State of Michigan Retirement System Trims Stock Position in Old Dominion Freight Line, Inc. $ODFL

State of Michigan Retirement System lessened its holdings in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 0.6% in the 2nd quarter, HoldingsChannel reports. The firm owned 78,188 shares of the transportation company’s stock after selling 500 shares during the quarter. State of Michigan Retirement System’s holdings in Old Dominion Freight Line were worth $12,690,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ODFL. Vanguard Group Inc. raised its position in shares of Old Dominion Freight Line by 1.9% in the first quarter. Vanguard Group Inc. now owns 22,666,405 shares of the transportation company’s stock worth $3,750,157,000 after acquiring an additional 416,097 shares during the period. Invesco Ltd. raised its position in shares of Old Dominion Freight Line by 1.3% in the first quarter. Invesco Ltd. now owns 4,272,231 shares of the transportation company’s stock worth $706,841,000 after acquiring an additional 53,079 shares during the period. T. Rowe Price Investment Management Inc. raised its position in shares of Old Dominion Freight Line by 79.5% in 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. JPMorgan Chase & Co. raised its position in shares of Old Dominion Freight Line by 45.1% in the first quarter. JPMorgan Chase & Co. now owns 2,429,750 shares of the transportation company’s stock worth $402,002,000 after acquiring an additional 754,796 shares during the period. Finally, Ameriprise Financial Inc. raised its position in shares of Old Dominion Freight Line by 11.4% in the first quarter. Ameriprise Financial Inc. now owns 1,412,698 shares of the transportation company’s stock worth $232,955,000 after acquiring an additional 145,058 shares during the period. Hedge funds and other institutional investors own 77.82% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on ODFL shares. Barclays decreased their price objective on shares of Old Dominion Freight Line from $155.00 to $150.00 and set an “equal weight” rating for the company in a research report on Wednesday, October 1st. Vertical Research upgraded shares of Old Dominion Freight Line from a “hold” rating to a “buy” rating and set a $170.00 price objective for the company in a research report on Thursday, July 31st. Susquehanna upped their price objective on shares of Old Dominion Freight Line from $155.00 to $156.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 10th. Morgan Stanley reduced their price target on shares of Old Dominion Freight Line from $170.00 to $165.00 and set an “equal weight” rating for the company in a research report on Thursday, July 31st. Finally, Evercore ISI reduced their price target on shares of Old Dominion Freight Line from $143.00 to $139.00 and set an “in-line” rating for the company in a research report on Thursday, October 30th. Eight research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $159.33.

Old Dominion Freight Line Stock Down 2.1%

ODFL opened at $137.51 on Tuesday. Old Dominion Freight Line, Inc. has a twelve month low of $133.69 and a twelve month high of $233.26. The company has a quick ratio of 1.38, a current ratio of 1.20 and a debt-to-equity ratio of 0.02. The company has a 50-day moving average price of $142.51 and a 200 day moving average price of $153.42. The company has a market cap of $28.90 billion, a PE ratio of 27.67, a price-to-earnings-growth ratio of 3.22 and a beta of 1.19.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its quarterly earnings data on Wednesday, October 29th. The transportation company reported $1.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.22 by $0.06. Old Dominion Freight Line had a net margin of 18.97% and a return on equity of 24.92%. The company had revenue of $1.41 billion during the quarter, compared to analysts’ expectations of $1.41 billion. During the same quarter in the prior year, the company earned $1.43 EPS. Old Dominion Freight Line’s revenue was down 4.3% compared to the same quarter last year. Sell-side analysts expect that Old Dominion Freight Line, Inc. will post 5.68 earnings per share for the current fiscal year.

Old Dominion Freight Line Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 17th. Investors of record on Wednesday, December 3rd will be paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend is Wednesday, December 3rd. Old Dominion Freight Line’s dividend payout ratio is currently 22.54%.

Old Dominion Freight Line Profile

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.