Bahl & Gaynor Inc. Sells 8,862 Shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Bahl & Gaynor Inc. decreased its holdings in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 47.4% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 9,850 shares of the transportation company’s stock after selling 8,862 shares during the period. Bahl & Gaynor Inc.’s holdings in Old Dominion Freight Line were worth $1,740,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Trust Co. of Vermont bought a new stake in shares of Old Dominion Freight Line during the 4th quarter valued at about $27,000. Raleigh Capital Management Inc. purchased a new position in Old Dominion Freight Line in the 4th quarter worth approximately $29,000. Neo Ivy Capital Management bought a new position in shares of Old Dominion Freight Line in the 4th quarter worth $40,000. Farmers & Merchants Investments Inc. raised its position in shares of Old Dominion Freight Line by 100.0% during the 1st quarter. Farmers & Merchants Investments Inc. now owns 124 shares of the transportation company’s stock valued at $27,000 after buying an additional 62 shares in the last quarter. Finally, Fortitude Family Office LLC lifted its holdings in shares of Old Dominion Freight Line by 103.0% during the 1st quarter. Fortitude Family Office LLC now owns 134 shares of the transportation company’s stock worth $29,000 after acquiring an additional 68 shares during the last quarter. 77.82% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Old Dominion Freight Line

In other Old Dominion Freight Line news, Chairman David S. Congdon sold 29,975 shares of Old Dominion Freight Line stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $201.30, for a total transaction of $6,033,967.50. Following the sale, the chairman now directly owns 1,401,621 shares of the company’s stock, valued at approximately $282,146,307.30. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, Chairman David S. Congdon sold 10,000 shares of the company’s stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $195.17, for a total value of $1,951,700.00. Following the sale, the chairman now directly owns 1,391,621 shares of the company’s stock, valued at $271,602,670.57. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Chairman David S. Congdon sold 29,975 shares of the firm’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $201.30, for a total value of $6,033,967.50. Following the transaction, the chairman now directly owns 1,401,621 shares of the company’s stock, valued at approximately $282,146,307.30. The disclosure for this sale can be found here. 9.90% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on ODFL shares. BMO Capital Markets raised their price target on Old Dominion Freight Line from $210.00 to $215.00 and gave the company an “outperform” rating in a research report on Thursday, July 25th. Wells Fargo & Company decreased their price objective on Old Dominion Freight Line from $175.00 to $170.00 and set an “underweight” rating on the stock in a report on Thursday, September 5th. Stephens reaffirmed an “overweight” rating and issued a $214.00 target price on shares of Old Dominion Freight Line in a research note on Thursday, September 5th. Benchmark reissued a “hold” rating on shares of Old Dominion Freight Line in a research note on Wednesday. Finally, TD Cowen cut their price objective on shares of Old Dominion Freight Line from $214.00 to $209.00 and set a “hold” rating for the company in a research note on Friday, September 6th. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Old Dominion Freight Line currently has an average rating of “Hold” and a consensus price target of $201.00.

Old Dominion Freight Line Trading Down 1.2 %

ODFL opened at $188.85 on Thursday. Old Dominion Freight Line, Inc. has a one year low of $165.49 and a one year high of $227.80. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.46 and a quick ratio of 1.46. The business has a 50 day simple moving average of $194.63 and a two-hundred day simple moving average of $196.90. The firm has a market capitalization of $41.03 billion, a price-to-earnings ratio of 33.25, a PEG ratio of 3.83 and a beta of 0.99.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its earnings results on Wednesday, July 24th. The transportation company reported $1.48 EPS for the quarter, beating analysts’ consensus estimates of $1.45 by $0.03. The company had revenue of $1.50 billion during the quarter, compared to the consensus estimate of $1.50 billion. Old Dominion Freight Line had a return on equity of 30.33% and a net margin of 21.38%. The firm’s revenue for the quarter was up 6.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.33 earnings per share. Analysts predict that Old Dominion Freight Line, Inc. will post 5.65 EPS for the current year.

Old Dominion Freight Line Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 18th. Stockholders of record on Wednesday, September 4th will be paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.55%. The ex-dividend date is Wednesday, September 4th. Old Dominion Freight Line’s payout ratio is 18.31%.

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.