Ontario Teachers Pension Plan Board Grows Stock Position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Key Points

• The Ontario Teachers Pension Plan Board increased its stake in Old Dominion Freight Line by 16.3%, acquiring an additional 3,253 shares during the 1st quarter.
• Old Dominion reported a net margin of 19.42% and revenue of $1.41 billion for the latest quarter, both figures falling short of analysts' expectations.
• The company declared a quarterly dividend of $0.28 per share, reflecting an annualized dividend yield of 0.7%.

Ontario Teachers Pension Plan Board boosted its position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 16.3% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 23,179 shares of the transportation company's stock after purchasing an additional 3,253 shares during the period. Ontario Teachers Pension Plan Board's holdings in Old Dominion Freight Line were worth $3,835,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of ODFL. Vanguard Group Inc. grew its position in shares of Old Dominion Freight Line by 1.9% in the 1st quarter. Vanguard Group Inc. now owns 22,666,405 shares of the transportation company's stock valued at $3,750,157,000 after buying an additional 416,097 shares during the last quarter. Capital World Investors grew its position in shares of Old Dominion Freight Line by 1.1% in the 4th quarter. Capital World Investors now owns 2,510,101 shares of the transportation company's stock valued at $442,784,000 after buying an additional 27,367 shares during the last quarter. Northern Trust Corp grew its position in shares of Old Dominion Freight Line by 15.2% in the 4th quarter. Northern Trust Corp now owns 1,983,857 shares of the transportation company's stock valued at $349,952,000 after buying an additional 261,305 shares during the last quarter. First Trust Advisors LP grew its position in shares of Old Dominion Freight Line by 13.6% in the 4th quarter. First Trust Advisors LP now owns 1,547,441 shares of the transportation company's stock valued at $272,969,000 after buying an additional 185,500 shares during the last quarter. Finally, T. Rowe Price Investment Management Inc. grew its position in shares of Old Dominion Freight Line by 1,575.9% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,447,784 shares of the transportation company's stock valued at $255,390,000 after buying an additional 1,361,397 shares during the last quarter. Institutional investors and hedge funds own 77.82% of the company's stock.

Old Dominion Freight Line Stock Performance

Shares of ODFL traded down $0.87 on Friday, reaching $144.46. 1,440,285 shares of the company's stock traded hands, compared to its average volume of 2,003,047. The company has a current ratio of 1.38, a quick ratio of 1.32 and a debt-to-equity ratio of 0.04. The stock has a market cap of $30.36 billion, a PE ratio of 28.21, a PEG ratio of 3.35 and a beta of 1.24. The stock's 50 day simple moving average is $160.64 and its two-hundred day simple moving average is $167.25. Old Dominion Freight Line, Inc. has a 52-week low of $141.73 and a 52-week high of $233.26.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The transportation company reported $1.27 EPS for the quarter, missing analysts' consensus estimates of $1.29 by ($0.02). The business had revenue of $1.41 billion for the quarter, compared to analysts' expectations of $1.43 billion. Old Dominion Freight Line had a net margin of 19.42% and a return on equity of 25.94%. The business's revenue was down 6.1% compared to the same quarter last year. During the same period in the previous year, the business posted $1.48 earnings per share. On average, analysts forecast that Old Dominion Freight Line, Inc. will post 5.68 earnings per share for the current fiscal year.

Old Dominion Freight Line Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 17th. Shareholders of record on Wednesday, September 3rd will be given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date of this dividend is Wednesday, September 3rd. Old Dominion Freight Line's dividend payout ratio (DPR) is currently 21.88%.

Analyst Ratings Changes

A number of equities research analysts have commented on ODFL shares. Stifel Nicolaus reduced their price target on Old Dominion Freight Line from $183.00 to $168.00 and set a "buy" rating on the stock in a research report on Thursday, July 31st. Barclays set a $155.00 price target on Old Dominion Freight Line and gave the company an "equal weight" rating in a research report on Thursday, July 31st. Robert W. Baird set a $148.00 price target on Old Dominion Freight Line and gave the company a "neutral" rating in a research report on Monday. TD Cowen reduced their price target on Old Dominion Freight Line from $166.00 to $159.00 and set a "hold" rating on the stock in a research report on Thursday, July 31st. Finally, Stephens cut their target price on Old Dominion Freight Line from $186.00 to $174.00 and set an "overweight" rating on the stock in a research report on Thursday, July 31st. One analyst has rated the stock with a sell rating, fifteen have given a hold rating and eight have given a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $167.62.

About Old Dominion Freight Line

Old Dominion Freight Line, Inc operates as a less-than-truckload motor carrier in the United States and North America. The company offers regional, inter-regional, and national less-than-truckload services, as well as expedited transportation. It also provides various value-added services, including container drayage, truckload brokerage, and supply chain consulting.