Allstate Corp Purchases New Shares in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Allstate Corp acquired a new position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) during the fourth quarter, according to the company in its most recent filing with the SEC. The fund acquired 5,689 shares of the transportation company’s stock, valued at approximately $1,004,000.

A number of other institutional investors have also recently added to or reduced their stakes in ODFL. State Street Corp increased its position in shares of Old Dominion Freight Line by 3.8% during the third quarter. State Street Corp now owns 7,633,531 shares of the transportation company’s stock worth $1,516,324,000 after acquiring an additional 279,946 shares during the last quarter. Geode Capital Management LLC grew its stake in Old Dominion Freight Line by 6.0% during the 3rd quarter. Geode Capital Management LLC now owns 4,830,973 shares of the transportation company’s stock valued at $959,005,000 after purchasing an additional 275,236 shares in the last quarter. Norges Bank acquired a new stake in Old Dominion Freight Line during the 4th quarter valued at approximately $494,916,000. Wellington Management Group LLP increased its holdings in Old Dominion Freight Line by 109.5% during the 3rd quarter. Wellington Management Group LLP now owns 1,435,228 shares of the transportation company’s stock worth $285,094,000 after purchasing an additional 750,073 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Old Dominion Freight Line by 3.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,250,236 shares of the transportation company’s stock valued at $220,542,000 after purchasing an additional 46,570 shares in the last quarter. Institutional investors and hedge funds own 77.82% of the company’s stock.

Old Dominion Freight Line Trading Down 3.2 %

Old Dominion Freight Line stock opened at $164.85 on Monday. Old Dominion Freight Line, Inc. has a 52-week low of $157.67 and a 52-week high of $233.26. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $35.04 billion, a price-to-earnings ratio of 30.08, a PEG ratio of 2.89 and a beta of 1.10. The firm has a 50-day moving average price of $182.63 and a two-hundred day moving average price of $193.59.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its quarterly earnings data on Wednesday, February 5th. The transportation company reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate 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%. Sell-side analysts expect that Old Dominion Freight Line, Inc. will post 5.68 earnings per share for the current year.

Old Dominion Freight Line Increases Dividend

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

Analyst Ratings Changes

A number of research firms have recently weighed in on ODFL. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Old Dominion Freight Line in a research report on Friday, March 7th. They set a “buy” rating and a $236.00 price target for the company. Evercore ISI raised their price objective on shares of Old Dominion Freight Line from $199.00 to $202.00 and gave the stock an “in-line” rating in a report on Thursday, February 6th. Truist Financial initiated coverage on shares of Old Dominion Freight Line in a research note on Thursday, March 13th. They issued a “buy” rating and a $220.00 target price on the stock. JPMorgan Chase & Co. increased their price target on shares of Old Dominion Freight Line from $186.00 to $205.00 and gave the stock a “neutral” rating in a research report on Friday, December 6th. Finally, Susquehanna reissued a “neutral” rating and issued a $195.00 price objective (down from $218.00) on shares of Old Dominion Freight Line in a report on Tuesday, January 7th. Two equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $201.40.

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.