Teacher Retirement System of Texas Purchases 122,006 Shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Teacher Retirement System of Texas increased its position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 639.2% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 141,093 shares of the transportation company’s stock after acquiring an additional 122,006 shares during the period. Teacher Retirement System of Texas’ holdings in Old Dominion Freight Line were worth $24,889,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of ODFL. Avanza Fonder AB bought a new stake in shares of Old Dominion Freight Line in the 4th quarter valued at about $3,741,000. AustralianSuper Pty Ltd bought a new stake in shares of Old Dominion Freight Line in the 4th quarter valued at about $128,221,000. Toronto Dominion Bank grew its position in shares of Old Dominion Freight Line by 77.7% in the 3rd quarter. Toronto Dominion Bank now owns 98,061 shares of the transportation company’s stock valued at $19,479,000 after buying an additional 42,880 shares during the last quarter. Board of the Pension Protection Fund bought a new stake in shares of Old Dominion Freight Line in the 4th quarter valued at about $600,000. Finally, Reliant Investment Management LLC grew its position in shares of Old Dominion Freight Line by 10.4% in the 4th quarter. Reliant Investment Management LLC now owns 21,850 shares of the transportation company’s stock valued at $3,854,000 after buying an additional 2,060 shares during the last quarter. Institutional investors own 77.82% of the company’s stock.

Wall Street Analysts Forecast Growth

ODFL has been the topic of a number of analyst reports. The Goldman Sachs Group upped their price target on Old Dominion Freight Line from $213.00 to $235.00 and gave the company a “neutral” rating in a research report on Thursday, December 12th. Morgan Stanley boosted their price objective on Old Dominion Freight Line from $165.00 to $170.00 and gave the company an “equal weight” rating in a research note on Thursday, February 6th. Barclays dropped their price objective on Old Dominion Freight Line from $210.00 to $195.00 and set an “equal weight” rating on the stock in a research note on Monday, March 10th. Citigroup dropped their price objective on Old Dominion Freight Line from $205.00 to $186.00 and set a “neutral” rating on the stock in a research note on Tuesday, March 4th. Finally, Truist Financial started coverage on Old Dominion Freight Line in a research note on Thursday, March 13th. They issued a “buy” rating and a $220.00 price objective on the stock. One research analyst has rated the stock with a sell rating, sixteen have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $202.65.

Old Dominion Freight Line Stock Performance

Shares of ODFL opened at $165.22 on Friday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.33 and a current ratio of 1.33. The stock has a 50 day moving average price of $184.41 and a two-hundred day moving average price of $194.30. The firm has a market capitalization of $35.12 billion, a P/E ratio of 30.15, a P/E/G ratio of 2.89 and a beta of 1.10. Old Dominion Freight Line, Inc. has a 52 week low of $157.67 and a 52 week high of $233.26.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its quarterly earnings data on Wednesday, February 5th. The transportation company reported $1.23 EPS for the quarter, topping analysts’ consensus estimates of $1.17 by $0.06. Old Dominion Freight Line had a return on equity of 28.02% and a net margin of 20.40%. Equities analysts forecast that Old Dominion Freight Line, Inc. will post 5.68 earnings per share for the current fiscal year.

Old Dominion Freight Line Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 5th were issued a $0.28 dividend. The ex-dividend date was Wednesday, March 5th. This is a positive change from Old Dominion Freight Line’s previous quarterly dividend of $0.26. This represents a $1.12 annualized dividend and a dividend yield of 0.68%. Old Dominion Freight Line’s dividend payout ratio is currently 18.98%.

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.