Old Dominion Freight Line, Inc. (NASDAQ:ODFL) Shares Bought by Canada Pension Plan Investment Board

Canada Pension Plan Investment Board boosted its position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 99.1% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 313,316 shares of the transportation company’s stock after purchasing an additional 155,964 shares during the quarter. Canada Pension Plan Investment Board owned about 0.14% of Old Dominion Freight Line worth $55,332,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of ODFL. Vanguard Group Inc. lifted its holdings in Old Dominion Freight Line by 100.9% in the first quarter. Vanguard Group Inc. now owns 21,795,649 shares of the transportation company’s stock worth $4,780,004,000 after purchasing an additional 10,944,520 shares during the period. Price T Rowe Associates Inc. MD raised its position in shares of Old Dominion Freight Line by 117.0% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 13,726,847 shares of the transportation company’s stock worth $3,010,435,000 after buying an additional 7,401,526 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of Old Dominion Freight Line by 94.6% during the 1st quarter. Bank of New York Mellon Corp now owns 5,940,385 shares of the transportation company’s stock worth $1,302,786,000 after buying an additional 2,888,205 shares in the last quarter. Capital Research Global Investors lifted its stake in shares of Old Dominion Freight Line by 59.0% in the 1st quarter. Capital Research Global Investors now owns 6,592,594 shares of the transportation company’s stock worth $1,445,822,000 after acquiring an additional 2,447,121 shares during the period. Finally, Capital World Investors boosted its holdings in shares of Old Dominion Freight Line by 101.0% in the first quarter. Capital World Investors now owns 2,443,770 shares of the transportation company’s stock valued at $535,943,000 after acquiring an additional 1,228,116 shares in the last quarter. 77.82% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Chairman David S. Congdon sold 10,000 shares of the business’s stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $195.17, for a total transaction of $1,951,700.00. Following the transaction, the chairman now directly owns 1,391,621 shares in the company, valued at approximately $271,602,670.57. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, Chairman David S. Congdon sold 10,000 shares of the stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $195.17, for a total transaction of $1,951,700.00. Following the completion of the sale, the chairman now directly owns 1,391,621 shares in the company, valued at $271,602,670.57. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Chairman David S. Congdon sold 29,975 shares of Old Dominion Freight Line stock in a transaction on Monday, August 26th. The shares were sold at an average price of $201.30, for a total value of $6,033,967.50. Following the sale, the chairman now directly owns 1,401,621 shares of the company’s stock, valued at approximately $282,146,307.30. The disclosure for this sale can be found here. Insiders own 9.90% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Bank of America cut their target price on Old Dominion Freight Line from $210.00 to $206.00 and set a “neutral” rating for the company in a research report on Friday, September 6th. TD Cowen decreased their target price on Old Dominion Freight Line from $214.00 to $209.00 and set a “hold” rating for the company in a research note on Friday, September 6th. Susquehanna lifted their target price on Old Dominion Freight Line from $210.00 to $225.00 and gave the stock a “positive” rating in a report on Wednesday. Wells Fargo & Company cut their price target on shares of Old Dominion Freight Line from $175.00 to $170.00 and set an “underweight” rating for the company in a report on Thursday, September 5th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Old Dominion Freight Line from $193.00 to $189.00 and set a “neutral” rating on the stock in a research note on Friday, September 6th. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $201.83.

Old Dominion Freight Line Stock Performance

Shares of ODFL stock opened at $193.97 on Friday. The company has a market capitalization of $42.15 billion, a price-to-earnings ratio of 34.15, a P/E/G ratio of 3.92 and a beta of 0.99. Old Dominion Freight Line, Inc. has a 1-year low of $165.49 and a 1-year high of $227.80. The company has a current ratio of 1.46, a quick ratio of 1.46 and a debt-to-equity ratio of 0.01. The stock’s fifty day simple moving average is $196.27 and its 200-day simple moving average is $195.67.

Old Dominion Freight Line (NASDAQ:ODFL) last released its earnings results on Wednesday, July 24th. The transportation company reported $1.48 earnings per share for the quarter, beating the consensus estimate of $1.45 by $0.03. The company had revenue of $1.50 billion for the quarter, compared to analysts’ expectations of $1.50 billion. Old Dominion Freight Line had a return on equity of 30.33% and a net margin of 21.38%. The business’s revenue for the quarter was up 6.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.33 EPS. On average, sell-side analysts predict that Old Dominion Freight Line, Inc. will post 5.64 earnings per share for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 18th. Shareholders of record on Wednesday, September 4th were paid a $0.26 dividend. The ex-dividend date was Wednesday, September 4th. This represents a $1.04 annualized dividend and a yield of 0.54%. Old Dominion Freight Line’s dividend payout ratio is presently 18.31%.

Old Dominion Freight Line Company Profile

Old Dominion Freight Line, Inc operates as a less-than-truckload motor carrier in the United States and North America. The company offers regional, inter-regional, and national less-than-truckload services, as well as expedited transportation. It also provides various value-added services, including container drayage, truckload brokerage, and supply chain consulting.