Louisiana State Employees Retirement System Purchases Shares of 23,100 Old Dominion Freight Line, Inc. $ODFL

Louisiana State Employees Retirement System purchased a new stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) in the first quarter, according to the company in its most recent filing with the SEC. The firm purchased 23,100 shares of the transportation company’s stock, valued at approximately $4,514,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Price T Rowe Associates Inc. MD boosted its holdings in shares of Old Dominion Freight Line by 14.1% in 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 purchasing an additional 1,761,511 shares in the last quarter. State Street Corp raised its holdings in shares of 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 buying an additional 70,736 shares in the last quarter. CIBC Private Wealth Group LLC lifted its position in Old Dominion Freight Line by 21.6% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 4,366,843 shares of the transportation company’s stock worth $614,764,000 after buying an additional 776,004 shares during the last quarter. Boston Partners lifted its position in Old Dominion Freight Line by 98.4% in the 4th quarter. Boston Partners now owns 4,122,696 shares of the transportation company’s stock worth $648,186,000 after buying an additional 2,044,434 shares during the last quarter. Finally, T. Rowe Price Investment Management Inc. boosted its stake in Old Dominion Freight Line by 11.0% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 3,680,719 shares of the transportation company’s stock worth $577,137,000 after buying an additional 365,424 shares in the last quarter. Hedge funds and other institutional investors own 77.82% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on ODFL. Jefferies Financial Group upped their price objective on shares of Old Dominion Freight Line from $230.00 to $250.00 and gave the company a “hold” rating in a research note on Tuesday, June 9th. Benchmark reiterated a “hold” rating on shares of Old Dominion Freight Line in a research report on Thursday, June 4th. TD Cowen reissued a “hold” rating on shares of Old Dominion Freight Line in a research note on Wednesday, June 3rd. Rothschild & Co Redburn cut their price target on shares of Old Dominion Freight Line from $176.00 to $172.00 and set a “sell” rating for the company in a research report on Tuesday, May 12th. Finally, Robert W. Baird set a $229.00 target price on shares of Old Dominion Freight Line and gave the stock a “neutral” rating in a report on Tuesday, April 28th. Nine analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, Old Dominion Freight Line presently has a consensus rating of “Hold” and a consensus price target of $218.57.

Insider Buying and Selling at Old Dominion Freight Line

In other Old Dominion Freight Line news, Director Greg C. Gantt sold 22,107 shares of the company’s stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $191.52, for a total transaction of $4,233,932.64. Following the transaction, the director owned 88,551 shares in the company, valued at approximately $16,959,287.52. This represents a 19.98% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 10.00% of the company’s stock.

Old Dominion Freight Line Stock Down 0.6%

Shares of ODFL stock opened at $218.79 on Friday. The stock has a fifty day moving average of $218.74 and a 200 day moving average of $195.20. Old Dominion Freight Line, Inc. has a 52 week low of $126.01 and a 52 week high of $252.03. The firm has a market capitalization of $45.50 billion, a price-to-earnings ratio of 45.77, a PEG ratio of 4.42 and a beta of 1.17.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its earnings results on Wednesday, April 29th. The transportation company reported $1.14 earnings per share for the quarter, beating analysts’ consensus estimates of $1.05 by $0.09. Old Dominion Freight Line had a net margin of 18.46% and a return on equity of 23.42%. The firm had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.31 billion. During the same quarter in the previous year, the firm posted $1.19 EPS. The company’s revenue for the quarter was down 2.9% compared to the same quarter last year. Equities research analysts anticipate that Old Dominion Freight Line, Inc. will post 5.43 earnings per share for the current year.

Old Dominion Freight Line Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 17th. Shareholders of record on Wednesday, June 3rd were given a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend was Wednesday, June 3rd. Old Dominion Freight Line’s payout ratio is presently 24.27%.

Old Dominion Freight Line Company 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.