Old Dominion Freight Line, Inc. $ODFL Shares Purchased by California Public Employees Retirement System

California Public Employees Retirement System increased its position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 89.5% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 604,676 shares of the transportation company’s stock after buying an additional 285,642 shares during the quarter. California Public Employees Retirement System owned about 0.29% of Old Dominion Freight Line worth $85,126,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. YANKCOM Partnership boosted its holdings in shares of Old Dominion Freight Line by 9.1% in the second quarter. YANKCOM Partnership now owns 818 shares of the transportation company’s stock valued at $133,000 after acquiring an additional 68 shares during the period. Legacy Capital Wealth Partners LLC grew its position in shares of Old Dominion Freight Line by 4.4% during the second quarter. Legacy Capital Wealth Partners LLC now owns 1,674 shares of the transportation company’s stock worth $272,000 after acquiring an additional 71 shares during the last quarter. Cim LLC increased its holdings in shares of Old Dominion Freight Line by 1.0% in the 3rd quarter. Cim LLC now owns 7,685 shares of the transportation company’s stock valued at $1,082,000 after acquiring an additional 75 shares during the period. Brighton Jones LLC increased its holdings in shares of Old Dominion Freight Line by 5.3% in the 4th quarter. Brighton Jones LLC now owns 1,559 shares of the transportation company’s stock valued at $275,000 after acquiring an additional 79 shares during the period. Finally, Rothschild Investment LLC raised its position in Old Dominion Freight Line by 8.5% in the 3rd quarter. Rothschild Investment LLC now owns 1,071 shares of the transportation company’s stock valued at $151,000 after purchasing an additional 84 shares during the last quarter. Hedge funds and other institutional investors own 77.82% of the company’s stock.

Old Dominion Freight Line Stock Up 0.9%

NASDAQ ODFL opened at $182.44 on Tuesday. The stock has a market capitalization of $38.03 billion, a P/E ratio of 37.77, a P/E/G ratio of 3.80 and a beta of 1.23. Old Dominion Freight Line, Inc. has a 52-week low of $126.01 and a 52-week high of $221.63. The firm has a 50-day moving average price of $187.31 and a 200 day moving average price of $159.49.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its quarterly earnings data on Wednesday, February 4th. The transportation company reported $1.09 earnings per share for the quarter, beating analysts’ consensus estimates of $1.06 by $0.03. Old Dominion Freight Line had a return on equity of 24.03% and a net margin of 18.62%.The company had revenue of $1.31 billion for the quarter, compared to analyst estimates of $1.30 billion. During the same quarter in the previous year, the company earned $1.23 EPS. The firm’s revenue for the quarter was down 5.7% compared to the same quarter last year. On average, equities research analysts expect that Old Dominion Freight Line, Inc. will post 5.68 earnings per share for the current fiscal year.

Old Dominion Freight Line Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 18th. Stockholders of record on Wednesday, March 4th will be issued a $0.29 dividend. The ex-dividend date of this dividend is Wednesday, March 4th. This represents a $1.16 annualized dividend and a dividend yield of 0.6%. This is an increase from Old Dominion Freight Line’s previous quarterly dividend of $0.28. Old Dominion Freight Line’s payout ratio is 24.02%.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on ODFL. Deutsche Bank Aktiengesellschaft cut shares of Old Dominion Freight Line from a “buy” rating to a “hold” rating and set a $205.00 price target for the company. in a research note on Thursday, February 5th. Truist Financial set a $225.00 target price on shares of Old Dominion Freight Line in a report on Thursday, February 5th. TD Cowen increased their target price on shares of Old Dominion Freight Line from $167.00 to $180.00 and gave the stock a “hold” rating in a research note on Thursday, February 5th. Barclays set a $185.00 price target on Old Dominion Freight Line in a report on Thursday, February 5th. Finally, Wall Street Zen upgraded Old Dominion Freight Line from a “sell” rating to a “hold” rating in a research report on Sunday, January 25th. Nine research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and four have issued a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $191.08.

Insider Activity at Old Dominion Freight Line

In related news, Chairman David S. Congdon sold 52,000 shares of Old Dominion Freight Line stock in a transaction that occurred on Thursday, February 19th. The stock was sold at an average price of $194.77, for a total value of $10,128,040.00. Following the sale, the chairman directly owned 712,800 shares in the company, valued at $138,832,056. The trade was a 6.80% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Earl E. Congdon sold 25,000 shares of the company’s stock in a transaction on Thursday, February 26th. The stock was sold at an average price of $196.13, for a total value of $4,903,250.00. Following the transaction, the insider directly owned 2,162,113 shares in the company, valued at $424,055,222.69. This represents a 1.14% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 80,134 shares of company stock worth $15,640,132 over the last three months. 10.00% of the stock is currently owned by corporate insiders.

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.