Old Dominion Freight Line, Inc. (NASDAQ:ODFL) Announces Quarterly Dividend of $0.29

Old Dominion Freight Line, Inc. (NASDAQ:ODFL) announced a quarterly dividend on Thursday, May 21st. Investors of record on Wednesday, June 3rd will be given a dividend of 0.29 per share by the transportation company on Wednesday, June 17th. This represents a c) dividend on an annualized basis and a yield of 0.6%. The ex-dividend date is Wednesday, June 3rd.

Old Dominion Freight Line has increased its dividend payment by an average of 0.3%per year over the last three years and has increased its dividend every year for the last 5 years. Old Dominion Freight Line has a payout ratio of 19.3% indicating that its dividend is sufficiently covered by earnings. Analysts expect Old Dominion Freight Line to earn $6.24 per share next year, which means the company should continue to be able to cover its $1.16 annual dividend with an expected future payout ratio of 18.6%.

Old Dominion Freight Line Stock Performance

Old Dominion Freight Line stock traded down $2.14 during midday trading on Thursday, reaching $207.69. 1,154,086 shares of the company were exchanged, compared to its average volume of 2,200,952. The company has a market capitalization of $43.19 billion, a price-to-earnings ratio of 43.45, a P/E/G ratio of 4.19 and a beta of 1.17. Old Dominion Freight Line has a 1 year low of $126.01 and a 1 year high of $233.79. The firm’s 50-day simple moving average is $200.40 and its 200-day simple moving average is $178.55.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its quarterly earnings data on Wednesday, April 29th. The transportation company reported $1.14 EPS for the quarter, beating analysts’ consensus estimates of $1.05 by $0.09. The business had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.31 billion. Old Dominion Freight Line had a return on equity of 23.42% and a net margin of 18.46%.The business’s revenue for the quarter was down 2.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.19 earnings per share. On average, analysts forecast that Old Dominion Freight Line will post 5.32 EPS for the current fiscal year.

Insider Transactions at Old Dominion Freight Line

In other Old Dominion Freight Line news, Director Greg C. Gantt sold 22,107 shares of the business’s stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $191.52, for a total transaction of $4,233,932.64. Following the completion of the sale, the director owned 88,551 shares of the company’s stock, valued at approximately $16,959,287.52. The trade was a 19.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Earl E. Congdon sold 25,000 shares of the business’s stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $196.13, for a total value of $4,903,250.00. Following the sale, the insider directly owned 2,162,113 shares of the company’s stock, valued at approximately $424,055,222.69. This trade represents a 1.14% decrease in their position. The disclosure for this sale is available in the SEC filing. 10.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Old Dominion Freight Line

Several institutional investors and hedge funds have recently modified their holdings of ODFL. Norges Bank purchased a new stake in shares of Old Dominion Freight Line in the fourth quarter worth about $444,983,000. Boston Partners purchased a new stake in shares of Old Dominion Freight Line in the third quarter worth about $292,599,000. Price T Rowe Associates Inc. MD boosted its position in shares of Old Dominion Freight Line by 14.1% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 14,223,960 shares of the transportation company’s stock worth $2,230,318,000 after buying an additional 1,761,511 shares during the period. Two Sigma Investments LP boosted its position in shares of Old Dominion Freight Line by 637.5% in the third quarter. Two Sigma Investments LP now owns 1,576,470 shares of the transportation company’s stock worth $221,935,000 after buying an additional 1,362,697 shares during the period. Finally, Life Cycle Investment Partners Ltd purchased a new stake in shares of Old Dominion Freight Line in the fourth quarter worth about $188,651,000. Hedge funds and other institutional investors own 77.82% of the company’s stock.

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.