Teachers Retirement System of The State of Kentucky reduced its stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL – Get Rating) by 4.2% during the first quarter, Holdings Channel reports. The institutional investor owned 6,630 shares of the transportation company's stock after selling 288 shares during the quarter. Teachers Retirement System of The State of Kentucky's holdings in Old Dominion Freight Line were worth $1,980,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. boosted its holdings in shares of Old Dominion Freight Line by 1.1% during the first quarter. Vanguard Group Inc. now owns 10,860,421 shares of the transportation company's stock worth $3,243,791,000 after purchasing an additional 113,806 shares during the period. BlackRock Inc. boosted its holdings in shares of Old Dominion Freight Line by 2.5% during the first quarter. BlackRock Inc. now owns 10,261,411 shares of the transportation company's stock worth $3,064,880,000 after purchasing an additional 253,333 shares during the period. State Street Corp boosted its holdings in shares of Old Dominion Freight Line by 1.2% during the fourth quarter. State Street Corp now owns 4,109,936 shares of the transportation company's stock worth $1,472,919,000 after purchasing an additional 49,624 shares during the period. WCM Investment Management LLC boosted its holdings in shares of Old Dominion Freight Line by 1.3% during the first quarter. WCM Investment Management LLC now owns 1,958,971 shares of the transportation company's stock worth $585,105,000 after purchasing an additional 25,026 shares during the period. Finally, Norges Bank purchased a new stake in shares of Old Dominion Freight Line during the fourth quarter worth about $335,106,000. 73.48% of the stock is owned by institutional investors.
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Analyst Upgrades and Downgrades
A number of analysts have recently weighed in on the stock. Wells Fargo & Company dropped their target price on shares of Old Dominion Freight Line from $300.00 to $287.00 and set an "overweight" rating for the company in a report on Friday, July 15th. Vertical Research lowered shares of Old Dominion Freight Line from a "hold" rating to a "sell" rating and set a $260.00 target price for the company. in a report on Wednesday, August 17th. UBS Group lowered their price objective on shares of Old Dominion Freight Line from $288.00 to $279.00 and set a "neutral" rating for the company in a report on Thursday, July 28th. Susquehanna Bancshares lowered their price objective on shares of Old Dominion Freight Line from $285.00 to $270.00 in a report on Thursday, July 28th. Finally, Evercore ISI lowered their price objective on shares of Old Dominion Freight Line from $334.00 to $301.00 and set an "in-line" rating for the company in a report on Tuesday, July 12th. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating and three have assigned a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average price target of $292.13.
Old Dominion Freight Line Price Performance
Shares of NASDAQ ODFL opened at $253.58 on Wednesday. Old Dominion Freight Line, Inc. has a fifty-two week low of $231.31 and a fifty-two week high of $373.58. The company has a 50 day simple moving average of $282.29 and a two-hundred day simple moving average of $276.35. The company has a market capitalization of $28.34 billion, a price-to-earnings ratio of 23.52, a P/E/G ratio of 1.36 and a beta of 1.07. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.92 and a current ratio of 1.92.
Old Dominion Freight Line (NASDAQ:ODFL – Get Rating) last announced its earnings results on Wednesday, July 27th. The transportation company reported $3.30 earnings per share for the quarter, beating analysts' consensus estimates of $3.09 by $0.21. The business had revenue of $1.67 billion during the quarter, compared to the consensus estimate of $1.66 billion. Old Dominion Freight Line had a net margin of 20.77% and a return on equity of 35.07%. The business's revenue for the quarter was up 26.4% on a year-over-year basis. During the same quarter last year, the firm earned $2.31 earnings per share. Analysts expect that Old Dominion Freight Line, Inc. will post 11.72 EPS for the current fiscal year.
Old Dominion Freight Line Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 21st. Investors of record on Wednesday, September 7th will be given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 0.47%. The ex-dividend date of this dividend is Tuesday, September 6th. Old Dominion Freight Line's dividend payout ratio (DPR) is currently 11.13%.
Insider Activity at Old Dominion Freight Line
In related news, Chairman David S. Congdon sold 6,246 shares of the firm's stock in a transaction that occurred on Tuesday, August 2nd. The shares were sold at an average price of $300.14, for a total transaction of $1,874,674.44. Following the completion of the sale, the chairman now owns 809,569 shares of the company's stock, valued at $242,984,039.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 10.30% of the stock is owned by insiders.
About Old Dominion Freight Line
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Old Dominion Freight Line, Inc operates as a less-than-truckload (LTL) motor carrier in the United States and North America. It provides regional, inter-regional, and national LTL services, including expedited transportation. The company also offers various value-added services, such as container drayage, truckload brokerage, and supply chain consulting.
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