Victory Capital Management Inc. grew its holdings in Old Dominion Freight Line (NASDAQ:ODFL) by 11.4% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 110,555 shares of the transportation company’s stock after purchasing an additional 11,282 shares during the period. Victory Capital Management Inc.’s holdings in Old Dominion Freight Line were worth $16,468,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also modified their holdings of the company. Coldstream Capital Management Inc. bought a new position in shares of Old Dominion Freight Line in the 1st quarter valued at $204,000. Claraphi Advisory Network LLC bought a new stake in Old Dominion Freight Line during the 1st quarter worth $213,000. Fox Run Management L.L.C. bought a new stake in Old Dominion Freight Line during the 2nd quarter worth $234,000. Gideon Capital Advisors Inc. bought a new stake in Old Dominion Freight Line during the 1st quarter worth $259,000. Finally, IFM Investors Pty Ltd bought a new stake in Old Dominion Freight Line during the 2nd quarter worth $287,000. Institutional investors own 71.98% of the company’s stock.
ODFL has been the topic of a number of research reports. BidaskClub upgraded Old Dominion Freight Line from a “hold” rating to a “buy” rating in a research report on Friday. Zacks Investment Research upgraded Old Dominion Freight Line from a “hold” rating to a “buy” rating and set a $166.00 price objective on the stock in a research report on Thursday, May 24th. KeyCorp boosted their price objective on Old Dominion Freight Line from $165.00 to $170.00 and gave the stock an “overweight” rating in a research report on Monday, July 2nd. ValuEngine lowered Old Dominion Freight Line from a “buy” rating to a “hold” rating in a research report on Thursday, April 26th. Finally, Morgan Stanley boosted their price objective on Old Dominion Freight Line from $154.00 to $158.00 and gave the stock an “overweight” rating in a research report on Friday, July 27th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and seven have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $146.62.
In other Old Dominion Freight Line news, Director Leo H. Suggs sold 800 shares of Old Dominion Freight Line stock in a transaction dated Wednesday, May 23rd. The stock was sold at an average price of $148.44, for a total transaction of $118,752.00. Following the transaction, the director now directly owns 5,679 shares of the company’s stock, valued at approximately $842,990.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 12.00% of the stock is currently owned by insiders.
Shares of ODFL opened at $146.80 on Friday. The stock has a market cap of $12.02 billion, a price-to-earnings ratio of 33.67, a P/E/G ratio of 0.91 and a beta of 1.18. Old Dominion Freight Line has a 12 month low of $93.29 and a 12 month high of $164.10. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.77 and a current ratio of 1.77.
Old Dominion Freight Line (NASDAQ:ODFL) last announced its earnings results on Thursday, July 26th. The transportation company reported $1.99 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.82 by $0.17. The firm had revenue of $1.03 billion for the quarter, compared to the consensus estimate of $1.03 billion. Old Dominion Freight Line had a return on equity of 20.31% and a net margin of 15.37%. The business’s quarterly revenue was up 23.1% compared to the same quarter last year. During the same period in the previous year, the business earned $1.19 EPS. equities research analysts forecast that Old Dominion Freight Line will post 6.85 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, September 20th. Shareholders of record on Thursday, September 6th will be issued a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 0.35%. The ex-dividend date of this dividend is Wednesday, September 5th. Old Dominion Freight Line’s payout ratio is presently 11.93%.
Old Dominion Freight Line declared that its Board of Directors has approved a stock buyback program on Thursday, May 17th that authorizes the company to buyback $250.00 million in outstanding shares. This buyback authorization authorizes the transportation company to repurchase up to 2.1% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.
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 ground and air expedited transportation, and consumer household pickup and delivery. The company also offers various value-added services comprising container drayage, truckload brokerage, supply chain consulting, and warehousing.
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