Retirement Systems of Alabama Increases Holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Retirement Systems of Alabama boosted its position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 5.2% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 41,348 shares of the transportation company’s stock after buying an additional 2,044 shares during the period. Retirement Systems of Alabama’s holdings in Old Dominion Freight Line were worth $8,213,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Oddo BHF Asset Management Sas purchased a new position in shares of Old Dominion Freight Line in the third quarter valued at $16,691,000. Franklin Resources Inc. grew its stake in Old Dominion Freight Line by 74.8% in the 3rd quarter. Franklin Resources Inc. now owns 1,022,812 shares of the transportation company’s stock valued at $207,068,000 after acquiring an additional 437,700 shares during the last quarter. Synovus Financial Corp grew its stake in Old Dominion Freight Line by 2.4% in the 3rd quarter. Synovus Financial Corp now owns 4,358 shares of the transportation company’s stock valued at $866,000 after acquiring an additional 101 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new position in Old Dominion Freight Line during the 3rd quarter valued at about $1,718,000. Finally, Sanctuary Advisors LLC raised its position in Old Dominion Freight Line by 32.3% during the third quarter. Sanctuary Advisors LLC now owns 49,568 shares of the transportation company’s stock worth $10,917,000 after acquiring an additional 12,095 shares during the last quarter. 77.82% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Old Dominion Freight Line

In other news, Director Leo H. Suggs sold 3,000 shares of the stock in a transaction on Friday, November 8th. The shares were sold at an average price of $225.44, for a total value of $676,320.00. Following the completion of the sale, the director now owns 7,383 shares of the company’s stock, valued at $1,664,423.52. This represents a 28.89 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Greg C. Gantt sold 7,000 shares of the firm’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $200.07, for a total transaction of $1,400,490.00. Following the completion of the transaction, the director now directly owns 97,890 shares in the company, valued at approximately $19,584,852.30. This represents a 6.67 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 9.90% of the company’s stock.

Old Dominion Freight Line Price Performance

Old Dominion Freight Line stock opened at $198.98 on Wednesday. Old Dominion Freight Line, Inc. has a 1 year low of $165.49 and a 1 year high of $233.26. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.33 and a current ratio of 1.33. The firm has a 50 day moving average price of $209.48 and a 200 day moving average price of $196.61. The company has a market cap of $42.48 billion, a price-to-earnings ratio of 34.79, a PEG ratio of 4.21 and a beta of 1.00.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its quarterly earnings data on Wednesday, October 23rd. The transportation company reported $1.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.42 by $0.01. The company had revenue of $1.47 billion during the quarter, compared to analysts’ expectations of $1.49 billion. Old Dominion Freight Line had a net margin of 21.03% and a return on equity of 29.40%. The business’s quarterly revenue was down 3.0% compared to the same quarter last year. During the same period in the previous year, the company earned $1.54 EPS. Sell-side analysts predict that Old Dominion Freight Line, Inc. will post 5.42 earnings per share for the current year.

Old Dominion Freight Line Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Wednesday, December 4th will be paid a dividend of $0.26 per share. The ex-dividend date of this dividend is Wednesday, December 4th. This represents a $1.04 annualized dividend and a yield of 0.52%. Old Dominion Freight Line’s dividend payout ratio is presently 18.18%.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Evercore ISI lowered their price target on shares of Old Dominion Freight Line from $199.00 to $188.00 and set an “in-line” rating on the stock in a research report on Thursday, October 3rd. BMO Capital Markets lowered their target price on Old Dominion Freight Line from $210.00 to $205.00 and set a “market perform” rating on the stock in a report on Thursday, October 24th. JPMorgan Chase & Co. boosted their price target on Old Dominion Freight Line from $186.00 to $205.00 and gave the stock a “neutral” rating in a report on Friday, December 6th. TD Cowen decreased their price objective on Old Dominion Freight Line from $203.00 to $196.00 and set a “hold” rating on the stock in a research note on Thursday, October 24th. Finally, Susquehanna dropped their price objective on Old Dominion Freight Line from $225.00 to $218.00 and set a “positive” rating for the company in a research report on Thursday, October 24th. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $204.00.

About Old Dominion Freight Line

Old Dominion Freight Line, Inc operates as a less-than-truckload motor carrier in the United States and North America. The company offers regional, inter-regional, and national less-than-truckload services, as well as expedited transportation. It also provides various value-added services, including container drayage, truckload brokerage, and supply chain consulting.