Strs Ohio Acquires New Shares in Old Dominion Freight Line, Inc. $ODFL

Key Points

• Strs Ohio purchased 121,200 shares of Old Dominion Freight Line, Inc., valued at approximately $20 million, indicating institutional interest in the stock.
• Old Dominion's quarterly earnings report showed an EPS of $1.27, below the consensus estimate of $1.29, with a revenue decline of 6.1% year-over-year.
• The company announced a quarterly dividend of $0.28 per share, reflecting a 0.8% dividend yield and a payout ratio of 21.88%.

Strs Ohio acquired a new stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 121,200 shares of the transportation company's stock, valued at approximately $20,053,000. Strs Ohio owned about 0.06% of Old Dominion Freight Line as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. T. Rowe Price Investment Management Inc. raised its holdings in shares of Old Dominion Freight Line by 79.5% during the first quarter. T. Rowe Price Investment Management Inc. now owns 2,599,005 shares of the transportation company's stock worth $430,006,000 after acquiring an additional 1,151,221 shares during the period. Nuveen LLC acquired a new position in shares of Old Dominion Freight Line during the 1st quarter worth about $151,107,000. JPMorgan Chase & Co. increased its stake in shares of Old Dominion Freight Line by 45.1% during the 1st quarter. JPMorgan Chase & Co. now owns 2,429,750 shares of the transportation company's stock worth $402,002,000 after purchasing an additional 754,796 shares during the last quarter. GAMMA Investing LLC boosted its holdings in shares of Old Dominion Freight Line by 24,499.9% during the 1st quarter. GAMMA Investing LLC now owns 514,384 shares of the transportation company's stock worth $85,105,000 after buying an additional 512,293 shares during the period. Finally, Vanguard Group Inc. boosted its holdings in shares of Old Dominion Freight Line by 1.9% during the 1st quarter. Vanguard Group Inc. now owns 22,666,405 shares of the transportation company's stock worth $3,750,157,000 after buying an additional 416,097 shares during the period. 77.82% of the stock is owned by institutional investors.

Old Dominion Freight Line Trading Up 1.2%

NASDAQ:ODFL traded up $1.77 during midday trading on Tuesday, reaching $147.02. 1,707,681 shares of the stock traded hands, compared to its average volume of 1,844,645. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.38 and a current ratio of 1.38. The company has a fifty day moving average of $154.46 and a 200 day moving average of $159.33. The stock has a market capitalization of $30.90 billion, a P/E ratio of 28.71, a PEG ratio of 3.37 and a beta of 1.23. Old Dominion Freight Line, Inc. has a 12 month low of $140.71 and a 12 month high of $233.26.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last released its earnings results on Wednesday, July 30th. The transportation company reported $1.27 earnings per share for the quarter, missing analysts' consensus estimates 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 analysts' expectations of $1.43 billion. During the same period in the prior year, the company earned $1.48 earnings per share. The firm's quarterly revenue was down 6.1% compared to the same quarter last year. On average, research analysts predict that Old Dominion Freight Line, Inc. will post 5.68 EPS for the current year.

Old Dominion Freight Line Dividend Announcement

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 paid a dividend of $0.28 per share. The ex-dividend date is Wednesday, September 3rd. This represents a $1.12 dividend on an annualized basis and a yield of 0.8%. Old Dominion Freight Line's dividend payout ratio (DPR) is presently 21.88%.

Analysts Set New Price Targets

ODFL has been the subject of a number of recent research reports. JPMorgan Chase & Co. cut their price objective on shares of Old Dominion Freight Line from $158.00 to $146.00 and set a "neutral" rating for the company in a report on Tuesday, July 8th. Vertical Research upgraded shares of Old Dominion Freight Line from a "hold" rating to a "buy" rating and set a $170.00 price target for the company in a research report on Thursday, July 31st. Stifel Nicolaus decreased their price objective on shares of Old Dominion Freight Line from $183.00 to $168.00 and set a "buy" rating for the company in a research report on Thursday, July 31st. Truist Financial raised their price target on shares of Old Dominion Freight Line from $175.00 to $180.00 and gave the stock a "buy" rating in a report on Monday, June 30th. Finally, Barclays set a $155.00 price objective on shares of Old Dominion Freight Line and gave the company an "equal weight" rating in a research note on Thursday, July 31st. Eight investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, Old Dominion Freight Line currently has an average rating of "Hold" and a consensus target price of $167.14.

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.