Public Employees Retirement System of Ohio Takes $12.77 Million Position in Old Dominion Freight Line, Inc. $ODFL

Public Employees Retirement System of Ohio bought a new stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 58,946 shares of the transportation company’s stock, valued at approximately $12,768,000.

Several other hedge funds have also recently modified their holdings of the business. AustralianSuper Pty Ltd grew its stake in Old Dominion Freight Line by 955.4% in the fourth quarter. AustralianSuper Pty Ltd now owns 75,005 shares of the transportation company’s stock valued at $11,761,000 after purchasing an additional 67,898 shares during the last quarter. Summitry LLC lifted its position in shares of Old Dominion Freight Line by 5.4% during the fourth quarter. Summitry LLC now owns 218,175 shares of the transportation company’s stock valued at $34,210,000 after buying an additional 11,223 shares during the last quarter. Partners Group Holding AG lifted its position in shares of Old Dominion Freight Line by 37.0% during the fourth quarter. Partners Group Holding AG now owns 194,631 shares of the transportation company’s stock valued at $30,518,000 after buying an additional 52,514 shares during the last quarter. M&T Bank Corp boosted its holdings in shares of Old Dominion Freight Line by 76.3% in the 4th quarter. M&T Bank Corp now owns 15,204 shares of the transportation company’s stock valued at $2,384,000 after buying an additional 6,582 shares in the last quarter. Finally, Park National Corp OH bought a new stake in shares of Old Dominion Freight Line in the 1st quarter valued at about $1,056,000. Hedge funds and other institutional investors own 77.82% of the company’s stock.

Old Dominion Freight Line Price Performance

Shares of Old Dominion Freight Line stock opened at $198.63 on Monday. The firm has a market capitalization of $41.19 billion, a P/E ratio of 38.27, a PEG ratio of 3.45 and a beta of 1.18. The company has a 50 day moving average price of $217.58 and a 200 day moving average price of $210.62. Old Dominion Freight Line, Inc. has a 52 week low of $126.01 and a 52 week high of $252.03.

Old Dominion Freight Line (NASDAQ:ODFL) last released its earnings results on Wednesday, July 29th. The transportation company reported $1.68 earnings per share for the quarter, topping the consensus estimate of $1.54 by $0.14. Old Dominion Freight Line had a net margin of 19.44% and a return on equity of 24.87%. The company had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.54 billion. During the same quarter in the previous year, the firm earned $1.27 EPS. Old Dominion Freight Line’s revenue was up 10.4% compared to the same quarter last year. As a group, research analysts anticipate that Old Dominion Freight Line, Inc. will post 5.78 earnings per share for the current fiscal year.

Old Dominion Freight Line Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 16th. Stockholders of record on Wednesday, September 2nd will be paid a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a dividend yield of 0.6%. The ex-dividend date is Wednesday, September 2nd. Old Dominion Freight Line’s payout ratio is presently 22.35%.

Analysts Set New Price Targets

Several research firms recently commented on ODFL. Citigroup reiterated a “neutral” rating and set a $231.00 price objective (up from $228.00) on shares of Old Dominion Freight Line in a research note on Thursday, July 30th. TD Cowen restated a “hold” rating on shares of Old Dominion Freight Line in a research note on Wednesday, June 3rd. Stifel Nicolaus set a $263.00 price target on shares of Old Dominion Freight Line and gave the stock a “buy” rating in a report on Thursday, July 30th. Wells Fargo & Company raised Old Dominion Freight Line from an “underweight” rating to an “overweight” rating and upped their price target for the stock from $235.00 to $250.00 in a research report on Wednesday, July 8th. Finally, Weiss Ratings lowered Old Dominion Freight Line from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, August 25th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, thirteen have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $226.55.

Insider Activity at Old Dominion Freight Line

In other news, SVP Cecil E. Jr. Overbey sold 19,952 shares of the business’s stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $198.39, for a total transaction of $3,958,277.28. Following the sale, the senior vice president directly owned 22,746 shares of the company’s stock, valued at $4,512,578.94. The trade was a 46.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 8.20% of the company’s stock.

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.