Old Dominion Freight Line, Inc. (NASDAQ:ODFL) Shareholders Set to Receive $0.29 Quarterly Dividend

Old Dominion Freight Line, Inc. (NASDAQ:ODFL) declared a quarterly dividend on Thursday, October 22nd. Investors of record on Wednesday, December 2nd will be given a dividend of $0.29 per share by the transportation company on Wednesday, December 16th. This represents a $1.16 annualized dividend and a dividend yield of 0.6%. The ex-dividend date is Wednesday, December 2nd.

Old Dominion Freight Line has raised its dividend by an average of 0.3% per year over the last three years and has increased its dividend every year for the last 5 years. Old Dominion Freight Line has a payout ratio of 19.3% meaning its dividend is sufficiently covered by earnings. Research analysts expect Old Dominion Freight Line to earn $6.73 per share next year, which means the company should continue to be able to cover its $1.16 annual dividend with an expected future payout ratio of 17.2%.

Old Dominion Freight Line Trading Up 0.5%

ODFL stock traded up $0.99 during midday trading on Thursday, hitting $189.89. 1,664,236 shares of the company’s stock were exchanged, compared to its average volume of 1,987,607. The firm has a 50 day moving average price of $187.19 and a 200-day moving average price of $207.52. Old Dominion Freight Line has a 12-month low of $126.01 and a 12-month high of $252.03. The stock has a market capitalization of $39.38 billion, a price-to-earnings ratio of 36.59, a price-to-earnings-growth ratio of 3.12 and a beta of 1.20.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its earnings results on Wednesday, July 29th. The transportation company reported $1.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 business had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.54 billion. During the same quarter in the prior year, the business posted $1.27 EPS. The company’s revenue for the quarter was up 10.4% on a year-over-year basis. On average, sell-side analysts forecast that Old Dominion Freight Line will post 5.86 EPS for the current fiscal year.

Insider Activity

In other news, SVP Cecil Overbey, Jr. sold 19,952 shares of the stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $198.39, for a total value of $3,958,277.28. Following the completion of the sale, the senior vice president owned 22,746 shares in the company, valued at $4,512,578.94. This represents a 46.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 8.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in ODFL. BlackRock Inc. acquired a new stake in Old Dominion Freight Line during the second quarter valued at $3,416,007,000. Bank of New York Mellon Corp purchased a new position in Old Dominion Freight Line in the second quarter valued at about $543,289,000. Legal & General Group Plc acquired a new position in Old Dominion Freight Line in the 2nd quarter worth about $253,155,000. Caisse de depot et placement du Quebec acquired a new position in Old Dominion Freight Line in the 2nd quarter worth about $190,557,000. Finally, Bank of America Corp DE acquired a new position in Old Dominion Freight Line in the 2nd quarter worth about $160,147,000. Institutional investors and hedge funds own 77.82% of the company’s stock.

Old Dominion Freight Line Company Profile

Old Dominion Freight Line, Inc is a transportation company specializing in less-than-truckload (LTL) freight services. It transports shipments that do not require a full truck, serving business customers across a range of industries with regional, interregional and national freight transportation.

The company’s services include pickup and delivery, expedited transportation, container drayage and supply-chain solutions. Old Dominion also provides shipment tracking and other technology-enabled tools designed to support freight visibility and customer logistics management.

Founded in 1934 by Earl Congdon, Old Dominion Freight Line is headquartered in Thomasville, North Carolina.