State of New Jersey Common Pension Fund D Trims Stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Key Points

• The State of New Jersey Common Pension Fund D reduced its stake in Old Dominion Freight Line by 7.6% during the first quarter, holding now 65,215 shares valued at approximately $10.79 million.
• Old Dominion Freight Line's recent quarterly earnings showed a miss on EPS estimates, reporting $1.27 per share against a consensus of $1.29, with revenue declining 6.1% year over year.
• The company declared a quarterly dividend of $0.28, reflecting a 0.7% yield, scheduled for payment on September 17th.

State of New Jersey Common Pension Fund D lowered its stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 7.6% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 65,215 shares of the transportation company's stock after selling 5,381 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in Old Dominion Freight Line were worth $10,790,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently modified their holdings of the company. Larson Financial Group LLC increased its position in shares of Old Dominion Freight Line by 234.8% during the first quarter. Larson Financial Group LLC now owns 154 shares of the transportation company's stock valued at $25,000 after buying an additional 108 shares during the period. American National Bank & Trust purchased a new position in shares of Old Dominion Freight Line during the first quarter valued at about $30,000. Itau Unibanco Holding S.A. increased its position in shares of Old Dominion Freight Line by 518.9% during the fourth quarter. Itau Unibanco Holding S.A. now owns 229 shares of the transportation company's stock valued at $40,000 after buying an additional 192 shares during the period. Zions Bancorporation National Association UT purchased a new position in shares of Old Dominion Freight Line during the first quarter valued at about $39,000. Finally, Wayfinding Financial LLC purchased a new position in shares of Old Dominion Freight Line during the first quarter valued at about $39,000. Hedge funds and other institutional investors own 77.82% of the company's stock.

Old Dominion Freight Line Stock Up 0.0%

ODFL opened at $151.14 on Friday. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.04. Old Dominion Freight Line, Inc. has a 1-year low of $140.91 and a 1-year high of $233.26. The company has a market capitalization of $31.77 billion, a PE ratio of 29.52, a PEG ratio of 3.48 and a beta of 1.24. The firm's 50 day simple moving average is $159.51 and its two-hundred day simple moving average is $165.68.

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

Old Dominion Freight Line Announces Dividend

The firm also recently declared 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. The ex-dividend date is Wednesday, September 3rd. This represents a $1.12 annualized dividend and a yield of 0.7%. Old Dominion Freight Line's dividend payout ratio (DPR) is presently 21.88%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on ODFL. Stephens cut their price objective on shares of Old Dominion Freight Line from $186.00 to $174.00 and set an "overweight" rating on the stock in a report on Thursday, July 31st. Barclays set a $155.00 price objective on shares of Old Dominion Freight Line and gave the stock an "equal weight" rating in a report on Thursday, July 31st. Morgan Stanley cut their price objective on shares of Old Dominion Freight Line from $170.00 to $165.00 and set an "equal weight" rating on the stock in a report on Thursday, July 31st. TD Cowen cut their price objective on shares of Old Dominion Freight Line from $166.00 to $159.00 and set a "hold" rating on the stock in a report on Thursday, July 31st. Finally, Vertical Research upgraded shares of Old Dominion Freight Line from a "hold" rating to a "buy" rating and set a $170.00 price objective on the stock in a report on Thursday, July 31st. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $167.62.

Old Dominion Freight Line Company Profile

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.

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