Canada Pension Plan Investment Board Raises Holdings in Old Dominion Freight Line, Inc. $ODFL

Key Points

• The Canada Pension Plan Investment Board increased its stake in Old Dominion Freight Line, Inc. by 23.2% during the first quarter, now holding approximately 213,332 shares valued at around $35.3 million.
• Old Dominion's stock opened at $150.97, with a market capitalization of $31.73 billion, but it reported a quarterly earnings miss with earnings per share at $1.27, below the expected $1.29.
• The company declared a quarterly dividend of $0.28 per share, with a planned payout date on September 17, representing an annual yield of 0.7%.

Canada Pension Plan Investment Board raised its stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 23.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 213,332 shares of the transportation company's stock after purchasing an additional 40,148 shares during the period. Canada Pension Plan Investment Board owned 0.10% of Old Dominion Freight Line worth $35,296,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Lido Advisors LLC increased its holdings in shares of Old Dominion Freight Line by 3.2% in the 4th quarter. Lido Advisors LLC now owns 1,929 shares of the transportation company's stock valued at $340,000 after acquiring an additional 59 shares during the period. Benjamin Edwards Inc. boosted its holdings in shares of Old Dominion Freight Line by 3.0% in the 4th quarter. Benjamin Edwards Inc. now owns 2,297 shares of the transportation company's stock valued at $405,000 after buying an additional 67 shares in the last quarter. Fifth Third Wealth Advisors LLC boosted its holdings in shares of Old Dominion Freight Line by 4.6% in the 1st quarter. Fifth Third Wealth Advisors LLC now owns 1,617 shares of the transportation company's stock valued at $268,000 after buying an additional 71 shares in the last quarter. City Holding Co. boosted its holdings in shares of Old Dominion Freight Line by 1.1% in the 1st quarter. City Holding Co. now owns 7,104 shares of the transportation company's stock valued at $1,175,000 after buying an additional 75 shares in the last quarter. Finally, Brighton Jones LLC boosted its holdings in shares of Old Dominion Freight Line by 5.3% in the 4th quarter. Brighton Jones LLC now owns 1,559 shares of the transportation company's stock valued at $275,000 after buying an additional 79 shares in the last quarter. 77.82% of the stock is currently owned by hedge funds and other institutional investors.

Old Dominion Freight Line Stock Performance

Old Dominion Freight Line stock traded up $1.90 during trading hours on Friday, hitting $150.71. 1,890,347 shares of the stock traded hands, compared to its average volume of 1,850,938. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.38 and a quick ratio of 1.38. The firm's 50 day moving average price is $157.16 and its 200-day moving average price is $161.58. The stock has a market capitalization of $31.67 billion, a price-to-earnings ratio of 29.44, a P/E/G ratio of 3.43 and a beta of 1.23. Old Dominion Freight Line, Inc. has a 1 year low of $140.71 and a 1 year high of $233.26.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The transportation company reported $1.27 earnings per share 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 during the quarter, compared to analyst estimates of $1.43 billion. During the same quarter last year, the company posted $1.48 EPS. Old Dominion Freight Line's quarterly revenue was down 6.1% compared to the same quarter last year. As a group, equities analysts expect that Old Dominion Freight Line, Inc. will post 5.68 EPS 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. Investors of record on Wednesday, September 3rd will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 0.7%. The ex-dividend date is Wednesday, September 3rd. Old Dominion Freight Line's dividend payout ratio is 21.88%.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on ODFL shares. UBS Group lowered their price target on shares of Old Dominion Freight Line from $158.00 to $155.00 and set a "neutral" rating on the stock in a report on Thursday, July 31st. Vertical Research upgraded Old Dominion Freight Line from a "hold" rating to a "buy" rating and set a $170.00 target price on the stock in a research note on Thursday, July 31st. Stephens dropped their target price on Old Dominion Freight Line from $186.00 to $174.00 and set an "overweight" rating on the stock in a research note on Thursday, July 31st. Bank of America boosted their target price on Old Dominion Freight Line from $167.00 to $183.00 and gave the stock a "neutral" rating in a research note on Friday, May 16th. Finally, Wells Fargo & Company dropped their target price on Old Dominion Freight Line from $160.00 to $145.00 and set an "underweight" rating on the stock in a research note on Thursday, July 31st. Eight investment analysts have rated the stock with a Buy rating, fourteen have issued 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 a consensus rating of "Hold" and a consensus target price of $167.62.

Old Dominion Freight Line Company Profile

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.