Ontario Teachers Pension Plan Board Has $1.58 Million Position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Ontario Teachers Pension Plan Board lifted its position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 280.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 7,927 shares of the transportation company’s stock after purchasing an additional 5,844 shares during the period. Ontario Teachers Pension Plan Board’s holdings in Old Dominion Freight Line were worth $1,575,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Price T Rowe Associates Inc. MD raised its position in shares of Old Dominion Freight Line by 117.0% in the first quarter. Price T Rowe Associates Inc. MD now owns 13,726,847 shares of the transportation company’s stock valued at $3,010,435,000 after buying an additional 7,401,526 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in Old Dominion Freight Line by 4.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 6,210,923 shares of the transportation company’s stock valued at $1,096,849,000 after acquiring an additional 270,538 shares in the last quarter. Capital World Investors lifted its position in shares of Old Dominion Freight Line by 101.0% during the 1st quarter. Capital World Investors now owns 2,443,770 shares of the transportation company’s stock valued at $535,943,000 after acquiring an additional 1,228,116 shares during the period. Jacobs Levy Equity Management Inc. grew its holdings in shares of Old Dominion Freight Line by 283.5% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 1,103,558 shares of the transportation company’s stock worth $242,021,000 after purchasing an additional 815,817 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its position in shares of Old Dominion Freight Line by 9.1% in the second quarter. Dimensional Fund Advisors LP now owns 1,033,160 shares of the transportation company’s stock worth $182,444,000 after purchasing an additional 86,427 shares during the period. 77.82% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

ODFL has been the topic of several recent analyst reports. Benchmark reissued a “hold” rating on shares of Old Dominion Freight Line in a report on Wednesday, September 11th. TD Cowen cut their target price on Old Dominion Freight Line from $203.00 to $196.00 and set a “hold” rating for the company in a research note on Thursday, October 24th. Wells Fargo & Company reduced their target price on Old Dominion Freight Line from $170.00 to $160.00 and set an “underweight” rating on the stock in a report on Thursday, October 24th. BMO Capital Markets lowered their price target on Old Dominion Freight Line from $210.00 to $205.00 and set a “market perform” rating for the company in a report on Thursday, October 24th. Finally, The Goldman Sachs Group reduced their price objective on Old Dominion Freight Line from $228.00 to $216.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 9th. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Old Dominion Freight Line currently has a consensus rating of “Hold” and an average price target of $200.00.

Old Dominion Freight Line Stock Performance

NASDAQ ODFL opened at $214.33 on Thursday. The company has a market capitalization of $45.76 billion, a price-to-earnings ratio of 37.47, a PEG ratio of 4.43 and a beta of 0.99. Old Dominion Freight Line, Inc. has a twelve month low of $165.49 and a twelve month high of $233.26. The stock has a fifty day simple moving average of $202.73 and a 200 day simple moving average of $191.92. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.01.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its quarterly earnings data on Wednesday, October 23rd. The transportation company reported $1.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.42 by $0.01. Old Dominion Freight Line had a return on equity of 29.40% and a net margin of 21.03%. The company had revenue of $1.47 billion during the quarter, compared to the consensus estimate of $1.49 billion. During the same period last year, the company earned $1.54 earnings per share. The firm’s revenue was down 3.0% compared to the same quarter last year. Sell-side analysts expect that Old Dominion Freight Line, Inc. will post 5.43 EPS for the current year.

Old Dominion Freight Line Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Wednesday, December 4th will be given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 0.49%. The ex-dividend date is Wednesday, December 4th. Old Dominion Freight Line’s dividend payout ratio (DPR) is presently 18.18%.

Insider Transactions at Old Dominion Freight Line

In other Old Dominion Freight Line news, Chairman David S. Congdon sold 29,975 shares of the stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $201.30, for a total transaction of $6,033,967.50. Following the completion of the sale, the chairman now directly owns 1,401,621 shares in the company, valued at approximately $282,146,307.30. This trade represents a 2.09 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Leo H. Suggs sold 3,000 shares of the company’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $225.44, for a total value of $676,320.00. Following the sale, the director now owns 7,383 shares in the company, valued at approximately $1,664,423.52. The trade was a 28.89 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 49,975 shares of company stock worth $10,062,478 over the last three months. 9.90% of the stock is owned by company insiders.

About Old Dominion Freight Line

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.