Financial Engines Advisors L.L.C. decreased its stake in shares of Old Dominion Freight Line (NASDAQ:ODFL) by 0.9% in the 1st quarter, Holdings Channel reports. The firm owned 64,675 shares of the transportation company’s stock after selling 569 shares during the quarter. Financial Engines Advisors L.L.C.’s holdings in Old Dominion Freight Line were worth $9,338,000 at the end of the most recent quarter.
A number of other hedge funds also recently modified their holdings of the stock. Oregon Public Employees Retirement Fund grew its stake in Old Dominion Freight Line by 9,888.8% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 4,182,730 shares of the transportation company’s stock worth $34,000 after buying an additional 4,140,856 shares during the period. Norges Bank purchased a new stake in Old Dominion Freight Line during the fourth quarter worth approximately $89,762,000. FMR LLC grew its stake in Old Dominion Freight Line by 43.9% during the fourth quarter. FMR LLC now owns 592,740 shares of the transportation company’s stock worth $73,198,000 after buying an additional 180,936 shares during the period. Vanguard Group Inc grew its stake in Old Dominion Freight Line by 2.4% during the third quarter. Vanguard Group Inc now owns 6,456,920 shares of the transportation company’s stock worth $1,041,243,000 after buying an additional 153,943 shares during the period. Finally, Parnassus Investments CA purchased a new stake in Old Dominion Freight Line during the fourth quarter worth approximately $18,017,000. 69.82% of the stock is owned by hedge funds and other institutional investors.
ODFL has been the subject of several research reports. KeyCorp boosted their price objective on shares of Old Dominion Freight Line from $150.00 to $160.00 and gave the stock an “overweight” rating in a research note on Friday, February 8th. Zacks Investment Research downgraded shares of Old Dominion Freight Line from a “hold” rating to a “sell” rating in a research note on Tuesday, February 5th. Bank of America downgraded shares of Old Dominion Freight Line from a “buy” rating to a “neutral” rating and boosted their price objective for the stock from $154.00 to $158.00 in a research note on Tuesday, February 26th. Seaport Global Securities reiterated a “buy” rating on shares of Old Dominion Freight Line in a research note on Friday, April 5th. Finally, ValuEngine upgraded shares of Old Dominion Freight Line from a “hold” rating to a “buy” rating in a research note on Wednesday, May 1st. Nine research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $149.20.
Old Dominion Freight Line (NASDAQ:ODFL) last announced its earnings results on Thursday, April 25th. The transportation company reported $1.64 earnings per share for the quarter, beating the consensus estimate of $1.58 by $0.06. The business had revenue of $990.78 million during the quarter, compared to the consensus estimate of $1 billion. Old Dominion Freight Line had a net margin of 15.32% and a return on equity of 23.87%. The business’s quarterly revenue was up 7.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.33 earnings per share. On average, research analysts predict that Old Dominion Freight Line will post 7.96 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 19th. Stockholders of record on Wednesday, June 5th will be paid a $0.17 dividend. The ex-dividend date is Tuesday, June 4th. This represents a $0.68 annualized dividend and a dividend yield of 0.47%. Old Dominion Freight Line’s dividend payout ratio (DPR) is presently 9.21%.
Old Dominion Freight Line declared that its Board of Directors has authorized a stock repurchase plan on Thursday, May 16th that permits the company to repurchase $350.00 million in shares. This repurchase authorization permits the transportation company to repurchase up to 2.9% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.
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Old Dominion Freight Line 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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