Rhumbline Advisers Increases Holdings in Old Dominion Freight Line (ODFL)

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Rhumbline Advisers raised its position in Old Dominion Freight Line (NASDAQ:ODFL) by 5.1% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 142,883 shares of the transportation company’s stock after purchasing an additional 6,983 shares during the period. Rhumbline Advisers owned 0.17% of Old Dominion Freight Line worth $21,284,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Financial Counselors Inc. increased its stake in shares of Old Dominion Freight Line by 4.1% in the 2nd quarter. Financial Counselors Inc. now owns 9,293 shares of the transportation company’s stock worth $1,384,000 after acquiring an additional 363 shares during the last quarter. Alps Advisors Inc. increased its stake in shares of Old Dominion Freight Line by 5.0% in the 2nd quarter. Alps Advisors Inc. now owns 8,050 shares of the transportation company’s stock worth $1,199,000 after acquiring an additional 381 shares during the last quarter. Louisiana State Employees Retirement System increased its stake in shares of Old Dominion Freight Line by 2.2% in the 2nd quarter. Louisiana State Employees Retirement System now owns 18,400 shares of the transportation company’s stock worth $2,741,000 after acquiring an additional 400 shares during the last quarter. Cambridge Investment Research Advisors Inc. increased its stake in shares of Old Dominion Freight Line by 19.2% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 2,625 shares of the transportation company’s stock worth $386,000 after acquiring an additional 423 shares during the last quarter. Finally, Creative Planning increased its stake in shares of Old Dominion Freight Line by 27.0% in the 2nd quarter. Creative Planning now owns 2,170 shares of the transportation company’s stock worth $323,000 after acquiring an additional 461 shares during the last quarter. 71.98% of the stock is owned by institutional investors and hedge funds.

Shares of NASDAQ:ODFL opened at $146.80 on Friday. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.77 and a quick ratio of 1.77. The stock has a market cap of $12.02 billion, a P/E ratio of 33.67, a price-to-earnings-growth 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.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its quarterly earnings data on Thursday, July 26th. The transportation company reported $1.99 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.82 by $0.17. The firm had revenue of $1.03 billion during 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 company’s quarterly revenue was up 23.1% on a year-over-year basis. During the same period last year, the company earned $1.19 EPS. sell-side analysts forecast that Old Dominion Freight Line will post 6.85 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 20th. Investors of record on Thursday, September 6th will be given a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.35%. The ex-dividend date is Wednesday, September 5th. Old Dominion Freight Line’s payout ratio is 11.93%.

Old Dominion Freight Line announced that its Board of Directors has initiated a share repurchase program on Thursday, May 17th that allows the company to buyback $250.00 million in shares. This buyback authorization allows the transportation company to purchase 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.

ODFL has been the subject of a number of recent research reports. Zacks Investment Research downgraded Old Dominion Freight Line from a “buy” rating to a “hold” rating in a research note on Wednesday, April 25th. ValuEngine downgraded Old Dominion Freight Line from a “buy” rating to a “hold” rating in a research note on Thursday, April 26th. BidaskClub raised Old Dominion Freight Line from a “buy” rating to a “strong-buy” rating in a research note on Friday, May 11th. Argus initiated coverage on Old Dominion Freight Line in a research note on Wednesday, May 23rd. They issued a “buy” rating and a $175.00 target price for the company. Finally, Stifel Nicolaus reaffirmed a “hold” rating on shares of Old Dominion Freight Line in a research note on Friday, July 27th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and seven have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $146.62.

In related news, Director Leo H. Suggs sold 800 shares of the firm’s 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 completion of the sale, 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 filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 12.00% of the stock is currently owned by company insiders.

Old Dominion Freight Line 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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Institutional Ownership by Quarter for Old Dominion Freight Line (NASDAQ:ODFL)

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