Palisade Capital Managementnj Lowers stake in Old Dominion Freight Line (ODFL)

Old Dominion Freight Line (ODFL) : Palisade Capital Managementnj reduced its stake in Old Dominion Freight Line by 17.47% during the most recent quarter end. The investment management company now holds a total of 261,325 shares of Old Dominion Freight Line which is valued at $18,052,331 after selling 55,317 shares in Old Dominion Freight Line , the firm said in a disclosure report filed with the SEC on Aug 2, 2016.Old Dominion Freight Line makes up approximately 0.77% of Palisade Capital Managementnj’s portfolio.

Other Hedge Funds, Including , Hood River Capital Management reduced its stake in ODFL by selling 18,735 shares or 11.22% in the most recent quarter. The Hedge Fund company now holds 148,278 shares of ODFL which is valued at $10,329,045. Old Dominion Freight Line makes up approx 1.25% of Hood River Capital Management’s portfolio.Financial Architects Inc reduced its stake in ODFL by selling 9 shares or 13.64% in the most recent quarter. The Hedge Fund company now holds 57 shares of ODFL which is valued at $3,862. Manchester Capital Management sold out all of its stake in ODFL during the most recent quarter. The investment firm sold 1,672 shares of ODFL which is valued $112,592.

Old Dominion Freight Line opened for trading at $70.69 and hit $71.16 on the upside on Monday, eventually ending the session at $70.85, with a gain of 0.28% or 0.2 points. The heightened volatility saw the trading volume jump to 3,47,610 shares. Company has a market cap of $5,912 M.

On the company’s financial health, Old Dominion Freight Line reported $0.98 EPS for the quarter, beating the analyst consensus estimate by $ 0.03 according to the earnings call on Jul 28, 2016. Analyst had a consensus of $0.95. The company had revenue of $755.40 million for the quarter, compared to analysts expectations of $753.31 million. The company’s revenue was down -.9 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $1.00 EPS.

Many Wall Street Analysts have commented on Old Dominion Freight Line. Company shares were Reiterated by Cowen on Jul 28, 2016 to “Market Perform”, Firm has raised the Price Target to $ 73 from a previous price target of $63 .

Old Dominion Freight Line Inc. (Old Dominion) is a less-than-truckload (LTL) motor carrier providing regional inter-regional and national LTL service and logistics services. In addition to its LTL services it offers a range of services including international freight forwarding ground and air expedited transportation container delivery truckload brokerage supply chain consulting warehousing and consumer household pickup and delivery. Its infrastructure allows it to provide next-day and second-day service within each of its six regions covering the continental United States as well as inter-regional and national service between these regions. As of December 31 2014 it operated through 222 service center locations of which it owned 176 and leased 46. As of December 31 2014 it owned 6907 tractors. As of December 31 2014 it owned 27259 trailers.

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