Public Employees Retirement Association of Colorado Buys 181 Shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Public Employees Retirement Association of Colorado boosted its stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 1.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 15,925 shares of the transportation company’s stock after purchasing an additional 181 shares during the period. Public Employees Retirement Association of Colorado’s holdings in Old Dominion Freight Line were worth $5,888,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in ODFL. Bank of New York Mellon Corp lifted its stake in Old Dominion Freight Line by 64.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 3,599,786 shares of the transportation company’s stock valued at $1,331,021,000 after purchasing an additional 1,415,329 shares during the last quarter. Norges Bank bought a new position in shares of Old Dominion Freight Line during the fourth quarter valued at $302,241,000. Goldman Sachs Group Inc. raised its stake in shares of Old Dominion Freight Line by 117.6% during the second quarter. Goldman Sachs Group Inc. now owns 761,387 shares of the transportation company’s stock valued at $195,129,000 after acquiring an additional 411,516 shares during the last quarter. Renaissance Technologies LLC raised its stake in shares of Old Dominion Freight Line by 39,577.3% during the first quarter. Renaissance Technologies LLC now owns 277,741 shares of the transportation company’s stock valued at $82,956,000 after acquiring an additional 277,041 shares during the last quarter. Finally, Parnassus Investments LLC raised its stake in shares of Old Dominion Freight Line by 614.6% during the second quarter. Parnassus Investments LLC now owns 321,566 shares of the transportation company’s stock valued at $118,899,000 after acquiring an additional 276,565 shares during the last quarter. Institutional investors own 72.14% of the company’s stock.

Old Dominion Freight Line Price Performance

Shares of NASDAQ:ODFL opened at $402.74 on Thursday. The company has a 50 day moving average of $401.91 and a 200 day moving average of $375.99. The stock has a market cap of $43.94 billion, a P/E ratio of 35.83, a P/E/G ratio of 4.06 and a beta of 1.07. Old Dominion Freight Line, Inc. has a 12 month low of $277.49 and a 12 month high of $438.05. The company has a current ratio of 1.73, a quick ratio of 1.73 and a debt-to-equity ratio of 0.01.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its quarterly earnings data on Wednesday, October 25th. The transportation company reported $3.09 EPS for the quarter, beating the consensus estimate of $2.89 by $0.20. The company had revenue of $1.52 billion during the quarter, compared to analysts’ expectations of $1.51 billion. Old Dominion Freight Line had a net margin of 21.16% and a return on equity of 32.45%. Old Dominion Freight Line’s revenue for the quarter was down 5.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $3.36 earnings per share. As a group, sell-side analysts forecast that Old Dominion Freight Line, Inc. will post 11.19 EPS for the current fiscal year.

Old Dominion Freight Line announced that its board has approved a share buyback plan on Wednesday, July 26th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the transportation company to repurchase up to 6.9% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s leadership believes its stock is undervalued.

Old Dominion Freight Line Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 20th. Shareholders of record on Wednesday, December 6th will be paid a $0.40 dividend. The ex-dividend date is Tuesday, December 5th. This represents a $1.60 dividend on an annualized basis and a yield of 0.40%. Old Dominion Freight Line’s dividend payout ratio is presently 14.23%.

Insiders Place Their Bets

In other news, Chairman David S. Congdon sold 24,100 shares of the company’s stock in a transaction on Friday, November 10th. The shares were sold at an average price of $390.59, for a total value of $9,413,219.00. Following the completion of the sale, the chairman now owns 766,754 shares of the company’s stock, valued at approximately $299,486,444.86. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Chairman David S. Congdon sold 12,000 shares of the company’s stock in a transaction on Wednesday, November 8th. The shares were sold at an average price of $390.15, for a total transaction of $4,681,800.00. Following the completion of the sale, the chairman now directly owns 801,004 shares in the company, valued at approximately $312,511,710.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Chairman David S. Congdon sold 24,100 shares of the company’s stock in a transaction on Friday, November 10th. The shares were sold at an average price of $390.59, for a total transaction of $9,413,219.00. Following the sale, the chairman now owns 766,754 shares of the company’s stock, valued at $299,486,444.86. The disclosure for this sale can be found here. Corporate insiders own 10.40% of the company’s stock.

Analysts Set New Price Targets

ODFL has been the subject of several analyst reports. Morgan Stanley raised their price target on shares of Old Dominion Freight Line from $358.00 to $360.00 and gave the company an “equal weight” rating in a research note on Thursday, October 26th. Robert W. Baird lifted their target price on shares of Old Dominion Freight Line from $320.00 to $410.00 in a research note on Thursday, July 27th. Raymond James lowered their target price on shares of Old Dominion Freight Line from $455.00 to $425.00 and set an “outperform” rating for the company in a research note on Friday, October 27th. Susquehanna lowered their target price on shares of Old Dominion Freight Line from $425.00 to $405.00 and set a “neutral” rating for the company in a research note on Thursday, October 26th. Finally, Citigroup lowered their target price on shares of Old Dominion Freight Line from $450.00 to $420.00 and set a “neutral” rating for the company in a research note on Thursday, October 26th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, Old Dominion Freight Line currently has an average rating of “Hold” and an average price target of $393.58.

Old Dominion Freight Line Company 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 expedited transportation. The company also offers various value-added services, such as container drayage, truckload brokerage, and supply chain consulting.