Louisiana State Employees Retirement System Invests $4.51 Million in Old Dominion Freight Line, Inc. $ODFL

Louisiana State Employees Retirement System purchased a new position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) in the 1st quarter, HoldingsChannel.com reports. The firm purchased 23,100 shares of the transportation company’s stock, valued at approximately $4,514,000.

A number of other large investors also recently bought and sold shares of the business. Price T Rowe Associates Inc. MD boosted its stake in Old Dominion Freight Line by 14.1% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 14,223,960 shares of the transportation company’s stock worth $2,230,318,000 after acquiring an additional 1,761,511 shares in the last quarter. State Street Corp increased its stake in shares of Old Dominion Freight Line by 0.9% during the fourth quarter. State Street Corp now owns 7,746,286 shares of the transportation company’s stock valued at $1,214,618,000 after purchasing an additional 70,736 shares in the last quarter. CIBC Private Wealth Group LLC lifted its holdings in shares of Old Dominion Freight Line by 21.6% during the third quarter. CIBC Private Wealth Group LLC now owns 4,366,843 shares of the transportation company’s stock valued at $614,764,000 after purchasing an additional 776,004 shares during the last quarter. Boston Partners lifted its holdings in shares of Old Dominion Freight Line by 98.4% during the fourth quarter. Boston Partners now owns 4,122,696 shares of the transportation company’s stock valued at $648,186,000 after purchasing an additional 2,044,434 shares during the last quarter. Finally, T. Rowe Price Investment Management Inc. boosted its position in shares of Old Dominion Freight Line by 11.0% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 3,680,719 shares of the transportation company’s stock worth $577,137,000 after purchasing an additional 365,424 shares in the last quarter. 77.82% of the stock is owned by hedge funds and other institutional investors.

Old Dominion Freight Line Stock Down 0.6%

NASDAQ:ODFL opened at $218.79 on Friday. The stock has a market cap of $45.50 billion, a price-to-earnings ratio of 45.77, a PEG ratio of 4.42 and a beta of 1.17. The company’s 50 day moving average price is $218.74 and its 200-day moving average price is $195.20. 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 announced its quarterly earnings data on Wednesday, April 29th. The transportation company reported $1.14 earnings per share for the quarter, topping analysts’ consensus estimates of $1.05 by $0.09. The company had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.31 billion. Old Dominion Freight Line had a net margin of 18.46% and a return on equity of 23.42%. The firm’s revenue for the quarter was down 2.9% on a year-over-year basis. During the same period in the previous year, the business earned $1.19 EPS. As a group, sell-side analysts anticipate that Old Dominion Freight Line, Inc. will post 5.43 earnings per share for the current year.

Old Dominion Freight Line Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Stockholders of record on Wednesday, June 3rd were paid a $0.29 dividend. The ex-dividend date was Wednesday, June 3rd. This represents a $1.16 annualized dividend and a dividend yield of 0.5%. Old Dominion Freight Line’s payout ratio is currently 24.27%.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. Citigroup downgraded Old Dominion Freight Line from a “neutral” rating to a “sell” rating and upped their price target for the stock from $225.00 to $228.00 in a research note on Monday, June 15th. Susquehanna lifted their price objective on Old Dominion Freight Line from $205.00 to $224.00 and gave the company a “neutral” rating in a research note on Tuesday, June 2nd. Benchmark reissued a “hold” rating on shares of Old Dominion Freight Line in a report on Thursday, June 4th. Robert W. Baird set a $229.00 target price on Old Dominion Freight Line and gave the stock a “neutral” rating in a research note on Tuesday, April 28th. Finally, TD Cowen restated a “hold” rating on shares of Old Dominion Freight Line in a report on Wednesday, June 3rd. Nine analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, Old Dominion Freight Line has a consensus rating of “Hold” and a consensus price target of $218.57.

Insider Buying and Selling at Old Dominion Freight Line

In other news, Director Greg C. Gantt sold 22,107 shares of the company’s stock in a transaction on Monday, May 4th. The stock was sold at an average price of $191.52, for a total transaction of $4,233,932.64. Following the transaction, the director directly owned 88,551 shares of the company’s stock, valued at $16,959,287.52. This represents a 19.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 10.00% of the stock is owned by corporate insiders.

Old Dominion Freight Line 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.