195,800 Shares in Old Dominion Freight Line, Inc. $ODFL Acquired by VIRGINIA RETIREMENT SYSTEMS ET Al

Key Points

• Virginia Retirement Systems acquired 195,800 shares of Old Dominion Freight Line worth approximately $42.4 million, while institutional investors collectively own 77.82% of the company.
• Old Dominion reported quarterly earnings of $1.68 per share, beating estimates by $0.14, with revenue rising 10.4% year over year to $1.55 billion.
• The company declared a quarterly dividend of $0.29 per share, while analysts maintain a consensus “Hold” rating with an average price target of $226.55.

VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 195,800 shares of the transportation company's stock, valued at approximately $42,410,000. VIRGINIA RETIREMENT SYSTEMS ET Al owned 0.09% of Old Dominion Freight Line as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Bell Investment Advisors Inc purchased a new position in shares of Old Dominion Freight Line in the 2nd quarter valued at $25,000. Solstein Capital LLC purchased a new stake in shares of Old Dominion Freight Line during the 2nd quarter worth $26,000. Annis Gardner Whiting Capital Advisors LLC lifted its stake in shares of Old Dominion Freight Line by 80.5% during the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 139 shares of the transportation company's stock worth $27,000 after purchasing an additional 62 shares during the last quarter. Reflection Asset Management bought a new stake in Old Dominion Freight Line during the fourth quarter valued at about $28,000. Finally, Evolution Wealth Management Inc. bought a new stake in Old Dominion Freight Line during the first quarter valued at about $29,000. Institutional investors own 77.82% of the company's stock.

Old Dominion Freight Line Stock Performance

Old Dominion Freight Line stock opened at $185.87 on Monday. The stock has a market cap of $38.54 billion, a PE ratio of 35.81, a price-to-earnings-growth ratio of 3.12 and a beta of 1.16. The stock has a 50-day moving average of $214.60 and a two-hundred day moving average of $210.52. Old Dominion Freight Line, Inc. has a one year low of $126.01 and a one year high of $252.03.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last issued its quarterly earnings results on Wednesday, July 29th. The transportation company reported $1.68 earnings per share for the quarter, topping analysts' consensus estimates of $1.54 by $0.14. Old Dominion Freight Line had a return on equity of 24.87% and a net margin of 19.44%.The business had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.54 billion. During the same quarter in the previous year, the firm earned $1.27 earnings per share. The company's revenue was up 10.4% on a year-over-year basis. As a group, sell-side analysts predict that Old Dominion Freight Line, Inc. will post 5.78 EPS for the current fiscal year.

Old Dominion Freight Line Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 16th. Investors of record on Wednesday, September 2nd will be paid a $0.29 dividend. The ex-dividend date is Wednesday, September 2nd. This represents a $1.16 dividend on an annualized basis and a yield of 0.6%. Old Dominion Freight Line's dividend payout ratio (DPR) is 22.35%.

Insiders Place Their Bets

In other Old Dominion Freight Line news, SVP Cecil Overbey, Jr. sold 19,952 shares of the firm's stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $198.39, for a total value of $3,958,277.28. Following the completion of the transaction, the senior vice president owned 22,746 shares of the company's stock, valued at approximately $4,512,578.94. This trade represents a 46.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 8.20% of the company's stock.

Analyst Ratings Changes

ODFL has been the subject of a number of recent research reports. Wells Fargo & Company upgraded shares of Old Dominion Freight Line from an "underweight" rating to an "overweight" rating and boosted their target price for the stock from $235.00 to $250.00 in a report on Wednesday, July 8th. Raymond James Financial restated an "outperform" rating and issued a $241.00 price target (up from $224.00) on shares of Old Dominion Freight Line in a report on Monday, July 13th. Morgan Stanley reaffirmed an "equal weight" rating and issued a $245.00 price objective (up from $235.00) on shares of Old Dominion Freight Line in a research report on Monday, July 6th. BMO Capital Markets reiterated an "outperform" rating and set a $230.00 price objective on shares of Old Dominion Freight Line in a research note on Thursday, June 4th. Finally, Stifel Nicolaus set a $263.00 target price on shares of Old Dominion Freight Line and gave the company a "buy" rating in a research report on Thursday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, thirteen have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, Old Dominion Freight Line currently has a consensus rating of "Hold" and a consensus target price of $226.55.

Old Dominion Freight Line Profile

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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