Old Dominion Freight Line, Inc. $ODFL Shares Bought by California State Teachers Retirement System

Key Points

• California State Teachers Retirement System dramatically increased its Old Dominion Freight Line stake by 21,008.4%, acquiring 63.56 million additional shares to own 63.87 million shares, or approximately 30.8% of the company.
• Old Dominion reported quarterly adjusted 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 quarterly dividend of $0.29 per share, yielding approximately 0.6%.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $228.91; shares opened at $187.01, well below their 52-week high of $252.03.

California State Teachers Retirement System boosted its holdings in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 21,008.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 63,865,160 shares of the transportation company's stock after purchasing an additional 63,562,602 shares during the quarter. California State Teachers Retirement System owned approximately 30.80% of Old Dominion Freight Line worth $13,833,194,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Bell Investment Advisors Inc acquired a new position in shares of Old Dominion Freight Line during the 2nd quarter worth approximately $25,000. Solstein Capital LLC purchased a new position in shares of Old Dominion Freight Line during the 2nd quarter valued at approximately $26,000. Annis Gardner Whiting Capital Advisors LLC grew its stake in Old Dominion Freight Line by 80.5% in the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 139 shares of the transportation company's stock valued at $27,000 after acquiring an additional 62 shares during the period. Reflection Asset Management acquired a new stake in Old Dominion Freight Line in the 4th quarter valued at $28,000. Finally, Evolution Wealth Management Inc. acquired a new stake in Old Dominion Freight Line in the 1st quarter valued at $29,000. Hedge funds and other institutional investors own 77.82% of the company's stock.

Insider Activity at Old Dominion Freight Line

In other news, SVP Cecil Overbey, Jr. sold 19,952 shares of the firm's stock in a transaction dated 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 transaction, the senior vice president directly owned 22,746 shares of the company's stock, valued at approximately $4,512,578.94. This trade represents a 46.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 8.20% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

ODFL has been the subject of a number of research analyst reports. TD Cowen restated a "hold" rating on shares of Old Dominion Freight Line in a research report on Wednesday, June 3rd. Jefferies Financial Group reiterated a "hold" rating and issued a $227.00 target price (down from $250.00) on shares of Old Dominion Freight Line in a research report on Thursday, July 30th. Rothschild & Co Redburn cut their target price on shares of Old Dominion Freight Line from $176.00 to $172.00 and set a "sell" rating for the company in a research note on Tuesday, May 12th. Morgan Stanley reissued an "equal weight" rating and set a $245.00 target price (up from $235.00) on shares of Old Dominion Freight Line in a research note on Monday, July 6th. Finally, Wells Fargo & Company upgraded shares of Old Dominion Freight Line from an "underweight" rating to an "overweight" rating and upped their price target for the stock from $235.00 to $250.00 in a research report on Wednesday, July 8th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, twelve have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $228.91.

Old Dominion Freight Line Stock Performance

Shares of ODFL opened at $187.01 on Wednesday. The stock has a 50 day moving average price of $213.33 and a 200 day moving average price of $210.41. Old Dominion Freight Line, Inc. has a one year low of $126.01 and a one year high of $252.03. The stock has a market capitalization of $38.78 billion, a price-to-earnings ratio of 36.03, a PEG ratio of 3.12 and a beta of 1.16.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last announced its quarterly earnings data on Wednesday, July 29th. The transportation company reported $1.68 earnings per share for the quarter, beating analysts' consensus estimates of $1.54 by $0.14. The company had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.54 billion. Old Dominion Freight Line had a return on equity of 24.87% and a net margin of 19.44%.The firm's revenue for the quarter was up 10.4% on a year-over-year basis. During the same quarter last year, the firm posted $1.27 EPS. On average, analysts predict 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 announced a quarterly dividend, which will be paid on Wednesday, September 16th. Stockholders of record on Wednesday, September 2nd will be given a $0.29 dividend. 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 22.35%.

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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