Old Dominion Freight Line, Inc. (NASDAQ:ODFL) Announces Dividend Increase – $0.29 Per Share

Old Dominion Freight Line, Inc. (NASDAQ:ODFL) announced a quarterly dividend on Wednesday, February 4th. Stockholders of record on Wednesday, March 4th will be paid a dividend of 0.29 per share by the transportation company on Wednesday, March 18th. This represents a c) annualized dividend and a dividend yield of 0.6%. The ex-dividend date is Wednesday, March 4th. This is a 3.6% increase from Old Dominion Freight Line’s previous quarterly dividend of $0.28.

Old Dominion Freight Line has increased its dividend payment by an average of 0.4%annually over the last three years and has increased its dividend annually for the last 5 consecutive years. Old Dominion Freight Line has a payout ratio of 18.6% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Old Dominion Freight Line to earn $6.69 per share next year, which means the company should continue to be able to cover its $1.12 annual dividend with an expected future payout ratio of 16.7%.

Old Dominion Freight Line Stock Up 9.9%

Shares of ODFL stock traded up $18.77 on Wednesday, reaching $208.54. 6,484,734 shares of the company’s stock traded hands, compared to its average volume of 2,237,973. The company has a market capitalization of $43.61 billion, a P/E ratio of 41.96, a price-to-earnings-growth ratio of 9.25 and a beta of 1.28. Old Dominion Freight Line has a 12-month low of $126.01 and a 12-month high of $209.61. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.20 and a current ratio of 1.20. The business’s 50 day moving average price is $162.54 and its two-hundred day moving average price is $150.74.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its quarterly earnings data on Wednesday, February 4th. The transportation company reported $1.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.06 by $0.03. Old Dominion Freight Line had a return on equity of 24.92% and a net margin of 18.97%.The firm had revenue of $1.31 billion during the quarter, compared to the consensus estimate of $1.30 billion. During the same period in the prior year, the business earned $1.23 EPS. The business’s revenue for the quarter was down 5.7% on a year-over-year basis. On average, equities analysts forecast that Old Dominion Freight Line will post 5.68 earnings per share for the current year.

Institutional Investors Weigh In On Old Dominion Freight Line

A number of hedge funds have recently bought and sold shares of the company. Argos Wealth Advisors LLC bought a new position in shares of Old Dominion Freight Line in the fourth quarter worth about $577,000. Meridian Wealth Management LLC bought a new stake in Old Dominion Freight Line during the 4th quarter valued at approximately $224,000. HighPoint Advisor Group LLC grew its holdings in Old Dominion Freight Line by 4.6% in the 4th quarter. HighPoint Advisor Group LLC now owns 4,337 shares of the transportation company’s stock valued at $680,000 after buying an additional 192 shares during the last quarter. AG2R LA Mondiale Gestion D Actifs grew its holdings in Old Dominion Freight Line by 13.8% in the 4th quarter. AG2R LA Mondiale Gestion D Actifs now owns 9,722 shares of the transportation company’s stock valued at $1,524,000 after buying an additional 1,182 shares during the last quarter. Finally, Bensler LLC increased its position in Old Dominion Freight Line by 7.0% in the 4th quarter. Bensler LLC now owns 57,850 shares of the transportation company’s stock worth $9,071,000 after buying an additional 3,779 shares during the period. 77.82% of the stock is currently owned by institutional investors.

About Old Dominion Freight Line

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.