Legal & General Group Plc Acquires Shares of 1,168,768 Old Dominion Freight Line, Inc. $ODFL

Key Points

• Legal & General Group Plc acquired 1,168,768 shares of Old Dominion Freight Line during the second quarter, valued at approximately $253.2 million and representing about 0.56% of the company.
• Old Dominion reported quarterly EPS of $1.68, beating estimates of $1.54, while revenue rose 10.4% year over year to $1.55 billion. Institutional investors collectively own 77.82% of the stock.
• The company declared a quarterly dividend of $0.29 per share, or $1.16 annualized, yielding approximately 0.6%. Analysts maintain an overall “Hold” rating, with an average price target of $226.55 versus a recent share price of $199.43.

Legal & General Group Plc bought a new position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 1,168,768 shares of the transportation company's stock, valued at approximately $253,155,000. Legal & General Group Plc owned about 0.56% of Old Dominion Freight Line as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ODFL. BlackRock Inc. bought a new stake in Old Dominion Freight Line during the second quarter worth $3,416,007,000. Price T Rowe Associates Inc. MD boosted its position in Old Dominion Freight Line by 14.1% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 14,223,960 shares of the transportation company's stock worth $2,230,318,000 after purchasing an additional 1,761,511 shares during the last quarter. State Street Corp grew its stake in Old Dominion Freight Line by 0.9% in the 4th quarter. State Street Corp now owns 7,746,286 shares of the transportation company's stock valued at $1,214,618,000 after purchasing an additional 70,736 shares during the period. Boston Partners grew its stake in Old Dominion Freight Line by 98.4% in the 4th quarter. Boston Partners now owns 4,122,696 shares of the transportation company's stock valued at $648,186,000 after purchasing an additional 2,044,434 shares during the period. Finally, T. Rowe Price Investment Management Inc. increased its position in shares of Old Dominion Freight Line by 11.0% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 3,680,719 shares of the transportation company's stock valued at $577,137,000 after purchasing an additional 365,424 shares during the last quarter. Hedge funds and other institutional investors own 77.82% of the company's stock.

Old Dominion Freight Line Price Performance

Shares of ODFL stock opened at $199.43 on Thursday. The company's fifty day simple moving average is $218.44 and its two-hundred day simple moving average is $210.62. Old Dominion Freight Line, Inc. has a 1 year low of $126.01 and a 1 year high of $252.03. The stock has a market capitalization of $41.35 billion, a price-to-earnings ratio of 38.43, a PEG ratio of 3.45 and a beta of 1.18.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last released its quarterly earnings data on Wednesday, July 29th. The transportation company reported $1.68 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 analyst estimates 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 revenue was up 10.4% compared to the same quarter last year. During the same period last year, the business earned $1.27 earnings per share. Equities research analysts anticipate that Old Dominion Freight Line, Inc. will post 5.78 EPS for the current year.

Old Dominion Freight Line Announces Dividend

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

Insider Buying and Selling

In other Old Dominion Freight Line news, SVP Cecil E. Jr. Overbey sold 19,952 shares of the business's stock in a transaction that occurred 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 $4,512,578.94. The trade was a 46.73% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 8.20% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research firms have recently commented on ODFL. Jefferies Financial Group reiterated a "hold" rating and set a $227.00 target price on shares of Old Dominion Freight Line in a research note on Thursday, July 30th. Stifel Nicolaus set a $263.00 price target on shares of Old Dominion Freight Line and gave the company a "buy" rating in a research report on Thursday, July 30th. Morgan Stanley restated an "equal weight" rating and set a $245.00 price objective (up from $235.00) on shares of Old Dominion Freight Line in a report on Monday, July 6th. Weiss Ratings raised shares of Old Dominion Freight Line from a "hold (c)" rating to a "hold (c+)" rating in a research report on Tuesday, August 11th. Finally, Susquehanna boosted their target price on shares of Old Dominion Freight Line from $224.00 to $228.00 and gave the company a "neutral" rating in a research note on Tuesday, July 14th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, thirteen have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, Old Dominion Freight Line currently has an average rating of "Hold" and an average price target 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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