raymond James increased their price target on Old Dominion Freight Line from $190.00 to $209.00 and gave the company an “outperform” rating in a report on Thursday, July 25th. Bank of America dropped their price target 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. Benchmark reiterated a “hold” rating on shares of Old Dominion Freight Line in a research report on Wednesday, September 11th. Finally, Robert W. Baird dropped their target price on Old Dominion Freight Line from $204.00 to $200.00 and set an “outperform” rating on the stock in a research report on Thursday, October 24th. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $200.00.

Old Dominion Freight Line Price Performance

Shares of Old Dominion Freight Line stock opened at $213.99 on Tuesday. The company has a market capitalization of $45.69 billion, a price-to-earnings ratio of 37.41, a PEG ratio of 4.51 and a beta of 0.99. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.01. The stock’s 50-day simple moving average is $201.81 and its 200-day simple moving average is $191.58. Old Dominion Freight Line, Inc. has a 52 week low of $165.49 and a 52 week high of $233.26.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its quarterly 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. 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 for the quarter, compared to analysts’ expectations of $1.49 billion. During the same period in the previous year, the firm earned $1.54 EPS. The firm’s revenue was down 3.0% compared to the same quarter last year. As a group, analysts expect that Old Dominion Freight Line, Inc. will post 5.43 earnings per share for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

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 issued a $0.26 dividend. The ex-dividend date is Wednesday, December 4th. This represents a $1.04 dividend on an annualized basis and a yield of 0.49%. Old Dominion Freight Line’s dividend payout ratio is currently 18.18%.

Insider Buying and Selling at Old Dominion Freight Line

In other news, Director Leo H. Suggs sold 3,000 shares of the business’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $225.44, for a total value of $676,320.00. Following the sale, 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 transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Chairman David S. Congdon sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $195.17, for a total value of $1,951,700.00. Following the sale, the chairman now owns 1,391,621 shares in the company, valued at approximately $271,602,670.57. This trade represents a 0.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 49,975 shares of company stock worth $10,062,478. Insiders own 9.90% of the company’s stock.

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.