Wells Fargo & Company MN Cuts Stock Position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Wells Fargo & Company MN lessened its stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 15.8% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 305,416 shares of the transportation company’s stock after selling 57,118 shares during the quarter. Wells Fargo & Company MN owned approximately 0.14% of Old Dominion Freight Line worth $53,875,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in ODFL. Norges Bank purchased a new stake in Old Dominion Freight Line in the 4th quarter worth $494,916,000. AustralianSuper Pty Ltd purchased a new stake in shares of Old Dominion Freight Line during the fourth quarter worth $128,221,000. Raymond James Financial Inc. purchased a new stake in shares of Old Dominion Freight Line during the fourth quarter worth $114,449,000. Thrivent Financial for Lutherans grew its holdings in shares of Old Dominion Freight Line by 92.3% during the fourth quarter. Thrivent Financial for Lutherans now owns 1,195,331 shares of the transportation company’s stock worth $210,856,000 after buying an additional 573,586 shares in the last quarter. Finally, Franklin Resources Inc. grew its holdings in shares of Old Dominion Freight Line by 74.8% during the third quarter. Franklin Resources Inc. now owns 1,022,812 shares of the transportation company’s stock worth $207,068,000 after buying an additional 437,700 shares in the last quarter. Hedge funds and other institutional investors own 77.82% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on ODFL. UBS Group lowered their price target on shares of Old Dominion Freight Line from $196.00 to $158.00 and set a “neutral” rating on the stock in a research report on Tuesday. Evercore ISI boosted their price target on shares of Old Dominion Freight Line from $199.00 to $202.00 and gave the company an “in-line” rating in a research report on Thursday, February 6th. Barclays decreased their target price on shares of Old Dominion Freight Line from $195.00 to $185.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 2nd. Morgan Stanley set a $185.00 price target on shares of Old Dominion Freight Line in a research report on Wednesday, April 2nd. Finally, Stephens reiterated an “overweight” rating and issued a $240.00 price target on shares of Old Dominion Freight Line in a research note on Thursday, February 6th. Two research analysts have rated the stock with a sell rating, fourteen have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $195.75.

Old Dominion Freight Line Stock Performance

Old Dominion Freight Line stock opened at $165.49 on Thursday. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.01. Old Dominion Freight Line, Inc. has a 1 year low of $145.79 and a 1 year high of $233.26. The company has a market cap of $35.17 billion, a PE ratio of 30.20, a PEG ratio of 2.89 and a beta of 1.25. The company’s 50-day moving average is $176.54 and its two-hundred day moving average is $191.09.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its quarterly earnings results on Wednesday, February 5th. The transportation company reported $1.23 earnings per share for the quarter, beating analysts’ consensus estimates of $1.17 by $0.06. Old Dominion Freight Line had a net margin of 20.40% and a return on equity of 28.02%. Equities analysts anticipate that Old Dominion Freight Line, Inc. will post 5.68 earnings per share for the current year.

Old Dominion Freight Line Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 19th. Shareholders of record on Wednesday, March 5th were issued a dividend of $0.28 per share. This is an increase from Old Dominion Freight Line’s previous quarterly dividend of $0.26. This represents a $1.12 annualized dividend and a yield of 0.68%. The ex-dividend date of this dividend was Wednesday, March 5th. Old Dominion Freight Line’s dividend payout ratio (DPR) is 18.98%.

Old Dominion Freight Line 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.