Maryland State Retirement & Pension System Sells 258 Shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL)
Maryland State Retirement & Pension System lowered its position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL – Free Report) by 3.3% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 7,532 shares of the transportation company’s stock after selling 258 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Old Dominion Freight Line were worth $2,785,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds have also bought and sold shares of the business. Vanguard Group Inc. boosted its stake in Old Dominion Freight Line by 1.1% in the first quarter. Vanguard Group Inc. now owns 10,860,421 shares of the transportation company’s stock valued at $3,243,791,000 after acquiring an additional 113,806 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in Old Dominion Freight Line by 2.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 8,415,441 shares of the transportation company’s stock valued at $2,388,134,000 after purchasing an additional 220,879 shares during the period. FMR LLC increased its position in Old Dominion Freight Line by 2.0% in the first quarter. FMR LLC now owns 2,387,238 shares of the transportation company’s stock worth $813,666,000 after buying an additional 47,028 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Old Dominion Freight Line by 1.2% in the first quarter. Geode Capital Management LLC now owns 2,195,626 shares of the transportation company’s stock valued at $747,791,000 after buying an additional 26,051 shares during the period. Finally, Bank of New York Mellon Corp lifted its position in shares of Old Dominion Freight Line by 24.2% during the 1st quarter. Bank of New York Mellon Corp now owns 2,184,457 shares of the transportation company’s stock valued at $744,550,000 after buying an additional 425,324 shares during the last quarter. 72.14% of the stock is currently owned by institutional investors.
Insider Transactions at Old Dominion Freight Line
In related news, SVP Steven W. Hartsell sold 403 shares of the stock in a transaction dated Thursday, August 10th. The stock was sold at an average price of $405.33, for a total transaction of $163,347.99. Following the completion of the sale, the senior vice president now directly owns 491 shares in the company, valued at approximately $199,017.03. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Old Dominion Freight Line news, Director Thomas A. Stith III sold 225 shares of the business’s stock in a transaction dated Friday, August 11th. The shares were sold at an average price of $411.66, for a total value of $92,623.50. Following the transaction, the director now owns 1,342 shares in the company, valued at $552,447.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Steven W. Hartsell sold 403 shares of the company’s stock in a transaction dated Thursday, August 10th. The shares were sold at an average price of $405.33, for a total transaction of $163,347.99. Following the transaction, the senior vice president now directly owns 491 shares of the company’s stock, valued at $199,017.03. The disclosure for this sale can be found here. Company insiders own 10.40% of the company’s stock.
Old Dominion Freight Line Stock Performance
Shares of NASDAQ ODFL opened at $406.28 on Wednesday. The stock has a market cap of $44.39 billion, a price-to-earnings ratio of 35.30, a P/E/G ratio of 4.44 and a beta of 1.12. The stock’s 50-day moving average is $409.39 and its 200 day moving average is $357.99. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 0.02. Old Dominion Freight Line, Inc. has a 1-year low of $240.00 and a 1-year high of $438.05.
Old Dominion Freight Line (NASDAQ:ODFL – Get Free Report) last announced its quarterly earnings data on Wednesday, July 26th. The transportation company reported $2.65 earnings per share for the quarter, topping analysts’ consensus estimates of $2.63 by $0.02. Old Dominion Freight Line had a net margin of 21.49% and a return on equity of 34.58%. The firm had revenue of $1.41 billion during the quarter, compared to analyst estimates of $1.44 billion. During the same period in the previous year, the business posted $3.30 EPS. The business’s quarterly revenue was down 15.2% on a year-over-year basis. On average, sell-side analysts anticipate that Old Dominion Freight Line, Inc. will post 10.73 EPS for the current fiscal year.
Old Dominion Freight Line announced that its Board of Directors has authorized a share repurchase plan on Wednesday, July 26th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the transportation company to reacquire up to 6.9% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s management believes its stock is undervalued.
Old Dominion Freight Line Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 20th. Stockholders of record on Wednesday, September 6th will be paid a dividend of $0.40 per share. The ex-dividend date is Tuesday, September 5th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.39%. Old Dominion Freight Line’s dividend payout ratio (DPR) is currently 13.90%.
Analysts Set New Price Targets
A number of equities research analysts recently issued reports on the company. Evercore ISI boosted their price objective on Old Dominion Freight Line from $350.00 to $363.00 in a research note on Tuesday, June 27th. Robert W. Baird raised their price objective on shares of Old Dominion Freight Line from $320.00 to $410.00 in a report on Thursday, July 27th. Credit Suisse Group boosted their target price on shares of Old Dominion Freight Line from $304.00 to $375.00 in a report on Thursday, July 27th. Jefferies Financial Group began coverage on Old Dominion Freight Line in a report on Monday, June 12th. They issued a “hold” rating and a $350.00 price target for the company. Finally, VNET Group reaffirmed a “maintains” rating on shares of Old Dominion Freight Line in a report on Friday, June 30th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $369.70.
Check Out Our Latest Analysis on ODFL
Old Dominion Freight Line Company Profile
Old Dominion Freight Line, Inc operates as a less-than-truckload (LTL) motor carrier in the United States and North America. It provides regional, inter-regional, and national LTL services, including expedited transportation. The company also offers various value-added services, such as container drayage, truckload brokerage, and supply chain consulting.
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