Allstate Corp Acquires 1,924 Shares of Old Dominion Freight Line, Inc. $ODFL

Key Points

• Allstate Corp increased its stake in Old Dominion Freight Line by 33.8%, now owning 7,613 shares worth approximately $1.26 million.
• Old Dominion Freight Line reported a quarterly earnings miss, with earnings per share of $1.27 against an estimated $1.29, and a revenue decline of 6.1% year-over-year.
• The company declared a quarterly dividend of $0.28, leading to an annualized dividend yield of 0.7% for investors.

Allstate Corp increased its holdings in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 33.8% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 7,613 shares of the transportation company's stock after buying an additional 1,924 shares during the quarter. Allstate Corp's holdings in Old Dominion Freight Line were worth $1,260,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Larson Financial Group LLC raised its position in Old Dominion Freight Line by 234.8% in the first quarter. Larson Financial Group LLC now owns 154 shares of the transportation company's stock valued at $25,000 after purchasing an additional 108 shares during the last quarter. American National Bank & Trust bought a new position in Old Dominion Freight Line in the first quarter valued at about $30,000. Itau Unibanco Holding S.A. raised its position in Old Dominion Freight Line by 518.9% in the fourth quarter. Itau Unibanco Holding S.A. now owns 229 shares of the transportation company's stock valued at $40,000 after purchasing an additional 192 shares during the last quarter. Zions Bancorporation National Association UT bought a new position in Old Dominion Freight Line in the first quarter valued at about $39,000. Finally, Wayfinding Financial LLC bought a new position in Old Dominion Freight Line in the first quarter valued at about $39,000. 77.82% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have commented on ODFL shares. Wall Street Zen upgraded Old Dominion Freight Line from a "sell" rating to a "hold" rating in a research report on Friday, May 30th. UBS Group dropped their target price on Old Dominion Freight Line from $158.00 to $155.00 and set a "neutral" rating for the company in a research report on Thursday, July 31st. Baird R W upgraded Old Dominion Freight Line to a "hold" rating in a research report on Tuesday, July 1st. Bank of America increased their target price on Old Dominion Freight Line from $167.00 to $183.00 and gave the company a "neutral" rating in a research report on Friday, May 16th. Finally, Wells Fargo & Company decreased their price target on Old Dominion Freight Line from $160.00 to $145.00 and set an "underweight" rating for the company in a research note on Thursday, July 31st. Eight equities research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $167.62.

Old Dominion Freight Line Trading Down 0.4%

Shares of ODFL stock traded down $0.66 on Wednesday, hitting $153.82. The company had a trading volume of 1,974,992 shares, compared to its average volume of 1,850,310. The firm has a market cap of $32.33 billion, a P/E ratio of 30.04, a P/E/G ratio of 3.60 and a beta of 1.24. The stock's 50-day moving average is $158.38 and its two-hundred day moving average is $163.94. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.38 and a current ratio of 1.38. Old Dominion Freight Line, Inc. has a twelve month low of $140.91 and a twelve month high of $233.26.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last released its earnings results on Wednesday, July 30th. The transportation company reported $1.27 EPS for the quarter, missing the consensus estimate of $1.29 by ($0.02). Old Dominion Freight Line had a return on equity of 25.94% and a net margin of 19.42%.The business had revenue of $1.41 billion for the quarter, compared to analyst estimates of $1.43 billion. During the same period in the prior year, the business earned $1.48 EPS. The company's revenue for the quarter was down 6.1% on a year-over-year basis. On average, equities research analysts anticipate that Old Dominion Freight Line, Inc. will post 5.68 earnings per share for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 17th. Shareholders of record on Wednesday, September 3rd will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date is Wednesday, September 3rd. Old Dominion Freight Line's dividend payout ratio is presently 21.88%.

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.