Meadow Creek Investment Management LLC decreased its stake in Old Dominion Freight Line (NASDAQ:ODFL) by 12.4% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 35,700 shares of the transportation company’s stock after selling 5,066 shares during the quarter. Meadow Creek Investment Management LLC’s holdings in Old Dominion Freight Line were worth $5,318,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Great West Life Assurance Co. Can lifted its stake in shares of Old Dominion Freight Line by 14.3% in the second quarter. Great West Life Assurance Co. Can now owns 132,837 shares of the transportation company’s stock valued at $19,807,000 after purchasing an additional 16,665 shares during the period. PNC Financial Services Group Inc. lifted its stake in shares of Old Dominion Freight Line by 10.5% in the second quarter. PNC Financial Services Group Inc. now owns 5,725 shares of the transportation company’s stock valued at $853,000 after purchasing an additional 543 shares during the period. Brown Advisory Inc. lifted its stake in shares of Old Dominion Freight Line by 201.5% in the second quarter. Brown Advisory Inc. now owns 41,151 shares of the transportation company’s stock valued at $6,130,000 after purchasing an additional 27,503 shares during the period. Legal & General Group Plc lifted its stake in shares of Old Dominion Freight Line by 5.2% in the second quarter. Legal & General Group Plc now owns 323,953 shares of the transportation company’s stock valued at $48,256,000 after purchasing an additional 16,118 shares during the period. Finally, BlackRock Inc. lifted its stake in shares of Old Dominion Freight Line by 1.4% in the second quarter. BlackRock Inc. now owns 6,415,315 shares of the transportation company’s stock valued at $955,626,000 after purchasing an additional 88,236 shares during the period. Hedge funds and other institutional investors own 72.32% of the company’s stock.

Several analysts recently commented on the stock. BidaskClub cut shares of Old Dominion Freight Line from a “buy” rating to a “hold” rating in a research note on Wednesday. Cowen lifted their target price on shares of Old Dominion Freight Line from $145.00 to $156.00 and gave the stock a “market perform” rating in a research report on Friday, July 27th. ValuEngine cut shares of Old Dominion Freight Line from a “buy” rating to a “hold” rating in a research report on Thursday, August 2nd. Bank of America lifted their target price on shares of Old Dominion Freight Line from $139.00 to $143.00 and gave the stock an “underperform” rating in a research report on Thursday. Finally, KeyCorp lifted their target price on shares of Old Dominion Freight Line from $165.00 to $170.00 and gave the stock an “overweight” rating in a research report on Monday, July 2nd. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and six have issued a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $147.38.

Shares of ODFL opened at $153.17 on Friday. The company has a quick ratio of 1.77, a current ratio of 1.77 and a debt-to-equity ratio of 0.02. The stock has a market cap of $12.23 billion, a price-to-earnings ratio of 35.13, a price-to-earnings-growth ratio of 0.93 and a beta of 1.18. Old Dominion Freight Line has a 12-month low of $96.33 and a 12-month high of $164.10.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its quarterly earnings results on Thursday, July 26th. The transportation company reported $1.99 EPS for the quarter, topping analysts’ consensus estimates of $1.82 by $0.17. The business had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $1.03 billion. Old Dominion Freight Line had a net margin of 15.37% and a return on equity of 20.31%. The company’s quarterly revenue was up 23.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.19 earnings per share. research analysts anticipate that Old Dominion Freight Line will post 6.85 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 20th. Stockholders of record on Thursday, September 6th will be issued a dividend of $0.13 per share. The ex-dividend date is Wednesday, September 5th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.34%. Old Dominion Freight Line’s dividend payout ratio (DPR) is presently 11.93%.

Old Dominion Freight Line announced that its Board of Directors has approved a share repurchase program on Thursday, May 17th that permits the company to buyback $250.00 million in shares. This buyback authorization permits the transportation company to purchase up to 2.1% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.

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 ground and air expedited transportation, and consumer household pickup and delivery. The company also offers various value-added services comprising container drayage, truckload brokerage, supply chain consulting, and warehousing.

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

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