Canada Pension Plan Investment Board purchased a new position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL – Free Report) in the second quarter, Holdings Channel.com reports. The institutional investor purchased 306,366 shares of the transportation company’s stock, valued at approximately $66,359,000.
Other large investors also recently bought and sold shares of the company. Castleark Management LLC bought a new position in Old Dominion Freight Line in the 2nd quarter valued at $1,118,000. Osterweis Capital Management Inc. purchased a new stake in Old Dominion Freight Line in the second quarter worth $94,000. Nicholas Investment Partners LP purchased a new stake in Old Dominion Freight Line in the second quarter worth $1,427,000. Legal & General Group Plc bought a new stake in shares of Old Dominion Freight Line during the second quarter worth $253,155,000. Finally, The Manufacturers Life Insurance Company bought a new stake in shares of Old Dominion Freight Line during the second quarter worth $28,527,000. Hedge funds and other institutional investors own 77.82% of the company’s stock.
Wall Street Analyst Weigh In
A number of research analysts have recently commented on the stock. Jefferies Financial Group restated a “hold” rating and issued a $227.00 price target on shares of Old Dominion Freight Line in a report on Thursday, July 30th. Truist Financial lifted their price objective on shares of Old Dominion Freight Line from $225.00 to $250.00 and gave the company a “buy” rating in a report on Wednesday, July 15th. Stephens reissued an “overweight” rating and issued a $240.00 price objective (up from $232.00) on shares of Old Dominion Freight Line in a research report on Thursday, April 30th. BMO Capital Markets restated an “outperform” rating and issued a $230.00 target price on shares of Old Dominion Freight Line in a research note on Thursday, June 4th. Finally, Barclays upped their target price on shares of Old Dominion Freight Line from $210.00 to $220.00 and gave the stock an “equal weight” rating in a research note on Thursday, June 25th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, thirteen have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $226.55.
Old Dominion Freight Line Trading Up 0.3%
Shares of Old Dominion Freight Line stock opened at $200.06 on Friday. The stock’s fifty day moving average price is $218.02 and its 200-day moving average price is $210.60. The firm has a market cap of $41.48 billion, a P/E ratio of 38.55, a P/E/G ratio of 3.46 and a beta of 1.18. Old Dominion Freight Line, Inc. has a 12 month low of $126.01 and a 12 month high of $252.03.
Old Dominion Freight Line (NASDAQ:ODFL – Get Free Report) last released its quarterly earnings data on Wednesday, July 29th. The transportation company reported $1.68 earnings per share for the quarter, topping analysts’ consensus estimates of $1.54 by $0.14. Old Dominion Freight Line had a net margin of 19.44% and a return on equity of 24.87%. The company had revenue of $1.55 billion during the quarter, compared to analyst estimates of $1.54 billion. During the same period in the prior year, the firm earned $1.27 earnings per share. The firm’s revenue for the quarter was up 10.4% compared to the same quarter last year. Analysts forecast that Old Dominion Freight Line, Inc. will post 5.78 earnings per share for the current year.
Old Dominion Freight Line Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 16th. Stockholders of record on Wednesday, September 2nd will be issued a $0.29 dividend. The ex-dividend date is Wednesday, September 2nd. This represents a $1.16 annualized dividend and a dividend yield of 0.6%. Old Dominion Freight Line’s payout ratio is currently 22.35%.
Insider Activity at Old Dominion Freight Line
In other news, SVP Cecil E. Jr. Overbey sold 19,952 shares of the company’s stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $198.39, for a total value of $3,958,277.28. Following the completion of the sale, the senior vice president owned 22,746 shares of the company’s stock, valued at approximately $4,512,578.94. This represents a 46.73% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 8.20% of the company’s stock.
About Old Dominion Freight Line
Old Dominion Freight Line is a U.S.-based less-than-truckload (LTL) transportation company that provides regional, inter-regional and national freight services. Founded in 1934 and headquartered in Thomasville, North Carolina, the company has grown from a regional carrier into a national freight network, operating a broad system of service centers and terminals to move shipments for shippers of varying sizes and industries.
The company’s core business is LTL trucking, offering scheduled pickup and delivery for palletized freight that does not require a full truckload.
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