California State Teachers Retirement System Decreases Stock Holdings in Old Dominion Freight Line, Inc. $ODFL

California State Teachers Retirement System decreased its holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 2.5% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 294,853 shares of the transportation company's stock after selling 7,705 shares during the period. California State Teachers Retirement System owned 0.14% of Old Dominion Freight Line worth $63,865,160 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in ODFL. Bell Investment Advisors Inc purchased a new position in shares of Old Dominion Freight Line during the second quarter worth $25,000. Solstein Capital LLC purchased a new stake in shares of Old Dominion Freight Line in the second quarter worth approximately $26,000. EFG International AG bought a new stake in shares of Old Dominion Freight Line in the second quarter valued at about $29,000. Transamerica Financial Advisors LLC acquired a new stake in shares of Old Dominion Freight Line in the second quarter valued at approximately $30,000. Finally, Annis Gardner Whiting Capital Advisors LLC raised its stake in shares of 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 purchasing an additional 62 shares during the period. 77.82% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Old Dominion Freight Line news, SVP Cecil Overbey, Jr. sold 19,952 shares of the stock in a transaction dated Tuesday, August 25th. The stock was 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 directly owned 22,746 shares in the company, 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. 8.20% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. Truist Financial upped their target price on shares of Old Dominion Freight Line from $225.00 to $250.00 and gave the stock a "buy" rating in a research note on Wednesday, July 15th. Wall Street Zen upgraded Old Dominion Freight Line from a "hold" rating to a "buy" rating in a research report on Saturday. Jefferies Financial Group restated a "hold" rating and set a $227.00 price objective (down from $250.00) on shares of Old Dominion Freight Line in a research report on Thursday, July 30th. Sanford C. Bernstein assumed coverage on Old Dominion Freight Line in a research note on Thursday, September 10th. They set a "market perform" rating and a $200.00 price target for the company. Finally, Argus lifted their target price on Old Dominion Freight Line from $220.00 to $260.00 and gave the stock a "buy" rating in a report on Thursday, June 18th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, thirteen have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, Old Dominion Freight Line has a consensus rating of "Hold" and a consensus target price of $227.65.

Old Dominion Freight Line Price Performance

Shares of ODFL traded up $0.80 during mid-day trading on Tuesday, reaching $182.71. 503,792 shares of the company's stock traded hands, compared to its average volume of 2,010,998. The stock has a market cap of $37.89 billion, a P/E ratio of 35.21, a P/E/G ratio of 3.02 and a beta of 1.16. Old Dominion Freight Line, Inc. has a 12 month low of $126.01 and a 12 month high of $252.03. The stock's 50-day moving average is $210.42 and its two-hundred day moving average is $209.97.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last announced its quarterly 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. The firm had revenue of $1.55 billion for the quarter, compared to analysts' expectations of $1.54 billion. Old Dominion Freight Line had a net margin of 19.44% and a return on equity of 24.87%. The company's revenue was up 10.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.27 EPS. Research 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 business also recently declared a quarterly dividend, which will be paid on Wednesday, September 16th. Investors of record on Wednesday, September 2nd will be given 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 yield of 0.6%. Old Dominion Freight Line's dividend payout ratio is 22.35%.

About Old Dominion Freight Line

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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