Canada Pension Plan Investment Board Purchases Shares of 306,366 Old Dominion Freight Line, Inc. $ODFL

Key Points

• Canada Pension Plan Investment Board acquired 306,366 shares of Old Dominion Freight Line in the second quarter, valued at approximately $66.4 million and representing about 0.15% of the company.
• Old Dominion reported quarterly earnings of $1.68 per share, exceeding estimates of $1.54, while revenue rose 10.4% year over year to $1.55 billion. The company also declared a $0.29 quarterly dividend, yielding 0.6% annually.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $226.55; the stock recently traded near $200.06, below its 50-day moving average.

Canada Pension Plan Investment Board acquired a new stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 306,366 shares of the transportation company's stock, valued at approximately $66,359,000. Canada Pension Plan Investment Board owned approximately 0.15% of Old Dominion Freight Line as of its most recent SEC filing.

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

Old Dominion Freight Line Price Performance

NASDAQ:ODFL opened at $200.06 on Friday. The firm has a market capitalization of $41.48 billion, a price-to-earnings ratio of 38.55, a PEG ratio of 3.46 and a beta of 1.18. Old Dominion Freight Line, Inc. has a 1 year low of $126.01 and a 1 year high of $252.03. The business has a 50 day simple moving average of $218.02 and a 200-day simple moving average of $210.60.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last released its earnings results on Wednesday, July 29th. The transportation company reported $1.68 earnings per share for the quarter, beating the consensus estimate 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 firm had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.54 billion. During the same quarter in the previous year, the company posted $1.27 EPS. The company's revenue for the quarter was up 10.4% compared to the same quarter last year. As a group, analysts expect that Old Dominion Freight Line, Inc. will post 5.78 earnings per share for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 16th. Shareholders of record on Wednesday, September 2nd will be paid a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend is Wednesday, September 2nd. Old Dominion Freight Line's payout ratio is presently 22.35%.

Insider Activity

In related news, SVP Cecil E. Jr. Overbey sold 19,952 shares of Old Dominion Freight Line stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $198.39, for a total transaction of $3,958,277.28. Following the completion of the transaction, the senior vice president directly owned 22,746 shares of the company's stock, valued at approximately $4,512,578.94. The trade was a 46.73% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 8.20% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on ODFL. Benchmark reiterated a "hold" rating on shares of Old Dominion Freight Line in a research report on Thursday, June 4th. Jefferies Financial Group restated a "hold" rating and issued a $227.00 price target on shares of Old Dominion Freight Line in a research report on Thursday, July 30th. Zacks Research upgraded shares of Old Dominion Freight Line from a "hold" rating to a "strong-buy" rating in a research report on Friday, July 31st. Raymond James Financial reiterated an "outperform" rating and set a $241.00 price objective (up from $224.00) on shares of Old Dominion Freight Line in a research report on Monday, July 13th. Finally, Evercore reissued an "outperform" rating and issued a $243.00 price objective on shares of Old Dominion Freight Line in a research note on Thursday, July 30th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, thirteen have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Old Dominion Freight Line has an average 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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