VIRGINIA RETIREMENT SYSTEMS ET Al Purchases Shares of 195,800 Old Dominion Freight Line, Inc. $ODFL

VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) during the second quarter, Holdings Channel reports. The institutional investor acquired 195,800 shares of the transportation company’s stock, valued at approximately $42,410,000.

Other institutional investors have also recently modified their holdings of the company. California State Teachers Retirement System boosted its position in Old Dominion Freight Line by 21,008.4% in the second quarter. California State Teachers Retirement System now owns 63,865,160 shares of the transportation company’s stock valued at $13,833,194,000 after buying an additional 63,562,602 shares during the last quarter. BlackRock Inc. purchased a new position in Old Dominion Freight Line during the 2nd quarter worth approximately $3,416,007,000. Price T Rowe Associates Inc. MD raised its position in Old Dominion Freight Line by 14.1% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 14,223,960 shares of the transportation company’s stock worth $2,230,318,000 after buying an additional 1,761,511 shares during the last quarter. State Street Corp lifted its stake in Old Dominion Freight Line by 0.9% during the 4th quarter. State Street Corp now owns 7,746,286 shares of the transportation company’s stock valued at $1,214,618,000 after acquiring an additional 70,736 shares during the period. Finally, Boston Partners lifted its stake in Old Dominion Freight Line by 98.4% during the 4th quarter. Boston Partners now owns 4,122,696 shares of the transportation company’s stock valued at $648,186,000 after acquiring an additional 2,044,434 shares during the period. 77.82% of the stock is currently owned by hedge funds and other institutional investors.

Old Dominion Freight Line Price Performance

Shares of Old Dominion Freight Line stock opened at $185.87 on Monday. The firm has a market cap of $38.54 billion, a PE ratio of 35.81, a P/E/G ratio of 3.12 and a beta of 1.16. Old Dominion Freight Line, Inc. has a twelve month low of $126.01 and a twelve month high of $252.03. The business has a 50-day moving average price of $214.60 and a 200 day moving average price of $210.52.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its quarterly earnings results on Wednesday, July 29th. The transportation company reported $1.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.54 by $0.14. Old Dominion Freight Line had a return on equity of 24.87% and a net margin of 19.44%.The company had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.54 billion. During the same quarter in the prior year, the business posted $1.27 earnings per share. Old Dominion Freight Line’s revenue for the quarter was up 10.4% on a year-over-year basis. On average, sell-side analysts expect that Old Dominion Freight Line, Inc. will post 5.78 EPS for the current year.

Old Dominion Freight Line Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 16th. Stockholders of record on Wednesday, September 2nd will be given a dividend of $0.29 per share. The ex-dividend date is Wednesday, September 2nd. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.6%. Old Dominion Freight Line’s dividend payout ratio (DPR) is 22.35%.

Analysts Set New Price Targets

Several analysts have recently commented on ODFL shares. Morgan Stanley reaffirmed an “equal weight” rating and issued a $245.00 price objective (up from $235.00) on shares of Old Dominion Freight Line in a report on Monday, July 6th. JPMorgan Chase & Co. boosted their target price on shares of Old Dominion Freight Line from $197.00 to $234.00 and gave the company a “neutral” rating in a research report on Monday, June 8th. Wall Street Zen lowered shares of Old Dominion Freight Line from a “buy” rating to a “hold” rating in a report on Saturday, August 29th. Benchmark reaffirmed a “hold” rating on shares of Old Dominion Freight Line in a research report on Thursday, June 4th. Finally, Stifel Nicolaus set a $263.00 price objective on Old Dominion Freight Line and gave the company a “buy” rating in a research note on Thursday, July 30th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, thirteen have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Old Dominion Freight Line currently has a consensus rating of “Hold” and an average target price of $226.55.

Insider Activity

In related news, SVP Cecil Overbey, Jr. sold 19,952 shares of Old Dominion Freight Line stock in a transaction 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 sale, the senior vice president owned 22,746 shares of the company’s stock, valued at approximately $4,512,578.94. This trade represents a 46.73% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 8.20% of the stock is owned by company insiders.

Old Dominion Freight Line Profile

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.