Public Employees Retirement System of Ohio Cuts Holdings in Old Dominion Freight Line, Inc. $ODFL

Public Employees Retirement System of Ohio trimmed its holdings in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 4.1% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 58,006 shares of the transportation company’s stock after selling 2,473 shares during the period. Public Employees Retirement System of Ohio’s holdings in Old Dominion Freight Line were worth $11,334,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Compound Planning Inc. lifted its holdings in shares of Old Dominion Freight Line by 49.6% during the first quarter. Compound Planning Inc. now owns 2,438 shares of the transportation company’s stock valued at $476,000 after purchasing an additional 808 shares in the last quarter. Gibbs Wealth Management increased its holdings in Old Dominion Freight Line by 21.4% in the 1st quarter. Gibbs Wealth Management now owns 3,699 shares of the transportation company’s stock worth $723,000 after buying an additional 651 shares in the last quarter. Sei Investments Co. increased its holdings in Old Dominion Freight Line by 43.0% in the 1st quarter. Sei Investments Co. now owns 121,217 shares of the transportation company’s stock worth $23,686,000 after buying an additional 36,447 shares in the last quarter. Lido Advisors LLC raised its position in Old Dominion Freight Line by 15.0% in the 1st quarter. Lido Advisors LLC now owns 2,565 shares of the transportation company’s stock worth $501,000 after buying an additional 334 shares during the last quarter. Finally, Cetera Investment Advisers raised its position in Old Dominion Freight Line by 18.3% in the 1st quarter. Cetera Investment Advisers now owns 30,758 shares of the transportation company’s stock worth $6,010,000 after buying an additional 4,762 shares during the last quarter. Institutional investors own 77.82% of the company’s stock.

Analyst Upgrades and Downgrades

ODFL has been the topic of several research analyst reports. Wolfe Research upped their target price on shares of Old Dominion Freight Line from $183.00 to $185.00 and gave the company an “underperform” rating in a research note on Tuesday, April 7th. Rothschild & Co Redburn reduced their price target on shares of Old Dominion Freight Line from $176.00 to $172.00 and set a “sell” rating for the company in a research note on Tuesday, May 12th. Citigroup raised shares of Old Dominion Freight Line from a “sell” rating to a “neutral” rating and set a $228.00 price objective for the company in a report on Thursday, July 9th. Truist Financial increased their price objective on shares of Old Dominion Freight Line from $225.00 to $250.00 and gave the company a “buy” rating in a research report on Wednesday, July 15th. Finally, JPMorgan Chase & Co. raised their target price on shares of Old Dominion Freight Line from $197.00 to $234.00 and gave the stock a “neutral” rating in a report on Monday, June 8th. Ten investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $223.04.

Insider Activity at Old Dominion Freight Line

In other news, Director Greg C. Gantt sold 22,107 shares of the business’s stock in a transaction dated 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 in the company, valued at $16,959,287.52. The trade was a 19.98% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 10.00% of the stock is owned by insiders.

Old Dominion Freight Line Price Performance

Shares of ODFL stock opened at $232.99 on Monday. The company has a market capitalization of $48.45 billion, a price-to-earnings ratio of 48.74, a PEG ratio of 4.21 and a beta of 1.18. Old Dominion Freight Line, Inc. has a one year low of $126.01 and a one year high of $252.03. The company’s fifty day moving average price is $225.49 and its 200-day moving average price is $205.06.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its earnings results on Wednesday, April 29th. The transportation company reported $1.14 earnings per share for the quarter, topping the consensus estimate of $1.05 by $0.09. The company had revenue of $1.33 billion during the quarter, compared to the consensus estimate 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 quarterly revenue was down 2.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.19 EPS. Equities research analysts expect that Old Dominion Freight Line, Inc. will post 5.56 earnings per share for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 16th. Stockholders of record on Wednesday, September 2nd will be given a $0.29 dividend. This represents a $1.16 annualized dividend and a dividend yield of 0.5%. The ex-dividend date is Wednesday, September 2nd. Old Dominion Freight Line’s payout ratio is presently 24.27%.

Old Dominion Freight Line Company 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.