Oregon Public Employees Retirement Fund Boosts Position in Old Dominion Freight Line (NASDAQ:ODFL)

Oregon Public Employees Retirement Fund boosted its holdings in Old Dominion Freight Line (NASDAQ:ODFL) by 2.3% during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 34,004 shares of the transportation company’s stock after buying an additional 771 shares during the period. Oregon Public Employees Retirement Fund’s holdings in Old Dominion Freight Line were worth $5,075,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Dimensional Fund Advisors LP raised its stake in shares of Old Dominion Freight Line by 1.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 656,280 shares of the transportation company’s stock valued at $81,044,000 after purchasing an additional 6,885 shares during the period. Mackay Shields LLC purchased a new stake in shares of Old Dominion Freight Line during the fourth quarter valued at approximately $266,000. FMR LLC raised its stake in shares of Old Dominion Freight Line by 43.9% during the fourth quarter. FMR LLC now owns 592,740 shares of the transportation company’s stock valued at $73,198,000 after purchasing an additional 180,936 shares during the period. Norges Bank purchased a new stake in shares of Old Dominion Freight Line during the fourth quarter valued at approximately $89,762,000. Finally, Geode Capital Management LLC raised its stake in shares of Old Dominion Freight Line by 0.5% during the fourth quarter. Geode Capital Management LLC now owns 685,323 shares of the transportation company’s stock valued at $84,580,000 after purchasing an additional 3,291 shares during the period. Hedge funds and other institutional investors own 70.82% of the company’s stock.

A number of analysts have recently issued reports on ODFL shares. KeyCorp lifted their price objective on shares of Old Dominion Freight Line from $165.00 to $175.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Morgan Stanley set a $144.00 price objective on shares of Old Dominion Freight Line and gave the company a “hold” rating in a research note on Monday, July 8th. Mizuho reiterated a “hold” rating and set a $151.00 price objective on shares of Old Dominion Freight Line in a research note on Tuesday, July 2nd. Credit Suisse Group raised their price target on shares of Old Dominion Freight Line from $152.00 to $160.00 and gave the stock a “neutral” rating in a research report on Friday, July 26th. Finally, ValuEngine raised shares of Old Dominion Freight Line from a “hold” rating to a “buy” rating in a research report on Saturday, July 27th. Ten investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $151.92.

Old Dominion Freight Line stock traded up $1.70 during mid-day trading on Thursday, reaching $168.68. The company’s stock had a trading volume of 12,915 shares, compared to its average volume of 504,157. The company has a market capitalization of $13.32 billion, a price-to-earnings ratio of 22.92, a price-to-earnings-growth ratio of 2.37 and a beta of 1.48. The firm’s 50 day moving average is $150.47. The company has a current ratio of 1.92, a quick ratio of 2.19 and a debt-to-equity ratio of 0.02. Old Dominion Freight Line has a twelve month low of $115.00 and a twelve month high of $170.22.

Old Dominion Freight Line (NASDAQ:ODFL) last released its quarterly earnings data on Thursday, July 25th. The transportation company reported $2.16 EPS for the quarter, topping analysts’ consensus estimates of $2.11 by $0.05. The firm had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.08 billion. Old Dominion Freight Line had a net margin of 15.48% and a return on equity of 23.57%. The firm’s revenue was up 2.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.99 earnings per share. As a group, research analysts expect that Old Dominion Freight Line will post 7.92 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 18th. Shareholders of record on Wednesday, September 4th will be issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 0.40%. The ex-dividend date of this dividend is Tuesday, September 3rd. Old Dominion Freight Line’s dividend payout ratio is presently 9.21%.

Old Dominion Freight Line declared that its board has approved a share repurchase program on Thursday, May 16th that allows the company to repurchase $350.00 million in shares. This repurchase authorization allows the transportation company to reacquire up to 2.9% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board of directors believes its stock is undervalued.

About Old Dominion Freight Line

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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Institutional Ownership by Quarter for Old Dominion Freight Line (NASDAQ:ODFL)

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