Old Dominion Freight Line, Inc. $ODFL Shares Acquired by Tidal Investments LLC

Tidal Investments LLC increased its holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 249.8% in the 2nd quarter, HoldingsChannel reports. The fund owned 81,588 shares of the transportation company’s stock after purchasing an additional 58,264 shares during the quarter. Tidal Investments LLC’s holdings in Old Dominion Freight Line were worth $17,672,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. California State Teachers Retirement System lifted its holdings in Old Dominion Freight Line by 21,008.4% during the 2nd quarter. California State Teachers Retirement System now owns 63,865,160 shares of the transportation company’s stock worth $13,833,194,000 after buying an additional 63,562,602 shares in the last quarter. BlackRock Inc. acquired a new position in shares of Old Dominion Freight Line during the second quarter worth $3,416,007,000. Norges Bank purchased a new position in Old Dominion Freight Line in the fourth quarter valued at $444,983,000. Bank of New York Mellon Corp purchased a new stake in Old Dominion Freight Line during the second quarter worth approximately $543,289,000. Finally, Boston Partners acquired a new position in Old Dominion Freight Line in the third quarter valued at approximately $292,599,000. 77.82% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Old Dominion Freight Line

In other Old Dominion Freight Line news, SVP Cecil Overbey, Jr. sold 19,952 shares of the stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $198.39, for a total transaction of $3,958,277.28. Following the transaction, the senior vice president directly owned 22,746 shares of the company’s stock, valued at $4,512,578.94. This represents a 46.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 8.20% of the company’s stock.

Old Dominion Freight Line Stock Performance

Shares of ODFL opened at $180.55 on Friday. Old Dominion Freight Line, Inc. has a one year low of $126.01 and a one year high of $252.03. The firm has a market capitalization of $37.44 billion, a price-to-earnings ratio of 34.79, a price-to-earnings-growth ratio of 3.05 and a beta of 1.16. The stock’s fifty day moving average is $211.87 and its 200-day moving average is $210.17.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its quarterly earnings results on Wednesday, July 29th. The transportation company reported $1.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.54 by $0.14. The firm had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.54 billion. Old Dominion Freight Line had a net margin of 19.44% and a return on equity of 24.87%. The firm’s quarterly revenue was up 10.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.27 earnings per share. Analysts forecast that Old Dominion Freight Line, Inc. will post 5.78 EPS for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 16th. Shareholders of record on Wednesday, September 2nd will be given a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend is Wednesday, September 2nd. Old Dominion Freight Line’s payout ratio is currently 22.35%.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the stock. Truist Financial increased their target price on shares of Old Dominion Freight Line from $225.00 to $250.00 and gave the company a “buy” rating in a research report on Wednesday, July 15th. Argus increased their target price on Old Dominion Freight Line from $220.00 to $260.00 and gave the stock a “buy” rating in a research note on Thursday, June 18th. Morgan Stanley restated an “equal weight” rating and issued a $245.00 price target (up from $235.00) on shares of Old Dominion Freight Line in a research report on Monday, July 6th. JPMorgan Chase & Co. increased their price target on Old Dominion Freight Line from $234.00 to $250.00 and gave the stock a “neutral” rating in a research note on Thursday, July 30th. Finally, Jefferies Financial Group restated a “hold” rating and issued a $227.00 price target (down from $250.00) on shares of Old Dominion Freight Line in a report on Thursday, July 30th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, thirteen have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $227.65.

Old Dominion Freight Line Company Profile

Old Dominion Freight Line, Inc is a transportation and logistics company that specializes in less-than-truckload (LTL) freight services. The company transports shipments that do not require a full trailer, consolidating freight from multiple customers and providing regional, inter-regional and nationwide service.

Its service offerings include expedited transportation, truckload brokerage, container drayage, warehousing and supply chain consulting. Old Dominion operates a network of service centers and transportation facilities designed to support pickup and delivery, freight handling and distribution throughout the contiguous United States, with additional cross-border service to Canada and Mexico.

Founded in 1934 by Earl and Lillian Congdon, the company is headquartered in Thomasville, North Carolina.