Old Dominion Freight Line (NASDAQ:ODFL) Shares Purchased by Municipal Employees Retirement System of Michigan

Municipal Employees Retirement System of Michigan increased its position in shares of Old Dominion Freight Line (NASDAQ:ODFL) by 0.7% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 12,000 shares of the transportation company’s stock after acquiring an additional 80 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in Old Dominion Freight Line were worth $1,791,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Cordasco Financial Network boosted its position in shares of Old Dominion Freight Line by 77.2% in the 2nd quarter. Cordasco Financial Network now owns 179 shares of the transportation company’s stock valued at $27,000 after purchasing an additional 78 shares during the period. CWM LLC boosted its position in shares of Old Dominion Freight Line by 42.5% in the 1st quarter. CWM LLC now owns 258 shares of the transportation company’s stock valued at $37,000 after purchasing an additional 77 shares during the period. Valeo Financial Advisors LLC acquired a new position in shares of Old Dominion Freight Line in the 1st quarter valued at $42,000. Huntington National Bank boosted its position in shares of Old Dominion Freight Line by 240.8% in the 2nd quarter. Huntington National Bank now owns 409 shares of the transportation company’s stock valued at $61,000 after purchasing an additional 289 shares during the period. Finally, Hilton Capital Management LLC acquired a new position in shares of Old Dominion Freight Line in the 1st quarter valued at $80,000. 70.65% of the stock is currently owned by hedge funds and other institutional investors.

NASDAQ ODFL traded up $4.22 during trading on Tuesday, reaching $170.28. 250,030 shares of the company’s stock were exchanged, compared to its average volume of 711,111. Old Dominion Freight Line has a fifty-two week low of $115.00 and a fifty-two week high of $170.22. The company has a market capitalization of $13.29 billion, a price-to-earnings ratio of 23.07, a PEG ratio of 2.38 and a beta of 1.49. The company has a quick ratio of 1.92, a current ratio of 1.92 and a debt-to-equity ratio of 0.02. The stock has a fifty day moving average price of $155.86.

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

Old Dominion Freight Line declared that its Board of Directors has authorized a share buyback plan on Thursday, May 16th that authorizes the company to repurchase $350.00 million in outstanding shares. This repurchase authorization authorizes the transportation company to purchase up to 2.9% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

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

In related news, SVP Gregory B. Plemmons sold 1,249 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $163.39, for a total value of $204,074.11. Following the transaction, the senior vice president now directly owns 5,714 shares of the company’s stock, valued at approximately $933,610.46. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Earl E. Congdon sold 56,400 shares of the firm’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $166.53, for a total value of $9,392,292.00. Following the completion of the transaction, the chairman now directly owns 10,854 shares in the company, valued at $1,807,516.62. The disclosure for this sale can be found here. 11.90% of the stock is owned by insiders.

A number of equities analysts recently weighed in on the company. ValuEngine upgraded Old Dominion Freight Line from a “hold” rating to a “buy” rating in a research report on Saturday, July 27th. Mizuho reiterated a “hold” rating and issued a $151.00 price target on shares of Old Dominion Freight Line in a research report on Tuesday, July 2nd. KeyCorp raised their price objective on Old Dominion Freight Line from $165.00 to $175.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Robert W. Baird set a $162.00 price objective on Old Dominion Freight Line and gave the stock a “hold” rating in a research report on Friday, July 26th. Finally, BidaskClub upgraded Old Dominion Freight Line from a “hold” rating to a “buy” rating in a research report on Friday, August 2nd. Nine investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $152.08.

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

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