15,771,039 Shares in Old Dominion Freight Line, Inc. $ODFL Purchased by BlackRock Inc.

BlackRock Inc. acquired a new stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 15,771,039 shares of the transportation company's stock, valued at approximately $3,416,007,000. BlackRock Inc. owned 7.58% of Old Dominion Freight Line at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in ODFL. AustralianSuper Pty Ltd grew its stake in shares of Old Dominion Freight Line by 955.4% in the 4th quarter. AustralianSuper Pty Ltd now owns 75,005 shares of the transportation company's stock valued at $11,761,000 after purchasing an additional 67,898 shares during the period. Summitry LLC raised its holdings in shares of Old Dominion Freight Line by 5.4% in the fourth quarter. Summitry LLC now owns 218,175 shares of the transportation company's stock valued at $34,210,000 after buying an additional 11,223 shares during the last quarter. Partners Group Holding AG raised its stake in shares of Old Dominion Freight Line by 37.0% in the fourth quarter. Partners Group Holding AG now owns 194,631 shares of the transportation company's stock worth $30,518,000 after acquiring an additional 52,514 shares during the last quarter. M&T Bank Corp raised its position in Old Dominion Freight Line by 76.3% in the 4th quarter. M&T Bank Corp now owns 15,204 shares of the transportation company's stock worth $2,384,000 after purchasing an additional 6,582 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. raised its position in shares of Old Dominion Freight Line by 15,188.0% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 407,885 shares of the transportation company's stock worth $63,956,000 after acquiring an additional 405,217 shares during the last quarter. 77.82% of the stock is owned by institutional investors and hedge funds.

Old Dominion Freight Line Trading Down 1.9%

Shares of NASDAQ ODFL opened at $208.00 on Wednesday. Old Dominion Freight Line, Inc. has a 1-year low of $126.01 and a 1-year high of $252.03. The firm has a market cap of $43.13 billion, a P/E ratio of 40.08, a price-to-earnings-growth ratio of 3.67 and a beta of 1.18. The business's 50 day moving average is $222.47 and its 200-day moving average is $210.03.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last announced its earnings results on Wednesday, July 29th. The transportation company reported $1.68 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.54 by $0.14. The company had revenue of $1.55 billion during the quarter, compared to analysts' expectations of $1.54 billion. Old Dominion Freight Line had a net margin of 19.44% and a return on equity of 24.87%. Old Dominion Freight Line's quarterly revenue was up 10.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.27 earnings per share. Analysts forecast that Old Dominion Freight Line, Inc. will post 5.78 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 16th. Stockholders of record on Wednesday, September 2nd will be given a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date is Wednesday, September 2nd. Old Dominion Freight Line's dividend payout ratio is presently 22.35%.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Rothschild & Co Redburn cut their price objective on shares of Old Dominion Freight Line from $176.00 to $172.00 and set a "sell" rating on the stock in a report on Tuesday, May 12th. Robert W. Baird set a $229.00 price objective on Old Dominion Freight Line and gave the company a "neutral" rating in a report on Tuesday, April 28th. Morgan Stanley reaffirmed an "equal weight" rating and issued a $245.00 target price (up from $235.00) on shares of Old Dominion Freight Line in a research note on Monday, July 6th. Evercore reaffirmed an "outperform" rating and set a $243.00 price target on shares of Old Dominion Freight Line in a research report on Thursday, July 30th. Finally, Wells Fargo & Company upgraded Old Dominion Freight Line from an "underweight" rating to an "overweight" rating and raised their price objective for the company from $235.00 to $250.00 in a report on Wednesday, July 8th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, thirteen have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $226.55.

About Old Dominion Freight Line

Old Dominion Freight Line is a U.S.-based less-than-truckload (LTL) transportation company that provides regional, inter-regional and national freight services. Founded in 1934 and headquartered in Thomasville, North Carolina, the company has grown from a regional carrier into a national freight network, operating a broad system of service centers and terminals to move shipments for shippers of varying sizes and industries.

The company's core business is LTL trucking, offering scheduled pickup and delivery for palletized freight that does not require a full truckload.

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