Strs Ohio Grows Stock Position in Old Dominion Freight Line, Inc. $ODFL

Strs Ohio boosted its holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 46.5% during the first quarter, Holdings Channel.com reports. The fund owned 184,093 shares of the transportation company’s stock after acquiring an additional 58,429 shares during the period. Strs Ohio’s holdings in Old Dominion Freight Line were worth $35,972,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Price T Rowe Associates Inc. MD increased its stake in shares of Old Dominion Freight Line by 14.1% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 14,223,960 shares of the transportation company’s stock worth $2,230,318,000 after purchasing an additional 1,761,511 shares in the last quarter. State Street Corp lifted its stake in Old Dominion Freight Line by 0.9% in the 4th quarter. State Street Corp now owns 7,746,286 shares of the transportation company’s stock valued at $1,214,618,000 after buying an additional 70,736 shares in the last quarter. CIBC Private Wealth Group LLC lifted its stake in Old Dominion Freight Line by 21.6% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 4,366,843 shares of the transportation company’s stock valued at $614,764,000 after buying an additional 776,004 shares in the last quarter. Boston Partners grew its holdings in Old Dominion Freight Line by 98.4% during the 4th quarter. Boston Partners now owns 4,122,696 shares of the transportation company’s stock valued at $648,186,000 after buying an additional 2,044,434 shares during the last quarter. Finally, T. Rowe Price Investment Management Inc. grew its holdings in Old Dominion Freight Line by 11.0% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 3,680,719 shares of the transportation company’s stock valued at $577,137,000 after buying an additional 365,424 shares during the last quarter. Hedge funds and other institutional investors own 77.82% of the company’s stock.

Insider Activity at Old Dominion Freight Line

In related news, Director Greg C. Gantt sold 22,107 shares of the stock in a transaction on Monday, May 4th. The stock was sold at an average price of $191.52, for a total value of $4,233,932.64. Following the transaction, the director directly owned 88,551 shares of the company’s stock, valued at approximately $16,959,287.52. This trade represents a 19.98% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 10.00% of the stock is currently owned by insiders.

Old Dominion Freight Line Stock Performance

Old Dominion Freight Line stock opened at $217.65 on Friday. Old Dominion Freight Line, Inc. has a 1 year low of $126.01 and a 1 year high of $252.03. The firm has a 50 day moving average price of $218.55 and a 200 day moving average price of $197.40. The company has a market cap of $45.26 billion, a price-to-earnings ratio of 45.53, a PEG ratio of 4.36 and a beta of 1.18.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its quarterly earnings results on Wednesday, April 29th. The transportation company reported $1.14 EPS for the quarter, topping the consensus estimate of $1.05 by $0.09. The firm had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.31 billion. Old Dominion Freight Line had a net margin of 18.46% and a return on equity of 23.42%. Old Dominion Freight Line’s revenue for the quarter was down 2.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.19 earnings per share. Sell-side analysts predict that Old Dominion Freight Line, Inc. will post 5.44 EPS for the current year.

Old Dominion Freight Line Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 17th. Stockholders of record on Wednesday, June 3rd were issued a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date was Wednesday, June 3rd. Old Dominion Freight Line’s dividend payout ratio is presently 24.27%.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Susquehanna raised their price target on Old Dominion Freight Line from $205.00 to $224.00 and gave the stock a “neutral” rating in a research report on Tuesday, June 2nd. JPMorgan Chase & Co. increased their price objective on Old Dominion Freight Line from $197.00 to $234.00 and gave the company a “neutral” rating in a research note on Monday, June 8th. Benchmark reiterated a “hold” rating on shares of Old Dominion Freight Line in a research report on Thursday, June 4th. Citigroup cut Old Dominion Freight Line from a “neutral” rating to a “sell” rating and lifted their price objective for the stock from $225.00 to $228.00 in a research report on Monday, June 15th. Finally, TD Cowen reissued a “hold” rating on shares of Old Dominion Freight Line in a research note on Wednesday, June 3rd. Ten investment analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $218.57.

Old Dominion Freight Line Profile

Old Dominion Freight Line is a U.S.-based less-than-truckload (LTL) transportation company that provides regional, inter-regional and national freight services. Founded in 1934 and headquartered in Thomasville, North Carolina, the company has grown from a regional carrier into a national freight network, operating a broad system of service centers and terminals to move shipments for shippers of varying sizes and industries.

The company’s core business is LTL trucking, offering scheduled pickup and delivery for palletized freight that does not require a full truckload.