OMERS ADMINISTRATION Corp Purchases Shares of 11,165 Old Dominion Freight Line, Inc. $ODFL

Key Points

• OMERS Administration Corp. initiated a position in Old Dominion Freight Line, purchasing 11,165 shares valued at approximately $2.42 million. Institutional investors collectively own 77.82% of the company.
• Old Dominion reported quarterly EPS of $1.68, exceeding analyst expectations of $1.54, while revenue rose 10.4% year over year to $1.55 billion. Shares opened at $198.34, down 1.6%.
• The company declared a quarterly dividend of $0.29 per share, or $1.16 annualized, representing a 0.6% yield. Analysts maintain a consensus “Hold” rating with an average price target of $226.55.

OMERS ADMINISTRATION Corp bought a new position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 11,165 shares of the transportation company's stock, valued at approximately $2,418,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Bell Investment Advisors Inc purchased a new stake in shares of Old Dominion Freight Line in the second quarter worth $25,000. Solstein Capital LLC purchased a new position in shares of Old Dominion Freight Line during the 2nd quarter valued at $26,000. Annis Gardner Whiting Capital Advisors LLC boosted its holdings 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 worth $27,000 after buying an additional 62 shares during the period. Reflection Asset Management bought a new position in Old Dominion Freight Line in the 4th quarter worth $28,000. Finally, Evolution Wealth Management Inc. purchased a new stake in Old Dominion Freight Line in the 1st quarter worth $29,000. Institutional investors own 77.82% of the company's stock.

Old Dominion Freight Line Stock Down 1.6%

Shares of Old Dominion Freight Line stock opened at $198.34 on Wednesday. Old Dominion Freight Line, Inc. has a twelve month low of $126.01 and a twelve month high of $252.03. The business has a 50-day moving average price of $218.82 and a 200-day moving average price of $210.64. The firm has a market cap of $41.13 billion, a price-to-earnings ratio of 38.22, a PEG ratio of 3.50 and a beta of 1.18.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last posted its earnings results on Wednesday, July 29th. The transportation company reported $1.68 EPS for the quarter, topping analysts' consensus estimates 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 the consensus estimate of $1.54 billion. During the same period in the previous year, the business earned $1.27 earnings per share. The firm's revenue for the quarter was up 10.4% on a year-over-year basis. On average, equities analysts expect that Old Dominion Freight Line, Inc. will post 5.78 EPS 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. Stockholders of record on Wednesday, September 2nd will be issued a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a dividend yield of 0.6%. The ex-dividend date of this dividend is Wednesday, September 2nd. Old Dominion Freight Line's dividend payout ratio is 22.35%.

Wall Street Analyst Weigh In

ODFL has been the topic of a number of recent analyst reports. Benchmark reissued a "hold" rating on shares of Old Dominion Freight Line in a report on Thursday, June 4th. Argus increased their target price on Old Dominion Freight Line from $220.00 to $260.00 and gave the stock a "buy" rating in a research report on Thursday, June 18th. Citigroup reissued a "neutral" rating and issued a $231.00 price target (up from $228.00) on shares of Old Dominion Freight Line in a report on Thursday, July 30th. Rothschild & Co Redburn cut their price objective on shares of Old Dominion Freight Line from $176.00 to $172.00 and set a "sell" rating for the company in a report on Tuesday, May 12th. Finally, Morgan Stanley reiterated an "equal weight" rating and set a $245.00 price objective (up from $235.00) on shares of Old Dominion Freight Line in a research report on Monday, July 6th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, thirteen have given a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $226.55.

Old Dominion Freight Line Company 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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