National Pension Service Has $57.68 Million Holdings in Old Dominion Freight Line, Inc. $ODFL

Key Points

• National Pension Service cut its Old Dominion Freight Line stake by 12.4% in the second quarter, selling 37,679 shares and retaining 266,283 shares valued at approximately $57.68 million. Institutional investors and hedge funds collectively own 77.82% of ODFL.
• Old Dominion reported strong quarterly results, with earnings of $1.68 per share beating estimates by $0.14, while revenue rose 10.4% year over year to $1.55 billion. The company also declared a quarterly dividend of $0.29 per share, representing a 0.6% yield.
• Analyst sentiment remains mixed: ODFL has a consensus “Hold” rating and an average price target of $227.65, compared with a recent share price of $179.79.

National Pension Service reduced its stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 12.4% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 266,283 shares of the transportation company's stock after selling 37,679 shares during the period. National Pension Service owned about 0.13% of Old Dominion Freight Line worth $57,677,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in ODFL. California State Teachers Retirement System grew its stake in shares of Old Dominion Freight Line by 21,008.4% during the second quarter. California State Teachers Retirement System now owns 63,865,160 shares of the transportation company's stock worth $13,833,194,000 after buying an additional 63,562,602 shares during the last quarter. BlackRock Inc. bought a new stake in Old Dominion Freight Line during the 2nd quarter worth $3,416,007,000. Norges Bank bought a new stake in Old Dominion Freight Line during the 4th quarter worth $444,983,000. Bank of New York Mellon Corp acquired a new position in Old Dominion Freight Line in the 2nd quarter worth about $543,289,000. Finally, Boston Partners bought a new position in Old Dominion Freight Line in the third quarter valued at about $292,599,000. 77.82% of the stock is currently owned by institutional investors and hedge funds.

Old Dominion Freight Line Trading Down 0.4%

ODFL stock opened at $179.79 on Friday. The stock has a 50-day moving average price of $211.11 and a 200-day moving average price of $209.96. Old Dominion Freight Line, Inc. has a 1-year low of $126.01 and a 1-year high of $252.03. The firm has a market cap of $37.28 billion, a PE ratio of 34.64, a price-to-earnings-growth ratio of 3.03 and a beta of 1.16.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last announced its earnings results on Wednesday, July 29th. The transportation company reported $1.68 EPS 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 company had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.54 billion. During the same quarter in the prior year, the company earned $1.27 EPS. The firm's revenue for the quarter was up 10.4% compared to the same quarter last year. On average, analysts forecast that Old Dominion Freight Line, Inc. will post 5.78 earnings per share for the current year.

Old Dominion Freight Line Dividend Announcement

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

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Morgan Stanley reiterated an "equal weight" rating and issued a $245.00 price objective (up from $235.00) on shares of Old Dominion Freight Line in a report on Monday, July 6th. Argus lifted their price target on shares of Old Dominion Freight Line from $220.00 to $260.00 and gave the stock a "buy" rating in a report on Thursday, June 18th. BMO Capital Markets restated an "outperform" rating and issued a $230.00 price objective on shares of Old Dominion Freight Line in a report on Thursday, June 4th. Jefferies Financial Group reaffirmed a "hold" rating and set a $227.00 target price (down from $250.00) on shares of Old Dominion Freight Line in a report on Thursday, July 30th. Finally, Wall Street Zen raised Old Dominion Freight Line from a "hold" rating to a "buy" rating in a research note on Saturday. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, thirteen have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, Old Dominion Freight Line currently has a consensus rating of "Hold" and an average price target of $227.65.

Insider Activity

In other news, SVP Cecil Overbey, Jr. sold 19,952 shares of the firm'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 transaction of $3,958,277.28. Following the completion of the sale, the senior vice president owned 22,746 shares of the company's stock, valued at $4,512,578.94. This trade represents a 46.73% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders own 8.20% of the company's stock.

Old Dominion Freight Line Company Profile

Old Dominion Freight Line, Inc is a transportation and logistics company that specializes in less-than-truckload (LTL) freight services. The company transports shipments that do not require a full trailer, consolidating freight from multiple customers and providing regional, inter-regional and nationwide service.

Its service offerings include expedited transportation, truckload brokerage, container drayage, warehousing and supply chain consulting. Old Dominion operates a network of service centers and transportation facilities designed to support pickup and delivery, freight handling and distribution throughout the contiguous United States, with additional cross-border service to Canada and Mexico.

Founded in 1934 by Earl and Lillian Congdon, the company is headquartered in Thomasville, North Carolina.

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