Stock Traders Buy High Volume of Old Dominion Freight Line Put Options (ODFL)

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Old Dominion Freight Line (NASDAQ:ODFL) was the recipient of unusually large options trading activity on Thursday. Stock investors purchased 6,213 put options on the stock. This represents an increase of approximately 10,431% compared to the average volume of 59 put options.

A number of large investors have recently added to or reduced their stakes in ODFL. BlackRock Inc. boosted its holdings in Old Dominion Freight Line by 5.5% in the first quarter. BlackRock Inc. now owns 6,327,079 shares of the transportation company’s stock valued at $929,891,000 after acquiring an additional 327,807 shares in the last quarter. Lord Abbett & CO. LLC boosted its holdings in Old Dominion Freight Line by 35.3% in the first quarter. Lord Abbett & CO. LLC now owns 939,673 shares of the transportation company’s stock valued at $138,104,000 after acquiring an additional 245,055 shares in the last quarter. Morgan Stanley boosted its holdings in Old Dominion Freight Line by 107.1% in the second quarter. Morgan Stanley now owns 473,609 shares of the transportation company’s stock valued at $70,549,000 after acquiring an additional 244,948 shares in the last quarter. Federated Investors Inc. PA boosted its holdings in Old Dominion Freight Line by 570.2% in the first quarter. Federated Investors Inc. PA now owns 281,215 shares of the transportation company’s stock valued at $41,331,000 after acquiring an additional 239,256 shares in the last quarter. Finally, Kayne Anderson Rudnick Investment Management LLC boosted its holdings in Old Dominion Freight Line by 9.9% in the first quarter. Kayne Anderson Rudnick Investment Management LLC now owns 2,627,736 shares of the transportation company’s stock valued at $386,199,000 after acquiring an additional 236,313 shares in the last quarter. Institutional investors and hedge funds own 72.32% of the company’s stock.

ODFL has been the topic of several recent analyst reports. BidaskClub upgraded shares of Old Dominion Freight Line from a “hold” rating to a “buy” rating in a report on Friday, August 17th. Morgan Stanley raised their target price on shares of Old Dominion Freight Line from $154.00 to $158.00 and gave the stock an “overweight” rating in a report on Friday, July 27th. KeyCorp raised their target price on shares of Old Dominion Freight Line from $165.00 to $170.00 and gave the stock an “overweight” rating in a report on Monday, July 2nd. Zacks Investment Research upgraded shares of Old Dominion Freight Line from a “hold” rating to a “buy” rating and set a $166.00 target price on the stock in a report on Thursday, May 24th. Finally, Argus initiated coverage on shares of Old Dominion Freight Line in a report on Wednesday, May 23rd. They issued a “buy” rating and a $175.00 target price on the stock. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and eight have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $147.38.

NASDAQ:ODFL opened at $165.35 on Friday. The firm has a market capitalization of $13.02 billion, a P/E ratio of 37.92, a P/E/G ratio of 0.91 and a beta of 1.19. Old Dominion Freight Line has a twelve month low of $99.39 and a twelve month high of $165.89. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 0.02.

Old Dominion Freight Line (NASDAQ:ODFL) last released its quarterly earnings results on Thursday, July 26th. The transportation company reported $1.99 earnings per share for the quarter, beating the consensus estimate of $1.82 by $0.17. The business had revenue of $1.03 billion for the quarter, compared to analysts’ expectations of $1.03 billion. Old Dominion Freight Line had a net margin of 15.37% and a return on equity of 20.31%. The firm’s revenue for the quarter was up 23.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.19 earnings per share. analysts predict that Old Dominion Freight Line will post 6.91 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 20th. Investors of record on Thursday, September 6th will be issued a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 0.31%. The ex-dividend date is Wednesday, September 5th. Old Dominion Freight Line’s dividend payout ratio (DPR) is currently 11.93%.

Old Dominion Freight Line announced that its board has authorized a stock repurchase plan on Thursday, May 17th that authorizes the company to repurchase $250.00 million in outstanding shares. This repurchase authorization authorizes the transportation company to buy up to 2.1% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its stock is undervalued.

About Old Dominion Freight Line

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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