Public Employees Retirement System of Ohio purchased a new position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 58,946 shares of the transportation company's stock, valued at approximately $12,768,000.
Several other institutional investors and hedge funds have also recently modified their holdings of the company. BlackRock Inc. purchased a new position in shares of Old Dominion Freight Line in the second quarter valued at about $3,416,007,000. Price T Rowe Associates Inc. MD raised its stake in Old Dominion Freight Line by 14.1% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 14,223,960 shares of the transportation company's stock valued at $2,230,318,000 after purchasing an additional 1,761,511 shares during the period. State Street Corp lifted its holdings in Old Dominion Freight Line by 0.9% in the 4th quarter. State Street Corp now owns 7,746,286 shares of the transportation company's stock worth $1,214,618,000 after purchasing an additional 70,736 shares in the last quarter. Boston Partners lifted its holdings in Old Dominion Freight Line by 98.4% in the 4th quarter. Boston Partners now owns 4,122,696 shares of the transportation company's stock worth $648,186,000 after purchasing an additional 2,044,434 shares in the last quarter. Finally, T. Rowe Price Investment Management Inc. lifted its holdings in Old Dominion Freight Line by 11.0% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 3,680,719 shares of the transportation company's stock worth $577,137,000 after purchasing an additional 365,424 shares in the last quarter. 77.82% of the stock is currently owned by institutional investors.
Old Dominion Freight Line Price Performance
NASDAQ:ODFL opened at $198.63 on Monday. The company has a market cap of $41.19 billion, a price-to-earnings ratio of 38.27, a PEG ratio of 3.45 and a beta of 1.18. Old Dominion Freight Line, Inc. has a 1 year low of $126.01 and a 1 year high of $252.03. The stock's 50 day simple moving average is $217.58 and its two-hundred day simple moving average is $210.62.
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, beating analysts' consensus estimates of $1.54 by $0.14. The firm had revenue of $1.55 billion during the quarter, compared to the consensus estimate of $1.54 billion. Old Dominion Freight Line had a return on equity of 24.87% and a net margin of 19.44%.The company's quarterly revenue was up 10.4% compared to the same quarter last year. During the same period in the prior year, the company earned $1.27 EPS. As a group, analysts anticipate that Old Dominion Freight Line, Inc. will post 5.78 EPS for the current year.
Old Dominion Freight Line Dividend Announcement
The business 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 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 dividend yield of 0.6%. Old Dominion Freight Line's payout ratio is currently 22.35%.
Insiders Place Their Bets
In other news, SVP Cecil E. Jr. Overbey sold 19,952 shares of the stock in a transaction on 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 sale, the senior vice president owned 22,746 shares of the company's stock, valued at approximately $4,512,578.94. This represents a 46.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 8.20% of the stock is owned by company insiders.
Analyst Ratings Changes
A number of brokerages have issued reports on ODFL. Jefferies Financial Group reaffirmed a "hold" rating and set a $227.00 price objective on shares of Old Dominion Freight Line in a report on Thursday, July 30th. Barclays upped their target price on shares of Old Dominion Freight Line from $210.00 to $220.00 and gave the stock an "equal weight" rating in a research report on Thursday, June 25th. Wells Fargo & Company raised shares of Old Dominion Freight Line from an "underweight" rating to an "overweight" rating and raised their target price for the company from $235.00 to $250.00 in a research note on Wednesday, July 8th. Wall Street Zen downgraded shares of Old Dominion Freight Line from a "buy" rating to a "hold" rating in a report on Saturday. Finally, The Goldman Sachs Group reiterated a "buy" rating and issued a $244.00 price target on shares of Old Dominion Freight Line in a research note on Wednesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, thirteen have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $226.55.
Read Our Latest Analysis on Old Dominion Freight Line
Old Dominion Freight Line Profile
(
Free Report)
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.
See Also
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