Russell Investments Group Ltd. Buys 11,800 Shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Russell Investments Group Ltd. grew its stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 13.3% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 100,430 shares of the transportation company’s stock after acquiring an additional 11,800 shares during the quarter. Russell Investments Group Ltd. owned about 0.09% of Old Dominion Freight Line worth $37,219,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Artisan Partners Limited Partnership bought a new position in shares of Old Dominion Freight Line during the second quarter valued at $38,172,000. National Wealth Management Group LLC bought a new position in shares of Old Dominion Freight Line during the second quarter valued at $693,000. Beck Bode LLC bought a new position in shares of Old Dominion Freight Line during the second quarter valued at $2,310,000. Private Advisor Group LLC increased its holdings in shares of Old Dominion Freight Line by 12.9% during the second quarter. Private Advisor Group LLC now owns 4,183 shares of the transportation company’s stock valued at $1,547,000 after acquiring an additional 478 shares in the last quarter. Finally, Cetera Advisors LLC increased its holdings in shares of Old Dominion Freight Line by 33.4% during the second quarter. Cetera Advisors LLC now owns 1,225 shares of the transportation company’s stock valued at $453,000 after acquiring an additional 307 shares in the last quarter. 72.14% of the stock is currently owned by institutional investors.

Old Dominion Freight Line Stock Up 0.5 %

ODFL stock opened at $399.90 on Friday. Old Dominion Freight Line, Inc. has a twelve month low of $277.49 and a twelve month high of $438.05. The company has a quick ratio of 1.73, a current ratio of 1.73 and a debt-to-equity ratio of 0.01. The stock has a market cap of $43.63 billion, a P/E ratio of 35.58, a PEG ratio of 4.13 and a beta of 1.07. The business’s 50-day moving average price is $400.78 and its 200-day moving average price is $377.14.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its quarterly earnings results on Wednesday, October 25th. The transportation company reported $3.09 EPS for the quarter, topping analysts’ consensus estimates of $2.89 by $0.20. Old Dominion Freight Line had a return on equity of 32.45% and a net margin of 21.16%. The company had revenue of $1.52 billion for the quarter, compared to analysts’ expectations of $1.51 billion. During the same period in the previous year, the firm earned $3.36 EPS. The firm’s revenue was down 5.5% compared to the same quarter last year. On average, equities research analysts forecast that Old Dominion Freight Line, Inc. will post 11.19 EPS for the current year.

Old Dominion Freight Line announced that its board has initiated a share buyback program on Wednesday, July 26th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the transportation company to buy up to 6.9% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.

Old Dominion Freight Line Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 20th. Investors of record on Wednesday, December 6th will be issued 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%.

Insider Buying and Selling

In related news, Chairman David S. Congdon sold 24,100 shares of the business’s stock in a transaction that occurred on Friday, November 10th. The stock was sold at an average price of $390.59, for a total value of $9,413,219.00. Following the transaction, the chairman now directly owns 766,754 shares of the company’s stock, valued at approximately $299,486,444.86. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Old Dominion Freight Line news, Chairman David S. Congdon sold 12,000 shares of Old Dominion Freight Line stock in a transaction that occurred on Wednesday, November 8th. The stock was sold at an average price of $390.15, for a total value of $4,681,800.00. Following the sale, the chairman now owns 801,004 shares of the company’s stock, valued at approximately $312,511,710.60. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Chairman David S. Congdon sold 24,100 shares of Old Dominion Freight Line stock in a transaction that occurred on Friday, November 10th. The stock was 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 directly owns 766,754 shares in the company, valued at approximately $299,486,444.86. The disclosure for this sale can be found here. 10.40% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on ODFL shares. Citigroup reduced their price objective on Old Dominion Freight Line from $450.00 to $420.00 and set a “neutral” rating for the company in a report on Thursday, October 26th. Morgan Stanley lifted their price objective on Old Dominion Freight Line from $358.00 to $360.00 and gave the stock an “equal weight” rating in a report on Thursday, October 26th. Susquehanna reduced their price objective on Old Dominion Freight Line from $425.00 to $405.00 and set a “neutral” rating for the company in a report on Thursday, October 26th. StockNews.com started coverage on Old Dominion Freight Line in a report on Thursday, October 5th. They issued a “hold” rating for the company. Finally, Credit Suisse Group lifted their price objective on Old Dominion Freight Line from $304.00 to $375.00 in a report on Thursday, July 27th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $393.58.

About Old Dominion Freight Line

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.