Ontario Teachers Pension Plan Board Raises Stock Holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Ontario Teachers Pension Plan Board lifted its holdings in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 148.2% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,636 shares of the transportation company’s stock after acquiring an additional 2,171 shares during the quarter. Ontario Teachers Pension Plan Board’s holdings in Old Dominion Freight Line were worth $797,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of ODFL. Vanguard Group Inc. increased its position in Old Dominion Freight Line by 100.9% in the first quarter. Vanguard Group Inc. now owns 21,795,649 shares of the transportation company’s stock worth $4,780,004,000 after buying an additional 10,944,520 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in Old Dominion Freight Line by 1.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,325,321 shares of the transportation company’s stock worth $2,563,843,000 after buying an additional 81,122 shares during the last quarter. Bank of New York Mellon Corp increased its position in Old Dominion Freight Line by 94.6% in the first quarter. Bank of New York Mellon Corp now owns 5,940,385 shares of the transportation company’s stock worth $1,302,786,000 after buying an additional 2,888,205 shares during the last quarter. CIBC Private Wealth Group LLC increased its position in Old Dominion Freight Line by 0.6% in the fourth quarter. CIBC Private Wealth Group LLC now owns 2,101,919 shares of the transportation company’s stock worth $851,971,000 after buying an additional 12,016 shares during the last quarter. Finally, WCM Investment Management LLC increased its position in Old Dominion Freight Line by 95.9% in the first quarter. WCM Investment Management LLC now owns 1,986,197 shares of the transportation company’s stock worth $435,593,000 after buying an additional 972,531 shares during the last quarter. 77.82% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have issued reports on ODFL shares. JPMorgan Chase & Co. decreased their target price on Old Dominion Freight Line from $231.00 to $219.00 and set a “neutral” rating for the company in a research report on Thursday, April 25th. TD Cowen cut their price target on Old Dominion Freight Line from $209.00 to $206.00 and set a “hold” rating for the company in a report on Friday, April 26th. Robert W. Baird raised Old Dominion Freight Line from a “neutral” rating to an “outperform” rating and set a $205.00 price target for the company in a report on Wednesday, May 8th. Evercore ISI reaffirmed an “in-line” rating and issued a $196.00 price target (down from $225.00) on shares of Old Dominion Freight Line in a report on Tuesday, June 25th. Finally, Vertical Research raised Old Dominion Freight Line from a “sell” rating to a “hold” rating and set a $175.00 price target for the company in a report on Monday, April 29th. One analyst has rated the stock with a sell rating, twelve have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Old Dominion Freight Line has an average rating of “Hold” and an average target price of $201.13.

Old Dominion Freight Line Price Performance

ODFL stock traded down $0.16 during mid-day trading on Monday, hitting $195.31. 1,341,239 shares of the stock were exchanged, compared to its average volume of 1,597,321. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.29 and a quick ratio of 2.29. The business has a fifty day moving average price of $178.69 and a 200 day moving average price of $198.69. Old Dominion Freight Line, Inc. has a 12 month low of $165.49 and a 12 month high of $227.80. The stock has a market capitalization of $42.44 billion, a price-to-earnings ratio of 34.22, a PEG ratio of 2.57 and a beta of 1.00.

Old Dominion Freight Line (NASDAQ:ODFL) last released its quarterly earnings data on Wednesday, April 24th. The transportation company reported $1.34 EPS for the quarter, topping the consensus estimate of $1.33 by $0.01. The firm had revenue of $1.46 billion for the quarter, compared to the consensus estimate of $1.47 billion. Old Dominion Freight Line had a return on equity of 30.12% and a net margin of 21.19%. On average, sell-side analysts anticipate that Old Dominion Freight Line, Inc. will post 5.9 EPS for the current year.

Old Dominion Freight Line Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 18th. Stockholders of record on Wednesday, September 4th will be issued a $0.26 dividend. The ex-dividend date is Wednesday, September 4th. This represents a $1.04 annualized dividend and a dividend yield of 0.53%. Old Dominion Freight Line’s dividend payout ratio is currently 18.31%.

Old Dominion Freight Line Company Profile

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.